Wilmington & Wrightsville Beach, NC Real Estate Market Update
Existing home sales continued to recover in the first quarter with gains in every state but Vermont. In North Carolina existing home sales rose 12.5 percent over the previous quarter, according to the latest survey by the National Association of REALTORS®.
Overall the Wilmington, New Hanover County area still has a little over a 14 month supply of homes. The good news is we should see an increase in sales over the next few months. We have seen a big increase in showings in the last couple of weeks. Of course the higher the price point, the longer the wait to sell - $1M and above has a 4.5 year supply – which is down from last month, so that’s very good.
Wrightsville Beach had a very strong March finished the 1st quarter with 17 sales – we had 11 this time last year. There are currently 2 properties under contract. With 188 properties for sale, there’s a little less than 3 years of inventory.
Landfall has had 9 sales so far in 2011 (compared to 16 this time last year), so it’s off to a slow start. There is 1 home under contract currently, with 132 listed for sale. Based the last 12 months of sales, there’s almost 2 years supply of homes for sale currently.
Porters Neck Plantation has just under a 1 year supply of homes.
Lots in Wilmington are definitely moving slower than homes. There are 763 lots For Sale, 16 Pending Sales, and we’ve had 23 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 440 properties for sale, 17 pending, and has just under a 15 month supply of properties. The low prices are keeping sales moving.
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.
Please let me know if you have any questions or need further information.