Real Estate Market Update

The market in general is doing OK, but we still have a long way to go.  Overall New Hanover County still has almost a 14 month supply of homes, and we should continue to see an increase in inventory over the next few months.  Of course the higher the price point, the longer the wait to sell - $1M and above has almost a 5 year supply.

 

Wrightsville Beach, NC is off to a decent start with 7 homes sales so far in 2011.   There are currently 5 properties under contract.  With 175 Wrightsville Beach homes for sale, there’s over 3 years of inventory.  There were 7 properties sold by this time last year, so we’re at the same level.

Landfall has had 6 home sales so far in 2011 (compared to 12 this time last year).  There are 0 properties under contract currently, with 125 Landfall homes for sale.  Based the last 12 months of sales, there’s almost 2 years supply of homes for sale currently.

Porters Neck Plantation has a 1 year supply of homes.

Lots in Wilmington are definitely moving slower than homes.  There are 698 Wilmington lots For Sale, 8 Pending Sales, and we’ve had 14 Sales so far this year, so there’s quite a supply of lots for sale in Wilmington – a 5.5 year supply.

Carolina/Kure Beaches have 412 properties for sale, 17 pending, and has about a 14 month supply.  Their low prices have really helped reduce inventory levels significantly.

 

Foreclosures & Short Sales are still playing a factor in pricing, and there will continue to be more foreclosures. 

 

Interest rates are still under 5% for 30 year fixed, which is great.