The Week in Review

....your Wilmington Connection

February 5, 2012

Well looks like the week finished with a touch of the winter chill. Nothing like those days of 70 we had this week. Contracts have almost doubled this January. Buyers are starting to get off the sidelines and take action. Thinking of buying or selling a home? I would love to hear from you. Email me or give me a call.

Wilmington NC Real Estate

Currenlty on the market there are 1557 single family homes in greater Wilmington. 173 home are under contract and in the last month there have been 119 homes sold and only 12 of those were priced over $500,000.

Is the Real Estate Market on the way to Recovery?

The latest monthly data shows total existing-home sales1 rose 5.0 percent to a seasonally adjusted annual rate of 4.61 million in December from a downwardly revised 4.39 million in November, and are 3.6 percent higher than the 4.45 million-unit level in December 2010.

Lawrence Yun, NAR chief economist, said these are early signs of what may be a sustained recovery. “The pattern of home sales in recent months demonstrates a market in recovery,” he said. “Record low mortgage interest rates, job growth and bargain home prices are giving more consumers the confidence they need to enter the market.”

For all of 2011, existing-home sales rose 1.7 percent to 4.26 million from 4.19 million in 2010.

January home sale prices

(January 2011 in parentheses)

Average price of homes closed: $201,770 ($214,678)

Median price of homes closed: $167,000 ($180,000)

Average mortgage rates

(Feb. 2)

30-year fixed: 3.87% (3.98%) *

15-year fixed: 3.14% (3.24 %) *

5-year adjustable: 2.80% (2.85%) +

1-year adjustable: 2.76% (2.74%) -

* Plus 0.8

+ Plus 0.7

- Plus 0.6

– Freddie Mac

.....until next week in The Week in Review

Tina

The Week in Review

....your Wilmington Connection

January 15, 2012

Wow...Wilmington sure had a chill the last few days! The winter coats came out and the heat was on. Hope you all enjoyed your weekend and was able to keep warm. Well the start to a new year is underway and I have to say that I think its going to be a great one in the form of real estate! Many people have been on the sidelines waiting to see whats going to happen and now the sidelines are emptying out as people realize you are not going to get better interest rates or more importantly low home prices. If you are looking to buy some Wilmington NC Real Estate then shoot me an email and lets get the process started.

Wilmington NC Real Estate

Currently on the market there are 1562 homes listed. You can be sure as spring nears inventory will go up. Are you planning on putting your home on the market? Lets talk. In the last 3 months there have been 460 homes sold, 262 of those were priced under $200,000. A pretty strong price range.

Last Years Home Sales Results

Home sales had a minor gain last year but they had their best results since 2008, according to the Wilmington Regional Association of Realtors .

Sales of homes in the area covered by the WRAR are New Hanover, Pender counties and northern Brunswick County; rose to 4,590 in 2011 from 4,567 in 2010, according to the statistics.

The down side were prices were down to levels not seen since 2004.

The average price of a home sold last year dropped by 4.8 percent, to $219,656 from $230,790 in 2010. The average had been as high as $272,784 in 2007.

The median price – the point at which half of homes sold for less and half for more – fell by 5.7 percent, to $173,063 from $183,512, according to WRAR figures.

The main reason for those drops were so-called distressed sales, which have comprised as much as 30 percent of all sale.

Figure Eight Home Sales

How did the luxury market stack up in 2011? Figure Eight being one of the exclusive areas in New Hanover County to shop for Luxury Homes. In 2011 there were 10 homes sold on Figure Eight Island a jump from 2010 where there were only 7 homes sold. The highest price one being $2.8 million. Most of the homes sold between 85 and 90% of their list price. Look at this home I have listed on Figure Eight Island. This home is one of a kind located in the middle of the island on the intracoastal on one of the most coveted lot on the island.

....until next week in The Week in Review

Tina

The Week in Review

....your Wilmington Connection

July 17, 2011

Another great weekend of fantastic weather. Have you been home searching? You should its a great time for it! There are some incredible deals out there and interest rates are still low. This wont continue forever now is the time to make it happen.

Wilmington NC Real Estate

Currently on the market there are 2006 single family homes in the Greater Wilmington area and 214 homes under contract. A slight increase over last week. In the last month there have been 184 solds and only 72 of those were priced above $250,000. The market is rather stagnant. Lower priced homes and of course the ones that are priced compellingly are moving fast. Is your home priced that way? Are you thinking of listing? Lets talk about what it will take. Email me

Wilmington home sales down

Wilmington-area home sales continued a downward trend last month, and average and median sales prices were off as well compared with June of last year, according to statistics from the Wilmington Regional Association of Realtors that were released Wednesday.

The number of sales in New Hanover, Pender and northern Brunswick counties totaled 466 in June, down 11 percent from 522 a year earlier, the WRAR said.

The average price of a home whose deal closed in June fell 1 percent, to $237,930 last month compared with $239,000 in June 2010.

The median price - the point where half of homes sold for more and half for less - was down 5 percent, to $179,600 from $189,450.

Prices are only for homes that sold and do not represent the overall prices of area homes, though their movement is an indication of the market's direction.

Additionally, closings typically occur at least 30 to 60 days after the contracts were written on the homes.

Americans Still think Home Ownership is important

A new survey from the National Association of Home Builders finds that Americans continue to embrace home ownership.

