There are many factors that affect our current housing market in a positive fashion today such as the 30 year fixed mortgage rates near historic lows of 4.52% (Freddie Mac-7/21/11). The NAR’s housing affordability index has reached its highest point during 2011. Current release Most importantly the pent up demand- the addition of about 3 million in population should assist in the rise in home sales. Demand is picking up considerably for properties in coastal locations. Coastal properties tend to be second-or-third-home purchases, so there was very little demand last year due to the uncertain economic climate. This year, however, there’s noticeably more activity, and several of our clients are interested in buying either on or near the coast. One particular coastal area is situated at the southern end off the coast of southeastern North Carolina; the Town of Topsail Beach is the smallest of the three communities located on the 26-mile long island. North Topsail Beach occupies the northernmost section, and Surf City, the largest town on the island, is in the center. The Island is just off US Highway 17, about half-way between Wilmington and Jacksonville. More information on this beautiful place can be found at North Topsail Beach, Surf City, Topsail Beach
Most importantly how are these coastal cities fairing in our real estate market today? According to Truilia starting with Topsail Beach the median sales price for homes in Topsail Beach for Apr 11 to Jun 11 was $575,000 based on 1 home sale. Compared to the same period one year ago, the median home sales price increased 0%, or $575,000, and the number of home sales increased 0%. There are currently 93 resale and new homes in Topsail Beach. The average listing price for homes for sale in Topsail Beach was $563,393 for the week ending Jul 27. The median sales price for homes in North Topsail Beach for Apr 11 to Jun 11 was $362,500 based on 1 home sale. There are currently 315 resale and new homes in North Topsail Beach including 7 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in North Topsail Beach NC was $429,720 for the week ending Jul 27, which represents an increase of 2.3%, or $9,815, compared to the prior week. Last the average price per square foot for Surf City was $256, an increase of 27.4% compared to the same period last year. The median sales price for homes in Surf City NC for Apr 11 to Jun 11 was $400,000 based on 23 home sales. Compared to the same period one year ago, the median home sales price increased 16.4%, or $56,500. There are currently 362 resale and new homes in Surf City including 3 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Surf City NC was $378,268 for the week ending Jul 27, which represents an increase of 0.4%, or $1,650, compared to the prior week.
Where’s the silver lining? Lower interest rates mean real estate just went on sale! In the stock market you want to buy when the market is low and real estate is no different. Right now home prices have fallen, rents are rising and mortgage rates are at historic lows. That is what you a call a buyer’s market. Even in slow markets great deals are out there but they move quickly. If you want a great deal you need to put yourself in a position to get a great deal. Our local area including Topsail Beach is showing signs of improvement and demand. The year 2011 presents us with a housing opportunity that makes it the most affordable in generations. So if you’ve ever wanted to own a beach property now is definitely the time to buy.