By Elly Colwell
Real estate in the Wilmington area is approaching high levels not seen since 2005, before the market crash three years later that decimated home values and kicked off a recession.
“The Wilmington-area real estate market continues to show overall robust activity,” said Don Harris, president of Wilmington Regional Association of Realtors (WRAR). “Mortgage rates are still incredibly affordable and lenders are making things happen for many buyers.”
September sales data released by WRAR on Oct. 12 show that the market continues to surge, as Harris compared this month’s sales to those of 2005, the strongest year in the past decade.
Total real estate sales for single-family homes in Wilmington hit more than $2.38 billion in 2005. After a loss during the following five years when total yearly sales hit a low of $1.02 billion in 2011, the September numbers indicate sales are reaching the same heights again.
“It is exciting and encouraging to see the September 2016 sales numbers mirroring the robust market numbers of September 2005,” Harris said.
In September, Realtors sold 775 units by month’s end, compared to 743 in 2005.
Wilmington Realtors exceeded numbers from the past few years throughout summer with lower list times and increased single-family home sales. The number of single-family home sales from January to September showed an 11 percent increase from 2015 with 6,747 individual sales and a 15 percent decrease in total days on the market since the start of the year.