Much has been written about the downturn in the housing market and there is no doubt that property values have plummeted in some areas. Other regions have seen slight to moderate decreases in value. In Wilmington for example, assessed values have decreased over the past two fiscal years by over 12%.
However, that is not to say that the value of all property is plunging. A number of real estate properties in Wilmington are selling above the assessed value that the Town has formulated. When these trends occur, it necessitates an increase in value for these properties. Property owners should not assume that the assessed value cannot go up even in this troubled market.
Much like the stock market, the real estate market fluctuates in differing sectors at different times. Some housing subsets are selling at or above assessed value. Some commercial and industrial property has stagnated while in Wilmington we’ve seen a growth spurt in the retail property sector. The real estate market today is organic. It’s a challenging marketplace which we monitor constantly.
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