Wilmington Real Estate News

Our market is still very active in this part of the country. Our labor market remains relatively strong and that continues to drive home sales up in this area. We are still experiencing a sellers market. However, at the end of 2005, the ratio of sale s price to listing price has been about 97.8%. Some areas are still experiencing multiple offer situations, especially in the $175,000 and under. The average prices are forecast to keep rising in 2006. Average prices in our area range from $206,300 to $287,400, depending on the county to reside in. New construction homes continue to be on the rise. In 2005 our appreciation rate was 19.2%. Appreciation in 2006 is expected to be around 12%. 2007 looks even brighter as sales will rise at a faster pace.

Mortgage rates are predicted to continue upward but are not expected to cross the 7% mark.

Our beach sales have slowed down a bit, but continue to be an active area of our coastal market.

Welcome to Wilmington and The Cape Fear Coast! From the conveniences of a thriving, growing city to the southern simplicity of a small town atmosphere, the Cape Fear Coast offers visitors, newcomers and residents alike an abundance of great things to do and see. Ranked 23rd in the book "100 best Small Art Towns in America", This area features vast commercial, educational, medical, and cultural offerings. One can find gems galore such as a $2.5 billion film industry, numerous historical attractions and 31 miles of relaxing beaches.

Our market in Wilmington and its beaches continues to be one of the busiest of times. Wilmington continues to be a popular place for relocation. Some will refer to us as an "Everchanging Face."

Southern New Hanover County is expected to expand outward from Monkey Junction to Carolina Beach. We may ultimately see a high-span bridge called the Southern Loop. When you ride through these areas you see a change each and every time. The prime movement is expected to be in the Northern part of New Hanover County and in Southern Pender. Driving this is the new bypass or mini Interstate 40 which recently opened. You can now travel from Porters Neck to Brunswick County. I-40 has an exit to Topsail and New Bern will brings you to the Highway 17 business district in 10 minutes. This by-pass is intended to help alleviate traffic flow down Highway 17.

One of the most exciting projects affecting our market is the Mayfaire Town Center. Construction continues and every day new restaurants and shops are opening. Military Cutoff is being expanded to 4 plus lanes. This Town Center is having a huge economic impact on our area and has increased the availability of public facilities for those in the Northern part of New Hanover County. Several new faces have moved in such as Hechts, Kirklands, Chico Kids,Banana Republic, O-2 Fitness, Stadium Cinema, Reeds, Linens and Things, Pier 1, Barnes and Noble, World Market, Starbucks, The Macaroni Grill, Artisan Market, Michael's, Ann Taylor, Atlanta Bread Company, various restaurants and the list goes on.

With the stock market fluctuations, the local real estate market has seen a huge increase, especially the higher end. The forecast is an upswing in second and vacation homes. Many buyers are finding that real estate investments are still the best way to go this year. The time to aggressively build a real estate portfolio is here and in Wilmington, Wrightsville Beach, Kure Beach, Carolina Beach.

If you would like to receive our new listings on a daily basis via email or join our "Best Home Pro Program" and do your own search, let us know by emailing us directly at Sandy@BealsTeam.com.