6 Months to Closing for Bayshore Sellers
April 22, 2011The stats are in for the Bayshore Real Estate Market! To provide some context, we’re going to take a look at 2010 stats and then we’ll move look at 2011 year to date stats as well. All of this data was collected from the Wilmington Multiple Listing Service.
In 2010, there were 17 homes sold in Bayshore:
| Year | High | Low | Average | Median | Avg DOM* |
| 2010 | $482,000 | $159,000 | $271,985 | $251,000 | 120 |
*DOM= Days On Market, or the number of days from the date of a property was entered into the MLS.
On average, these homes sold for $120.03/SF. Newer and waterfront homes sold for more and older, interior homes sold for less. All in all a pretty successful year!
At this time, there are 12 homes for sale in Bayshore and one that is Under Contract. Additionally, there were 4 sales through March 31. Here are the stats for our sales so far this year:
| Year | High | Low | Average | Median | Avg DOM* |
| 2011 | $544,000 | $154,000 | $302,265 | $256,520 | 153 |
*DOM= Days On Market, or the number of days from the date of a property was entered into the MLS.
On average, these homes sold for $131.73/SF. With only 4 homes sold, its hard for some of these numbers too mean much. In this instance, the average price per square foot is heavily influenced by one home that sold, 922 Bayshore, for $544,000 or $210.20/SF. Without that home in the mix, the average $/SF is $105.57, significantly lower than the total average price per square foot from last year.
Finally, we see that in 2010 there were six sales in the first quarter of the year, averaging $109.67/SF.
To summarize, we’re seeing that sales in Bayshore are slower than the were last year at the same time. Also we’re seeing that the average sales price and price/SF may be falling, although it is too early to tell. With the average days on market at 153, you should expect that it will take 6+months for your home to close once it is listed in Bayshore. Thats 153 days from the date of listing to the date of a contract plus an additional 30-45 days until the property actually closes.
At this time, I’m proud to say that of the 4 sales here in the neighborhood, I had one of them, giving me 25% market share! I’d love the opportunity to work with you or anyone that you know that has a real estate need! Please let me know if there are any other stats you’d like to know about our Real Estate Market! If you’d like to see an overview of the Wilmington Market, please visit my Wilmington NC Real Estate 1st Quarter Review.