The results show that 75 percent of 2,000 people polled agree home ownership is worth the risk of fluctuations in the market and that 73 percent of renters want to own someday.

With more than 70 percent saying the U.S. government should offer tax incentives to promote ownership and oppose proposals to end the mortgage interest deduction.

until next week in The Week in Review

Tina

The Week in Review Wilmington NC May 22, 2011

The Week in Review

....your Wilmington Connection

May 22, 2011

Temperatures are up and finally there is a summer feel to the air. Hope everyone got out and enjoyed it. What better way to enjoy the weather than in Wilmington? There is so much to offer here. Beach, Sun, Sand, river...its all here. If you are thinking of moving to the area email me and lets get you settled in the perfect home.

Wilmington NC Real Estate

Property searches have picked up. Buyers are out there and this is the time of year to have your home on the market. There is steep competition with the amount of inventory,but if priced correctly there is no reason why we cant get it sold!

Currently there are 2065 single family homes on the market about 100 less than last year. 227 homes are under contract and in the last week there were 27 homes closed.

April Existing home sales...slowed

Existing-home sales slipped in April, although the market has managed six gains in the past nine months, according to the National Association of Realtors®.

Existing-home sales¹, which are completed transactions that include single-family, townhomes, condominiums and co-ops, eased 0.8 percent to a seasonally adjusted annual rate of 5.05 million in April from a downwardly revised 5.09 million in March, and are 12.9 percent below a 5.80 million pace in April 2010; sales surged in April and May of 2010 in response to the home buyer tax credit.

Lawrence Yun, NAR chief economist, said the market is underperforming. "Given the great affordability conditions, job creation and pent-up demand, home sales should be stronger," he said. "Although existing-home sales are expected to trend up unevenly through next year, unnecessarily tight credit is continuing to restrain the market, along with a steady level of low appraisals that result in contract cancellations."

Foreign Buyers still think the US is attractive

The U.S. continues to remain a top destination for foreign buyers as international purchases surged by $16 billion this year, one of the highest increases in recent years.

This is according to the National Association of Realtors®' 2011 Profile of International Home Buying Activity. According to the survey, total residential international sales in the U.S. for the past year ending March 2011 equaled $82 billion, up from $66 billion in 2010. Total international sales were split evenly between non-resident foreigners and recent immigrants, while combined total domestic and international existing-home sales in the U.S. were $1.07 trillion.

"The U.S. has always been a desirable place to own property and a profitable investment," said NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I. "In recent years we have seen more and more foreign buyers coming here to take advantage of low prices and plentiful inventory.

Unemployment in NC remains the same

North Carolina's unemployment rate was unchanged in April at 9.7 percent compared with 9 percent for the nation as a whole, the N.C. Employment Security Commission said Friday.

The number of people employed in North Carolina, however, rose 0.3 percent, to just over 4 million, the ESC said.

Several sectors had seasonally adjusted job growth, including construction, up 1,500 jobs; and leisure and hospitality services, which gained 2,300.

....until next week in The Week in Review

Tina

The Week in Review

....your Wilmington Connection

April 17, 2011

After a windy start to the weekend today turned out to be a head turner. The Wilmington Airshow put on a show to make up for the cancellation yesterday and keep their followers happy! It was beautiful out there. A bit noisy. smile.

Now is the time to make your move, home prices are low, i mean really low and interest rates are something that in the near future you will look back on and think now why didnt i buy my house then. So if you are thinking about that home search lets sit down and have a talk and make sure whe get you the most home for your money in the shortes period of time. Email me or call 910 619 8931

Wilmington NC Real Estate

Currently on the market are 2104 single family homes. 178 homes are under contract and in the last 2 months there have been 317 homes sold and 234 of those homes were priced under $300,000. The trend is still to buy under that $250,000 mark.

Market Share in our Local MLS systems

Market Share Reports for all 4 MLS systems for Jan 1 through March 18th 2011 and here are the results. Thought you might need to know this if you are thinking of putting your home on the market. Lets get your home sold, dont waste time with any other company!

Closed Units ( for WRAR, BCAR and Topsail MLS combined)

#1 Coldwell Banker Sea Coast Realty 470

#2 Intracoastal Realty 197

#3 C-21 Sweyer and Assoc. 154

#4 Live Oak R/E 100

#5 C-21 Brock and Assoc. 70

Commercial slowdown may be the case Nationally, but not in Surf City

Commercial development may be in a slump nationally, but noticeable change is under way in Surf City, where several new stores have opened recently and more are on the way.

The parking lot of Harris Teeter was jammed Wednesday for the grand opening of the new store in Surf City Crossing shopping center next to Lowe's home improvement on N.C. 210. The center will soon also house a Great Clips, JT's Brick Oven Pizza and other stores.

Farther east on 210, at its intersection with N.C. 50, a McDonald's opened in late March, and shortly before that a new CVS Pharmacy, which sits next door.

There's much more to come.

March 2011 home sale prices

(March 2010 in parentheses)

Average price of homes closed: $242,883 ($199,744)

Median price of homes closed: $170,000 ($178,750)

- Wilm. Regional Realtors

Mortgage rates, April 14

30-year fixed: 4.91% (4.87%)-

15-year fixed: 4.13% (4.10%)+

5-year adjustable: 3.78% (3.72 %)-

1-year adjustable: 3.25% (3.22%)-

+ Plus 0.7

- Plus 0.6

.....until next week in The Week in Review Tina