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®. Larwance 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.” A parallel NAR practitioner survey2 shows 11 percent of Realtors® report a contract was cancelled in April from an appraisal coming in below the price negotiated between a buyer and seller, 10 percent had a contract delayed, and 14 percent said a contract was renegotiated to a lower sales price as a result of a low appraisal. According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage was 4.84 percent in April, unchanged from March; the rate was 5.10 percent in April 2010.
The news on existing home sales trending in Carolina Beach this past week is relevant to the national home sales. According to Truilia the average price per square foot for Carolina Beach was $167, a decrease of 3.5% compared to the same period last year. The median sales price for homes in Carolina Beach NC for Feb 11 to Apr 11 was $213,500 based on 17 home sales. Compared to the same period one year ago, the median home sales price decreased 3%, or $6,500, and the number of home sales decreased 82.1%. There are currently 416 resale and new homes in Carolina Beach including 33 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Carolina Beach was $332,233 for the week ending May 18, which represents a decrease of 0.9%, or $3,148, compared to the prior week. The good news is that sales are increasing and inventory decreasing as we go into the summer season.
Why buy in Carolina Beach? If you’ve ever thought about owning a home at the beach now is definitely the time. Carolina Beach has so much to offer including a great investment due to the amount of visitors coming here. This beach offers the historic Boardwalk and summer events that cater to both residents and visitors. Here are some of the events scheduled for 2011: Boardwalk Blast (music & fireworks on Thursday evenings), Family Nights (Tuesdays), Boardwalk Bingo (Wednesdays), Jazz Under the Stars (Wednesdays), and Summer Amusements (rides, games). Other events include Saturday Farmer's Market at the Lake (April-Oct.) Visit: http://www.boardwalkmakeover.org Along with the boardwalk Carolina Beach State Park is a must visit with a newly renovated marina secluded camping area, excellent fishing, and miles of hiking trails, including the Venus Flytrap Trail where this rare indigenous plant grows in its natural habitat. Visit: www.ncparks.gov/Visit/parks/cabe/main.php/
It’s time to jump into the market and buy on Carolina Beach and enjoy and Island that enjoys you.