Happy Memorial Day!  Summer is certainly here - in visitors & temperatures.  After our much needed rain this morning, it looks like the rest of the weekend will be perfect for the beach, boating, picnicking & enjoying time with family & friends to kick off a wonderful summer season.

 

Landfall is off to a slow start in sales so far this year, but working to catch up to 2010 numbers.  So far this year we’ve seen 14 sales, as compared to 31 this time last year.  There are 11 Pending sales, which will help make up the deficit.

 

Wrightsville Beach is a little ahead of where sales were this time last year:  28 in 2011 & 20 in 2010.

  

Interest rates are still incredibly low, and showings have been steadily increasing, which is common for this time of year.

 

Here’s how Landfall looks so far in 2011:

 

                            2011 Sales                    2010 YTD Sales

Sales                    14                                  31

Volume                 $6,960,400                    $20,240,900

Avg Sale               $   497,171                    $     652,932

CDOM                   247                                418

List to Sell ratio     93.6%                           92.26%

 

There are currently 146 homes For Sale ranging from $299,000 to $3,990,000, AVG List Price $988,753, Median List Price $699,000, Cumulative Days on Market 294:

 

26    <$500K

54    $500K to $750K

23    $750K to $1M

11    $1M to $1.25M

10    $1.25M-$1.5M

  3    $1.5M to $1.75M

  6    $1.75M to $2M

  4    $2M to $2.5M

  5    $2.5M to $3M

  3    $3M to $3.5M

  1    $3.5M to $4M

  0    $4M to $5M

  0    $5M +

 

  7 are Short Sales

  3 are Foreclosures

 

11 Under Contract with list prices ranging from $389,900 to $2,100,000, AVG List Price $858,430, Median List Price $725,000, CDOM 258:

 

3  < $500,000

3   $500K to $750K

1   $750K to $1M

2   $1M to $1.25M

1   $1.25M to $1.5M

0   $1.5M to $1.75M

0   $1.75M to $2M

1   $2M to $2.5M

0   $2.5M to $3M

0   $3M to $3.5M

0   $3.5M to $4M

0   $4 M +

 

1 is a Short Sale

1 is a Foreclosure

 

So far in 2011, 14 homes have Sold ranging from $285,000 to $655,000, AVG Sales Price $497,171, MED Sales Price $450,000, CDOM 247:

 

  8   < $500,000

  6   $500K to $750K

  0   $750K to $1M

  0   $1M to $1.25M

  0   $1.25M to $1.5M

  0   $1.5M to $1.75M

  0   $1.75M to $2M

  0   $2M to $2.5M

  0   $2.5M to $3M

  0   $3M to $3.5M

  0   $3.5M to $4M

  0   $4M to $4.5M

  0   $4.5M to $5M

 

  5 were Short Sales

  6 were Foreclosures

 

There are currently 114 lots For Sale (from $55,000 to $1,920,000; AVG $329,006; CDOM 441) in Landfall, with 2 Pending and 15 Sales ($60,000 to $340,000; AVG $169,033) so far in 2011.  Lots are moving a little quicker because of the low price points – 6 were Foreclosure sales & one was a Short Sale.  Buyers are still finding great deals on homes, so in general homes will sell faster than lots.  And also because lot loans are more difficult to get than home loans.

 

Obviously the trend is more & more Short Sale & Foreclosure sales, and that trend will continue for a while.

 

Across the country, housing starts and building permits, which are leading indicators of the new home construction market, both came in below expectations that were already low. Broadly speaking, foreclosures and short sales are expected to continue to impact new home construction for the next couple of quarters but real estate conditions are very local – so our particular market may be quicker or slower to improve.

 

The good news is there have been several new construction starts in Landfall, which is a positive sign.