First the economic conditions in Wilmington, a coastal town with low-paying jobs and above-average unemployment, may not seem that great to locals. But the town's stabilizing economy and inexpensive housing for a beach town (the median price of a home is only $189,000) make it look pretty good to outsiders. Wilmington continues to enjoy some of the strongest population growth in the country--2% annually for the last several years. The good news for locals is that business is picking up; it helped drive a slight increase in non-farm employment last year. Business analysts believe the region's low business costs, diverse industrial base, and desirable living environment, augur well for strong growth in years ahead. Second, whether you choose to retire or use your home for a second vacation destination, your investment will grow with time. Real estate prices have increased all over the country, but they are still reasonable in this area. In addition, the second home marketplace is actually even healthier than the primary home marketplace. People are investing in second homes; it's as simple as that.
The good news for Real Estate in Wilmington is that pending home sales increased in February according to the National Association of Realtors®. We won’t know about March sales until next week but here are some statistics reported on Trulia for this past week. The average price per square foot for Wilmington was $349, an increase of 156.6% compared to the same period last year. The median sales price for homes in Wilmington NC for Dec 10 to Feb 11 was $189,000 based on 351 home sales. Compared to the same period one year ago, the median home sales price decreased 5.5%, or $11,000, and the number of home sales decreased 52.2%. There are currently 3,086 resale and new homes in Wilmington as well as 359 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Wilmington NC was $347,294 for the week ending Mar 23, which represents an increase of 1.4%, or $4,716, compared to the prior week.
In today's economy, everyone wants to get the most home for the money. Whether you are considering ocean front, golf course or quiet neighborhood cul-de-sac, finding that special home or piece of property among everything is a little easier in the Coastal Carolina’s. Wilmington North Carolina continues to offer enough variety of properties and homes for sale to satisfy investors, new home buyers and families alike. With the vast number of communities, price ranges and home styles, anyone is sure to find the type of property they’re looking for. Another reason to choose Wilmington is new construction. According to Builder online Wilmington ranks number 16 out of the top 20 cities for new construction growth. This was reported on March 3rd 2011. The reason is simple, homes are relatively inexpensive and price appreciation didn’t get completely out of hand during the housing boom of the last decade. So why not invest???
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If you are interested, contact Coastwalk Real Estate at 910-458-9119
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