The Week in Review

....your Wilmington Connection

February 5, 2012

Well looks like the week finished with a touch of the winter chill.  Nothing like those days of 70 we had this week. Contracts have almost doubled this January. Buyers are starting to get off the sidelines and take action.  Thinking of buying or selling a home?  I would love to hear from you.  Email me or give me a call.

Wilmington NC Real Estate

Currenlty on the market there are 1557 single family homes in greater Wilmington. 173 home are under contract and in the last month there have been 119 homes sold and only 12 of those were priced over $500,000.

Is the Real Estate Market on the way to Recovery?

The latest monthly data shows total existing-home sales1 rose 5.0 percent to a seasonally adjusted annual rate of 4.61 million in December from a downwardly revised 4.39 million in November, and are 3.6 percent higher than the 4.45 million-unit level in December 2010.

Lawrence Yun, NAR chief economist, said these are early signs of what may be a sustained recovery. “The pattern of home sales in recent months demonstrates a market in recovery,” he said. “Record low mortgage interest rates, job growth and bargain home prices are giving more consumers the confidence they need to enter the market.”

For all of 2011, existing-home sales rose 1.7 percent to 4.26 million from 4.19 million in 2010.

January home sale prices

(January 2011 in parentheses)

Average price of homes closed: $201,770 ($214,678)

Median price of homes closed: $167,000 ($180,000)

Average mortgage rates

(Feb. 2)

30-year fixed: 3.87% (3.98%) *

15-year fixed: 3.14% (3.24 %) *

5-year adjustable: 2.80% (2.85%) +

1-year adjustable: 2.76% (2.74%) -

* Plus 0.8

+ Plus 0.7

- Plus 0.6

– Freddie Mac

.....until next week in The Week in Review

    Tina

The Week in Review

....your Wilmington Connection

January 15, 2012

Wow...Wilmington sure had a chill the last few days! The winter coats came out and the heat was on. Hope you all enjoyed your weekend and was able to keep warm. Well the start to a new year is underway and I have to say that I think its going to be a great one in the form of real estate! Many people have been on  the sidelines waiting to see whats going to happen and now the sidelines are emptying out as people realize you are not going to get better interest rates or more importantly low home prices. If you are looking to buy some Wilmington NC Real Estate then shoot me an email and lets get the process started.

Wilmington NC Real Estate

Currently on the market there are 1562 homes listed.  You can be sure as spring nears inventory will go up. Are you planning on putting your home on the market?  Lets talk. In the last 3 months there have been 460 homes sold, 262 of those were priced under $200,000. A pretty strong price range.

Last Years Home Sales Results

Home sales had a minor gain last year but they had their best results since 2008, according to the Wilmington Regional Association of Realtors .

Sales of homes in the area covered by the WRAR are New Hanover, Pender counties and northern Brunswick County; rose to 4,590 in 2011 from 4,567 in 2010, according to the statistics.

The down side were prices  were down to levels not seen since 2004.

The average price of a home sold last year dropped by 4.8 percent, to $219,656 from $230,790 in 2010. The average had been as high as $272,784 in 2007.

The median price – the point at which half of homes sold for less and half for more – fell by 5.7 percent, to $173,063 from $183,512, according to WRAR figures.

The main reason for those drops were so-called distressed sales, which have comprised as much as 30 percent of all sale.

Figure Eight Home Sales

How did the luxury market stack up in 2011? Figure Eight being one of the exclusive areas in New Hanover County to shop for Luxury Homes. In 2011 there were 10 homes sold on Figure Eight Island a jump from 2010 where there were only 7 homes sold. The highest price one being $2.8 million. Most of the homes sold between 85 and 90% of their list price.  Look at this home I have listed on Figure Eight Island. This home is one of a kind located in the middle of the island on the intracoastal on one of the most coveted lot on the island.

