ResalesHistorical Wilmington, North Carolina Reports Strong Sales Winds
Wilmington, North Carolina, not to be confused with Wilmington Delaware, is located on a peninsula between the Atlantic Ocean and Cape Fear River, giving this small historical port town one of the most ideal locations on the East Coast.
"These large bodies of fresh and salt water offer not only a wide variety of outdoor activities from fishing and boating to surfing and shelling, but they also provide a wide range of aquatic vistas from creeks and waterway to ocean and shipping channels," says Realtor Bob Jamieson.
He suggests, "Some people are going to look back to the summer of 2003 and say, "I wish that I had refinanced my home, or sold and bought investment or residential properties when interest rates were at a historic low." Hopefully you will say, "I"m glad I did!""
"There are several major forces shaping our local market conditions," advises Jamieson. "The strongest are the low interest rates that enable people to get more house at a lower monthly payment. Another contributing factor is the decreasing inventory of houses that lessens the number of days a well-priced home remains on the market. Our market is turning around from a clear buyer"s market to a balanced market. In other words, we are moving from a time when buyers had a vast inventory to choose from, lot"s of time to mull things over, and felt no shame in making low-ball offers. Today, sellers are finding themselves in a better position to negotiate offers. Great properties that are fairly priced are getting immediate attention upon being listed and double offers are not unheard of. Keep in mind that 2002 broke all sales records not only in New Hanover County, but in North Carolina and the nation as a whole. First quarter of 2003 re-sales surpassed 2002 re-sales in all categories from single family to condos and townhomes. While new home sales fell back a little from last year, it was only from 244 to 235 units."
"Wilmington is a delightful small city with amenities not often found in a city of 75,000," says Realtor Martie Rice. "It is the business, shopping and medical center for a large surrounding area, and as a result, it offers much more than you would expect. We have an excellent medical center, a strong banking and investment community, good shopping, and great restaurants!
"Historic downtown Wilmington fronts the Cape Fear River and our 200 year-old port," explains Rice. "Lovely historic homes can be found on quiet streets sheltered by majestic live oaks and magnolias. Beautiful gardens filled with azaleas and camellias invite you to pause and enjoy! Only eight miles from downtown is the Intercostal Waterway and the beach. Delightful waterfront homes and neighborhoods entice those who love boating, fishing, and the joys of visiting uninhabited small islands. Even closer are the neighborhoods along the Brunswick River, just minutes from downtown. Between the coast and town are several golf and country club communities, and our mild climate enables those who love golf and tennis to enjoy their sports year-round."
About the market, Rice offers, "The year 2003 continues to be record-breaking for Wilmington real estate! Home sales in all areas and price ranges are strong, and we are definitely no longer in a buyers" market. The number of homes sold each month continues to rise dramatically - and the average days on market continues to decline. Within New Hanover County, the average list price of the 1870 homes, townhomes and condos currently for sale is $314,797, and the average time on the market is 160 days. Our largest group of available homes is priced between $100,000 and $200,000 (875 homes), and they average 144 days on market. The $200,000 to $300,000 price range also offers many choices; there are currently 342 homes for sale in this range, and their average time on market is 148 days. At the upper end, we also have 74 homes for sale that are priced between $1,000,000 and $7,500,000 - 16 of these are on Wrightsville Beach, 14 are on Figure 8 Island, three are in Carolina Beach, and one is in the downtown Historic District, and 16 are in Landfall; the others are waterfront homes (on the mainland).
She continues, "In the past 12 months, there have been 3929 home sales in New Hanover County (again, single family homes, townhomes and condos). The average list price of these homes was $213,645 and the average sale price was $206,577; these homes averaged being on the market for 116 days. In the previous 12-month period (July 30, 2001 to July 30, 2002), 2824 homes sold with an average sale price of $202,724! Obviously, low interest rates have helped homes in the lower price ranges to sell very well. However, our upper end homes also continue to sell very well. Between July 30, 2002 and July 30, 2003, 36 homes sold in the $1,025,000 to $2,490,000 price range. These homes averaged 223 days on market and nine sold in a month or less! During the month of July, 576 homes were placed "Under Contract." The average list price for these homes was $222,799, and their average Days On Market was 93 days.
"We still have a large inventory of available homes, both new and resale, but home prices are increasing. Resale homes are selling at an average of 97 percent of their list price, and most new homes are selling at or above full price.
Rice notes, "Two factors are positively affecting our market - the weakening of the stock market has brought many investors to Wilmington real estate - particularly at the beach or in the downtown area. The aggravations of airline travel have caused many residents of metropolitan areas (Raleigh, Charlotte, Washington, DC, Philadelphia and New York) to purchase vacation homes that can easily be reached by auto; I-95 and I-40 make us an easily reached destination.
"Our high-end beach and waterfront homes are continuing to sell very well - both as primary and second homes. In the past twelve months, 36 homes have sold in the $1,000,000 to $4,000,000 price range - 14 of these on Wrightsville Beach and 13 on Figure 8 Island."
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