Wilmington, NC & Wrightsville Beach, NC Real Estate Market Update 8-1-11
Overall New Hanover County still has about a 14 month supply of homes – which is down from last month. Sales are down about 7% from this time last year, but we had the first time homebuyers tax credit in early 2010, which increased sales in the 1st & 2nd quarters. I expect to finish out the year about the same as last year, or a little better. Of course the higher the price point, the longer the wait to sell - $1M and above still a little over a 4 year supply – which is slightly lower than last month.
Wrightsville Beach is doing well with 8 sales in June and 49 sales so far in 2011– we had 33 this time last year. There are currently 6 properties under contract. With 184 properties for sale, there’s just over 2 years of inventory, which is down from last month too.
Landfall has had 31 sales so far in 2011 (compared to 48 this time last year), so it’s off to a slower start. But still working to catch up with 4 homes under contract currently, and 155 listed for sale. Based 2011 sales, there’s almost a 3 year supply of homes for sale currently. The average sales price in Landfall in 2011 is $637,638.
Lots in Wilmington are still moving much slower than homes. There are 754 lots For Sale, 12 Pending Sales, and we’ve had 83 Sales so far this year, so there’s quite a supply of lots for sale in Wilmington – a 5.3 year supply, which is down from last month.
Carolina/Kure Beaches have 413 properties for sale, 22 pending sales, and has just under a 14 month supply of properties. The low prices are keeping sales moving well.
Foreclosures & Short Sales are still playing a factor in pricing, and there will continue to be more foreclosures.
Showings are about where they were this time last year.
Interest rates are still under 5% for 30 year fixed, which is very good. We’ll see what happens this week.
Please let me know if you have any questions or if you need anything from me. I hope you have a great week!