2012 Real Estate Trends for Wilmington NC and Wrightsville Beach

I hope you had a great Holiday! I’m really excited for the real estate market this year. I wanted to share with you a few trends that I anticipate seeing in 2012.

Before digging into this, I’d like to ask a favor. If you could visit our website at www.CoastwalkRealEstate.com, you’ll notice a “+1” icon on the homepage. If you could click this, it will help with our Search Engine Optimization.

While you’re at it, be sure to sign-up for a FREE property account, and we’ll email you all the new listings and price changes as they become available.

 

Now as far as 2012 trends….

 

• It seems that bank-owned inventory is dwindling. Those that do become available often do so at low prices, and as a result it’s common for there to be multiple offers. Some bank-owned homes sell for above asking price.

 

• Short sales continue to influence the market. There is no guarantee a short sale will result in a closing, but a lot of folks are trying. At Coastwalk Real Estate, we engage an attorney (no cost to you) to assist in the negotiations and legal aspects of these transactions.

 

• We’ll continue to see renewed interest in new construction. There are spec homes being built (check out 703 Ocean Blvd in Carolina Beach). Some buyers will also opt for purchasing land, and contracting to build.

 

• Buyers purchasing second homes tend to be from the following areas: Raleigh, Cary, Greensboro, Northern Virginia, New York, Pennsylvania and Ohio.

 

• Cash purchases will be on the rise. Buyers are sitting on cash and recognize the value in buying property in this market, and at these low prices.

 

•  Most buyers are looking for simplicity – meaning they want / expect a nice clean house, that is in good condition, and that requires minimal upkeep. “Fixer-Uppers” are not as popular as they have been in the past.

 

• Condo financing will remain challenging. Loans on condos are possible, but often require a higher down payment and will be at a higher interest rate.

 

• Interest rates in general will remain historically low…interest rates are phenomenal right now!

 

• Second home buyers are showing a renewed interest in ocean front properties. They love the beach, and can use the property for rental purposes as well. This rental income can offset some of their expenses.

 

In closing, I wanted to share with you a summary of sales from 2004 through Dec 30^th 2011. As you will see, we have now had 3 consecutive years of increased sales volume…so folks are buying!

 

 

Month / Year	2004	2005	2006	2007	2008	2009	2010	2011	Total by Month
	Approx Number of Sales Per Month
Jan.	48	82	17	25	14	18	17	26	247
Feb.	58	79	29	22	17	16	22	26	269
March	85	110	28	22	14	22	28	43	352
April	89	115	27	22	31	26	30	43	383
May	89	89	39	30	33	33	48	37	398
June	87	87	30	19	31	32	33	41	360
July	85	72	30	30	26	21	48	45	357
Aug.	59	82	20	33	33	24	37	35	323
Sept.	82	65	33	13	26	33	30	22	282
Oct.	79	45	22	23	16	34	29	33	248
Nov.	80	39	26	19	12	33	33	30	242
Dec.	67	25	28	17	16	24	32	24	209
Total Sales	908	890	329	275	269	316	387	405
% Change		-2%	-63%	-16%	-2%	17%	22%	5%

 

Expect Results:

Your Real Estate Market Report is provided by Justin Donaton of Coastwalk Real Estate. Local data provided is courtesy of the Wilmington Association of REALTORS MLS. Justin does not just "list" properties, he sells them! To get your home SOLD for the highest possible price, call Justin at 910-352-0998. Justin has been the #1 Agent on Pleasure Island since 2006. He has the highest dollar volume of sales, and has had the most number of closings. His business is built on hard work and high-impact marketing. Please visit:  www.CoastwalkRealEstate.com for more info.