Being Bruce -: Leland NC Real Estate Pending and Sold Contracts for September 2008

Tuesday, September 30, 2008

Leland NC Real Estate Pending and Sold Contracts for September 2008

Every month this year I've tracked Pending and Sold contracts for the Leland, NC area. The idea is to look for market data trends for our part of the greater Wilmington NC Real Estate. I track market activity by totaling stats for Pending and Sold contracts for single family homes in Leland, NC and Belville, NC from the Wilmington Regional Association of REALTORS(tm). Rather than just pick one month at a time to comment on Leland, NC area real estate market activity, I run a moving average, which shows trends.
During September 50 homes went under contract in Leland and Belville, with an average list price of $235,157. The average size was 1,687 square feet, average price per square foot was $137, and average Days on Market (DOM) was 89. This number (50) is very high compared to previous months, for which the average was 17.4 homes. The result is that the moving average for 2008 jumped to 21.0 homes under contract.
Sold home contracts in the Leland NC area was a different story. During September 39 home contracts closed, which brought the previous moving average of 48.6 down to 47.6, which isn't too big a drop. The average selling price was $211,094, average size 1,624 square feet, average selling price per square foot $128, and average days on market 88.
If you're a fan of statistics and would like the full report, just e-mail me at If you're not a stat fan but just want a quick analysis, here's my take: Leland NC real estate activity is definitely on the increase. We had a great leap in houses put under contract in September, which is very cool. We also had a less thrilling softening on closed contracts - very possibly because of deals falling apart in the second part of the month during the country's financial crisis. Hopefully closings will pick up soon with a federal plan for backing lending institutions.