Wilmington NC Real Estate Market Trends | Tracking Monthly Overall Housing Market Activity

Putting it All Together

In my opinion, this is the coolest graph on the web for the Wilmington NC Real Estate Market (what a geek I am…go ahead and laugh. I can take it).

This info, at the time of this writing, can only be found on The Wilmington Search.

In this graph, we can see the relationship of new listings coming on the market, properties that are going under contract and homes that are closing each month. Very cool!

Why is this information cool (I’m digging the ‘geek grave’ deeper here)?

In 2004, which you cannot see here, the orange line went above the blue line and stayed very close to the blue line for a few months. This brought inventory levels really low, giving buyers less choices.

So what? you say

The market (sellers, buyers, and many real estate agents) didn’t realize what was happening till late 2004 / early 2005.

Homes sold in weeks instead of months. Home Prices shot up, as buyers scrambled to buy the best house possible and were willing to pay top dollar in multiple offer situations.  And in response to this buying mayhem, an insane amount of homes came on the market in 2005, 2006, and 2007.

That is right! Homeowners who were happy with their home, now all of sudden were thinking about selling as their ears caught wind of what their neighbors were getting for their houses. And thus, the Seller’s Market Vortex sucked in the multitudes.

In other words (pushing up my glasses and adjusting my pocket pen holder ), when the blue and orange line gets close and remains close, the red (sales) will follow, triggering a shift to another seller’s market (the worst time to buy if you can help it).  When everyone notices the red line (and more importantly the effect on home prices), the market will have already shifted towards the downward trend to a buyer’s market.

Seller’s markets cannot be sustained and it is not likely we will have anything similar to what we previously experienced in 2004 to 2006 in the Cape Fear Region for sometime (years).

Now don’t tell me you didn’t just learn something.

Thank you or Walt help us buy our next house is good enough for me.

Check out Lessons Learned to learn more about Housing Market Cycles.

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