....until next week in The Week in Review

Tina

 The Week in Review

....your Wilmington Connection

July 17, 2011

Another great weekend of fantastic weather. Have you been home searching?  You should its a great time for it! There are some incredible deals out there and interest rates are still low.  This wont continue forever now is the time to make it happen.

Wilmington NC Real Estate

Currently on the market there are 2006 single family homes in the Greater Wilmington area and 214 homes under contract.  A slight increase over last week.  In the last month there have been 184 solds and only 72 of those were priced above $250,000. The market is rather stagnant. Lower priced homes and of course the ones that are priced compellingly are moving fast.  Is your home priced that way?  Are you thinking of listing?  Lets talk about what it will take.  Email me

Wilmington home sales down 

Wilmington-area home sales continued a downward trend last month, and average and median sales prices were off as well compared with June of last year, according to statistics from the Wilmington Regional Association of Realtors that were released Wednesday.

The number of sales in New Hanover, Pender and northern Brunswick counties totaled 466 in June, down 11 percent from 522 a year earlier, the WRAR said.

The average price of a home whose deal closed in June fell 1 percent, to $237,930 last month compared with $239,000 in June 2010.

The median price - the point where half of homes sold for more and half for less - was down 5 percent, to $179,600 from $189,450.

Prices are only for homes that sold and do not represent the overall prices of area homes, though their movement is an indication of the market's direction.

Additionally, closings typically occur at least 30 to 60 days after the contracts were written on the homes.

 Americans Still think Home Ownership is important

A new survey from the National Association of Home Builders finds that Americans continue to embrace home ownership.

The results show that 75 percent of 2,000 people polled agree home ownership is worth the risk of fluctuations in the market and that 73 percent of renters want to own someday.

With more than 70 percent saying the U.S. government should offer tax incentives to promote ownership and oppose proposals to end the mortgage interest deduction.

until next week in The Week in Review

                       Tina

The Week in Review Wilmington NC May 22, 2011

The Week in Review

....your Wilmington Connection

May 22, 2011

Temperatures are up and finally there is a summer feel to the air.  Hope everyone got out and enjoyed it. What better way to enjoy the weather than in Wilmington? There is so much to offer here. Beach, Sun, Sand, river...its all here.  If you are thinking of moving to the area email me and lets get you settled in the perfect home.

Wilmington NC Real Estate

Property searches have picked up. Buyers are out there and this is the time of year to have your home on the market. There is steep competition with the amount of inventory,but if  priced correctly there is no reason why we cant get it sold! 

Currently there are 2065 single family homes on the market about 100 less than last year. 227 homes are under contract and in the last week there were 27 homes closed. 

April Existing home sales...slowed

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®.

Existing-home sales¹, which are completed transactions that include single-family, townhomes, condominiums and co-ops, eased 0.8 percent to a seasonally adjusted annual rate of 5.05 million in April from a downwardly revised 5.09 million in March, and are 12.9 percent below a 5.80 million pace in April 2010; sales surged in April and May of 2010 in response to the home buyer tax credit.

Lawrence 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."

Foreign Buyers still think the US is attractive

The U.S. continues to remain a top destination for foreign buyers as international purchases surged by $16 billion this year, one of the highest increases in recent years.

This is according to the National Association of Realtors®' 2011 Profile of International Home Buying Activity. According to the survey, total residential international sales in the U.S. for the past year ending March 2011 equaled $82 billion, up from $66 billion in 2010. Total international sales were split evenly between non-resident foreigners and recent immigrants, while combined total domestic and international existing-home sales in the U.S. were $1.07 trillion.

"The U.S. has always been a desirable place to own property and a profitable investment," said NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I. "In recent years we have seen more and more foreign buyers coming here to take advantage of low prices and plentiful inventory.

Unemployment in NC remains the same

North Carolina's unemployment rate was unchanged in April at 9.7 percent compared with 9 percent for the nation as a whole, the N.C. Employment Security Commission said Friday.

The number of people employed in North Carolina, however, rose 0.3 percent, to just over 4 million, the ESC said.

