If you've been watching the local real estate market here in Wilmington, North Carolina this summer, you know it's been a hot market. How hot? For home sales, this June was the best in 11 years -- yes, since 2005 when we were still in the bubble. We're up 15% over June of 2015, and this May was up 21% over May last year.
Do keep in mind that real estate is hyper-local, so one neighborhood may see faster sales or greater appreciation than others. You will also notice sales of homes over $400,000 are slower than those under $200,000.
Inventory in general is low, and homes under $175,000 are getting snapped up quickly. That makes this a good market for home sellers.
There's great news for home buyers as well though! As of July 18, the nation-wide mortgage rates for a 30 yr fixed loan had fallen again, to 3.41% -- floating just above the all-time lows achieved in November 2012. Since the start of the year, 30-year mortgage rates dropped 56 basis points (0.56%). What does that really mean? This difference represents a $100-per-month savings on a mortgage amount of $300,000.
If you are thinking about selling or buying a home, I'd be happy to help!
Link: June Home Sales Data (Wilmington Biz Journal)
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