Wrightsville Beach Market Update
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.
Wrightsville Beach is a little ahead of where sales were this time last year: 28 in 2011 & 20 in 2010.
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.
Interest rates are still incredibly low, and showings have been steadily increasing, which is common for this time of year.
Here’s how Wrightsville Beach looks so far in 2011:
2011 Sales 2010 YTD Sales
Sales 28 20
Volume $21,402,800 $16,964,000
Avg Sale $ 764,386 $ 848,200
CDOM 334 430
List to Sell ratio 88.58% 86.1%
193 For Sale ranging from $99,900 to $4,500,000, AVG List Price $1,098,641, Median List Price $829,450, Days on Market 342:
7 fractional/shared ownership
39 <$500K
81 $500K - $1M
20 $1M to $1.5M
17 $1.5M to $2M
11 $2M to $2.5M
11 $2.5M to $3M
3 $3M to $3.5M
2 $3.5M to $4M
2 $4M to $5M
0 $5M +
12 are Short Sales
5 are Foreclosures
5 Under Contract with list prices ranging from $395,900 to $2,199,000, AVG List Price $1,071,960, Median List Price $974,900, CDOM 417:
0 fractional/shared ownership
1 < $500,000
2 $500K to $1M
1 $1M to $1.5M
0 $1.5M 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 +
0 are Short Sales
2 are Foreclosures
So far in 2011 we’ve had 28 Sales ranging from $55,000 to $2,895,000, AVG Sales Price $764,386, MED Sales Price $612,500, CDOM 269:
0 fractional/shared ownership
10 < $500,000
11 $500K to $1M
4 $1M to $1.5M
1 $1.5M to $2M
1 $2M to $2.5M
1 $2.5M to $3M
0 $3M to $3.5M
0 $3.5M to $4M
0 $4M to $4.5M
0 $4.5M to $5M
0 were Short Sales
5 were Foreclosures
Lots: There are currently 15 lots for sale on WB, 0 Pending sales, and we’ve seen 2 Sales so far in 2011 (only 1 lot sale in all of 2010).
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.
Please let me know if I can provide any additional market data or if there is anything of which I can be of assistance.