Several sectors had seasonally adjusted job growth, including construction, up 1,500 jobs; and leisure and hospitality services, which gained 2,300.

....until next week in The Week in Review

          Tina

The Week in Review

....your Wilmington Connection

April 17, 2011

After a windy start to the weekend today turned out to be a head turner.  The Wilmington Airshow put on a show to make up for the cancellation yesterday and keep their followers happy! It was beautiful out there. A bit noisy. smile.

Now is the time to make your move, home prices are low, i mean really low and interest rates are something that in the near future you will look back on and think now why didnt i buy my house then.  So  if you are thinking about that home search lets sit down and have a talk and make sure whe get you the most home for your money in the shortes period of time.  Email me or call 910 619 8931

Wilmington NC Real Estate

Currently on the market are 2104 single family homes. 178 homes are under contract and in the last 2 months there have been 317 homes sold and 234 of those homes were priced under $300,000. The trend is still to buy under that $250,000 mark.

 Market Share in our Local MLS systems

Market Share Reports for all 4 MLS systems for Jan 1 through March 18th 2011 and here are the results. Thought you might need to know this if you are thinking of putting your home on the market. Lets get your home sold, dont waste time with any other company!

 Closed Units  ( for WRAR, BCAR and Topsail MLS combined)

 #1   Coldwell Banker Sea Coast Realty              470

#2   Intracoastal Realty                                   197

#3   C-21 Sweyer and Assoc.                           154

#4   Live Oak R/E                                            100

#5   C-21 Brock and Assoc.                                70

Commercial slowdown may be the case Nationally, but not in Surf City

Commercial development may be in a slump nationally, but noticeable change is under way in Surf City, where several new stores have opened recently and more are on the way.

The parking lot of Harris Teeter was jammed Wednesday for the grand opening of the new store in Surf City Crossing shopping center next to Lowe's home improvement on N.C. 210. The center will soon also house a Great Clips, JT's Brick Oven Pizza and other stores.

Farther east on 210, at its intersection with N.C. 50, a McDonald's opened in late March, and shortly before that a new CVS Pharmacy, which sits next door.

There's much more to come.

March 2011 home sale prices

(March 2010 in parentheses)

Average price of homes closed: $242,883 ($199,744)

Median price of homes closed: $170,000 ($178,750)

- Wilm. Regional Realtors

Mortgage rates, April 14

30-year fixed: 4.91% (4.87%)-

15-year fixed: 4.13% (4.10%)+

5-year adjustable: 3.78% (3.72 %)-

1-year adjustable: 3.25% (3.22%)-

+ Plus 0.7

- Plus 0.6

.....until next week in The Week in Review       Tina

The Week in Review

....your Wilmington Connection

April 10, 2011

Azalea Festival Weekend, and a stunning weekend at that!. It was gorgeous out.  Its always wonderful to see the community out and enjoying the fun, the streets were packed with vendors.

 Well the market continues to heat up.  This week Sea Coast had 20+ million in contracts homes are selling.  Thinking of buying or selling a home, lets sit down and have a coffee and disucss the best route for you.

 Wilmington NC Real Estate

Currently on the market there are 2010 single family homes, 175 homes under contract. In the last week there have been 24 homes sold.

Wilmington Jobless rate slowly declines

The jobless rate was 10.3 percent in February, the N.C. Employment Security Commission said Wednesday. That was down from 10.6 percent in January but, more important, it was down from 11.6 percent in February 2010.

The figures are not adjusted for seasonal variations such as a typical rise in unemployment during the winter months.

Bank Owned sales spiked in 2010

Sales of bank-owned homes and land in Brunswick County spiked sharply in 2010 but foreclosure sales decreased, according to data presented by the Brunswick County Association of Realtors at its annual legislative gathering Monday.

That indicates the county may be nearing the end of its long slog through the glut of distressed property on the market as a casualty of the real estate bust, association President Pete Frandano said.

Bank-owned sales are typically the last stage in dealing with such properties, after short sales and foreclosures. The number of bank-owned sales was up 146 percent in 2010.

