Wilmington Real Market Report
Let's Take a Look...
at the real estate market. Currently there are 518 sales pending in the market overall, leaving 1100 listings still for sale. The resulting pending ratio is 32.0% (518 divided by 1,618). So you might be asking yourself, that's great... but what exactly does it mean? I'm glad you asked!
The pending ratio indicates the supply & demand of the market. Specifically, a high ratio means that homes for sale in Wilmington are in demand and quickly going to contract. Alternatively, a low ratio means there are not enough qualified buyers for the existing supply.
"Current inventory is described as mildly active."
Taking a closer look, we notice that the $200K - $300K price range has a relatively large number of contracts pending sale.
We also notice that the $200K - $300K price range has a relatively large inventory of properties for sale at 261 listings. The median list price (or asking price) for all properties in this market is $334,261.
A total of 1898 contracts have closed in the last 6 months with a median sold price of $242,000. Breaking it down, we notice that the $100K - $200K price range contains the highest number of sold listings.
Alternatively, a total of 687 listings have failed to sell in that same period of time. Listings may fail to sell for many reasons such as being priced too high, having been inadequately marketed, the property was in poor condition, or perhaps the owner had second thoughts about selling at this particular time. The $200K - $300K price range has the highest number of off-market listings at 160 properties.