We can’t predict what will happen with the real estate market, but it’s helpful to keep up with the trends.  This report includes Carolina, Kure, Oak Island and Wrightsville Beach area real estate news for the last week of February.  On a good note before we take a look at this week’s statistics I wanted to share some positive news. Warren Buffett said in his annual letter to Berkshire Hathaway shareholders Saturday that he still believes America's best days are ahead. He also went on to say in a CNN report that he predicts this year the Real Estate market will pick up.  Good news coming from one of the most week respected investors in the world. 

First let’s start with the average prices per square foot on the coastal area beaches according to Trulia.  On Carolina Beach NC the square fool price was $177, a decrease of 4.8% compared to the same period last year.  Kure Beach’s average price per square foot was $183, a decrease of 21.5% compared to the same period last year. Oak Island average price per square foot was $180, a decrease of 5.8% compared to the same period last year.  The good news is that the average price per square foot for Wrightsville Beach NC was $396, an increase of 8.2% compared to the same period last year. Wrightsville Beach also increased the median home sale price compared to the same period one year ago, Home sales price increased 77.5%, or $310,000, and the number of home sales increased 84.6%.

Now we’ll look at listings for this past week starting with Carolina Beach NC.  There was 419 resale and new homes in Carolina Beach including 63 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. On Kure Beach there was 152 resale and new homes including 9 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. Moving on to Oak Island there was 556 resale and new homes including 24 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process.  Lastly, Wrightsville Beach had 194 resale and new homes including 5 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process.

Even if we can’t predict what will happen in the future the facts help us stay in the know.  Knowing and seeing these facts we are assured one thing.  It’s still a buyer’s market! Pushing the housing market is low mortgage rates, high housing affordability and some economic growth.  To end as Warren Buffet said, “Don’t Count out America. Be fearful when others are greedy and be greedy when others are fearful”.  Don’t look at the doom and gloom look at facts and Real Estate is still the best sound long term investment you can make.