 Urban areas see hike in young Buyers

Living downtown is becoming increasingly appealing to college-educated 20- and 30-somethings.

In two-thirds of the country's 51 largest cities, the college-educated population in the past decade has grown twice as fast within 3 miles of urban centers when compared to the rest of the metro area, the USA Today reports. That is a jump of 26 percent, on average, compared with 13 percent in other parts.

Young adults with higher education, in particular, seem to be showing a preference for urban living. Young adults with a four-year degree are about 94 percent more likely to live near urban neighborhoods than less-educated young professionals. (In 2000, that number was about 61 percent.)

until next week in The Week in Review

        Tina

The Week in Review

....your Wilmington Connection

March 27, 2011

Thinking of moving?  Now is a great time, mortgage rates are still low and home prices are at an all time low.  What are you waiting for? Drop me an email and lets get started.  Sellers if you are thinking of selling now is the time to get your home on the market and lets get it marketed in all the right places. 

 Wilmington NC Real Estate

Ok so the buyers are coming back to the market, its that time of year...spring. This is what we are seeing 2074single family homes are on the market 180 homes are under contract and in the last month there have been 143 homes closed. Granted 70 of those were priced under $200,000.

NC unemployment drops

Unemployment numbers: North Carolina's jobless rate dipped slightly in February to 9.7 percent from 9.8 percent in January, the News & Observer reports on numbers released.

Existing Home sales in February Drop after Substantial Gains

Existing-home sales fell in February following three straight monthly increases, according to the National Association of REALTORS®. 

Existing-home sales,  transactions that include single-family, townhomes, condominiums  dropped 9.6 percent to a adjusted annual rate of 4.88 million in February from a revised 5.40 million in January, and are 2.8 percent below the 5.02 million pace in February 2010.

Lawrence Yun NAR chief economist, expects an uneven recovery.  "Housing affordability conditions have been at record levels and the economy has been improving, but home sales are being constrained by the twin problems of unnecessarily tight credit, and a measurable level of contract cancellations from some appraisals not supporting prices negotiated between buyers and sellers.  Existing-home sales remain 26.4 percent above the cyclical low last July. NAR

...until next week in The Week in Review

       Tina

The Week in Review

....your Wilmington Connection

March 13, 2011

Wilmington has seen some beautiful weather, for all of you whom are in iced cold weather, you really should think about making that move! :)

Drop me an email and lets discuss your options. Thinking of selling your home?  Let me share with you are ranking report, i know you will think twice before listing with another company.

Wilmington NC Real Estate

Currenlty in the Greater Wilmington area there are 2049 homes on the market. 167 single family homes are under contract and since the beginning of this year there have been 266 homes sold and only 24 of those were priced above $500,000.  The Luxury home market is taking a bit of a toll and will take longer to come round. If you are planning on listing a home in that price range, the best thing you can do is price it compellingly....Not competitively.

Wilmington Named 16th Best Building Market in Nation

A construction magazine has picked the Wilmington market as having the 16th healthiest building market in the country.

Business analysts believe the region's low business costs, diverse industrial base, and desirable living environment, augur well for strong growth in years ahead."

Property prices also are affordable - in part because median home prices have fallen 27 percent from their peak at $221,000 in 2006.

"They are expected to remain at about that level for the next two years," continues the magazine. "Building permit activity rose 22 percent last year, and it's expected to rise twice as fast this year."

The index is forward-looking, and is based on comparisons between actual data for 2010 and 2011 projections compiled by Moody's Economy.com.

Foreclosures slow sharply in February

The number of homes receiving a foreclosure-related notice fell to a 36-month low last month, as lenders delayed taking action against homeowners because of heightened scrutiny over banks' handling of home repossessions.

Some 255,101 properties received at least one foreclosure-related notice in February, down 14% from January and down 27% from the same month last year.

The decline in foreclosure notices has slowed not only the pace of homes lost to foreclosure, but also stemmed the tide of additional properties potentially at risk for repossession.

