The average and median prices of Wilmington-area homes sold in February fell from year-earlier levels, according to data from the Wilmington Regional Association of Realtors.
The average price last month dropped 7 percent, to $245,687, compared with $264,268 in February 2007. The median price declined 5.3 percent, to $185,500 from $196,000, according to the Realtors' data.
The year-over-year declines were due to a drop in the number of high-priced homes sold, according to Jerry Panz, chief executive officer of the WRAR.
In February 2007, seven properties sold for a total of $10.28 million, he said. Last month, however, four properties sold for a total of $3.71 million, affecting both the average and median prices in the Wilmington area, Panz said.
February's median price means that half of the homes sold for more than $185,500 and half sold for less than that amount.
The prices are only for homes sold via the WRAR's multiple listing service, which covers all of New Hanover and Pender counties and parts of Brunswick and other area counties. They do not count for-sale-by-owner properties. The prices also do not necessarily reflect the appreciation or depreciation of individual homes in the area covered by the WRAR.
The Realtors, meanwhile, reported that 363 Wilmington-area homes sold last month. That's down 22.7 percent from 497 in February 2007.
Sales of existing and new-construction homes have dropped dramatically from their boom levels of 2005 across the country and in Wilmington. Wilmington-area prices, however, have tended to hold steady or rise during that period.
Wayne Faulkner: 343-2329
