Home sales in the City of Wilmington are up 9.3%!
Bad news always gets attention, right? Well the bad news is that homes sold in New Castle County during 2nd quarter 2018 compared to same time last year are down 1.3%. Not really so bad considering there is super tight inventory and interest rates have ticked up moderately, both of which have kept some buyers on the fence.
The good news is that for the same time home sales in the City of Wilmington are up 9.3%! Amazing considering all of the negative press the City has experienced in the past several years. More good news, Average sales price for Wilmington is up 7%, while the county average is up 2.4%. In fact, City of Wilmington Zip Code 19806 (entirely exclusive to Wilmington), median sales price is up 16.2%, the highest reported increase of all zip codes throughout New Castle County! And it gets better 19802, a mostly Wilmington centric area, median sales prices are up 6%, not too shabby. And, did you know that on average Wilmington sellers experience 14 showings before they receive a contract as compared to 18 in New Castle County. I think this is more than just a good quarter or two.
So what does this mean? Considering that the entire New Castle County market has just 2.7 months supply of inventory right how and has hovered in the 3+/- range for the past 18-24 months, it could mean is that buyers are opening their minds to Wilmington and giving it a chance. It could also mean that buyers are seeking more affordable housing alternatives closer to amenities and walkable communities. Think about all of the good vibes happening on Market Street, the abundance of apartment units recently completed, under construction and in development. Think the recently completed Midtown Park! Or does it mean that finally the City is pulling itself out of the decades long slump its suffered. Regardless of how you might interpret these figures, its clear that good things are happening in Wilmington.