That's good news for homeowners in trouble, but it's unlikely to portend fewer foreclosures in the long-run.

The issue isn't whether we'll see the repossessions....it's when.

....until next week in The Week in Review

                 Tina

The Week in Review

....your Wilmington Connection

March 6, 2011

Well the market continues to show some improvement, however home prices are still stagnant and in some places still dropping. The weather has been pretty nice we went to the beach yesterday for a bit believe it or not. If you are thinking of putting your home on the market, lets get it done now.  The housing inventory will start picking up and why not get yours on the market before everyone elses. Drop me an email or give me a call and lets discuss.

Wilmington NC Real Estate

Another great week in contracts, home buyers are starting to look again. Spring is in the air and why not start thinking of a new home or a larger home or just selling your home and getting out of Dodge! Currently on the market there are 2015 single family homes and 166 homes under contract, last week 24 homes went under contract which is less than last year. In the last month there were 117 sold.

Nationally Pending Home Sales Decline

Pending home sales eased moderately in January for the second straight month, but remain 20.6 percent above the cyclical low last June, according to the National Association of Realtors®.

The Pending Home Sales Index,* a forward-looking indicator, declined 2.8 percent to 88.9 based on contracts signed in January from a downwardly revised 91.5 in December. The index is 1.5 percent below the 90.3 level in January 2010 when a tax credit stimulus was in place. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.

Lawrence Yun, NAR chief economist, points to the broader trend. "The housing market is healing with sales fluctuating at times, depending on the flow of distressed properties coming on the market," he said. NAR

How does Hiring Fare in the Southeast

Hiring is projected to be better in the Southeast, including North Carolina, than the nation as a whole, according to a report by the Robert Half International, the staffing and consulting company.

But still, only 9 percent of Southeastern hiring managers surveyed said they were expanding their teams in the second quarter. The national figure was 5 percent, unchanged from the first quarter, the company said in its Professional Employment Report.

But the report also  forecast strong hiring in the legal, advertising and marketing, and technology fields nationally with the wholesale and retail sectors projecting the strongest pick-up in hiring. Wilmington should be on your radar!

....until next week in The Week in Review

The Week in Review

....your Wilmington Connection

February 20, 2011

What a stunning week in Wilmington and this week will be the same.  Sunny with cool weather. I hope you all got out to enjoy it.

The real estate market seems to be beginning its spring bounce back this week we had 90 Contracts placed as Pending with over 17 Million in Contract Volume.

Wilmington NC Real Estate

Currently on the market there are 2023 homes and 168 homes are under contract. Since the beginning of 2011 there have been 154 homes sold and only one of those were priced above $750,000.

Americans Still Dream of Home Ownership

Three out of four home owners - or 78 percent - say their homes are the best investment they ever made, according to Trulia.com's biannual American Dream survey, which has tracked attitudes toward home ownership since 2009.

Despite foreclosures and underwater homes continuing to batter the real estate market, about 70 percent of Americans say they still view home ownership as being part of their American Dream, according to the survey.

"Contrary to popular belief, the American Dream of homeownership has not turned into an American nightmare," says Pete Flint, CEO of Trulia.

The millennial generation is expected to drive the housing recovery. Eighty-eight percent of 18-34 year old renters say they want to be home owners one day, according to the survey.

What it will Take

Lawrence Yun, NAR chief economist, is encouraged by the trend. "Home sales clearly recovered in the latter part of 2010 and are helping to absorb the inventory, including many distressed properties. Even with foreclosures continuing to enter the inventory pipeline, they've been selling well and housing supplies have trended down," he said. "A recovery to normalcy requires steady trimming of the inventories."

Yun added, "An improving housing market and job growth will go hand in hand. The housing recovery will mean faster job growth." He projects about 150,000 to 200,000 jobs will be added to the economy this year from an anticipated 300,000 additional home sales in 2011.

....until next week in The Week in Review

                          Tina