General Market Observations:
It’s still winter, but temperatures are warming up we’ve been busy showing homes and writing contracts. The phones are ringing; we’re receiving 1000+ website hits a day, and our REALTOR.com traffic has again spiked!
Decent showing activity continues for single-family homes across the island, as well as ocean front and ocean view properties. There is increased activity on new construction projects; and continued interest on short sales and foreclosures.
Now is a good time to buy real estate, according to data from Moody’s Analytics. Home affordability has returned to pre-housing bubble levels or even fallen below the average in many U.S. markets.
In fact, housing affordability by the end of September had returned to or fallen below the average reached between 1989-2003 in 47 of the 74 housing markets that Moody Analytics tracked.
In September 2010, the ratio of home prices to annual household income had fallen to 1.6–below the historical average of 1.9 between 1989 and 2003. The ratio peaked in 2005 at 2.3.
“Based on incomes, this is as affordable as it gets,” says Mark Zandi, chief economist at Moody’s Analytics. “If you can get a loan, these are pretty good times to buy.”
We have two new reports you may be interested in. If you are considering selling, you will want to read my “Pricing It Right” overview. This report shares how to price your home, so it sells at the highest possible price.
We also have the Economic & Market Watch Report for Q4 2010 that was recently released by the Wilmington Association of REALTORS. It’s an in depth look at the market, its stats and trends. If you would like either of these reports please call or email us. (contact info below).
Carolina Beach, NC:
In Carolina Beach, MLS shows 24 properties SOLD since 1/1/2010. 20 of these are homes or condos, with sales prices ranging from $86,000 to nearly $450,000. There have been 4 parcels of land to have SOLD, all in the Wilmington Beach area.
There are currently 49 properties that are UNDER CONTRACT. These consist of PENDING and CONTINGENT CONTRACTS. 40 of these are homes or condos, and 9 are land parcels….so we will see a solid increase in sales over the next 30 or so days!
Kure Beach, NC:
In Kure Beach, MLS shows 6 properties to have SOLD in the first 45 days of 2011. Five of these are homes; there has been one home site to have SOLD.
The increase in activity has led to an increase in properties UNDER CONTRACT. There are currently 17 properties PENDING or with CONTINGENT CONTRACTS in Kure Beach,.