Home Prices at an All Time High in Wilmington NC

webmaster Market Research January 8, 2018

The Wilmington Real Estate Market

With 2017 being a great year for Wilmington real estate, we thought it would be a great time to give a quick recap of some year end statistics on the Wilmington real estate market. Although we offer ongoing, very detailed Wilmington Market Statistics that can be viewed at any time, those stats are updated every Monday and do not look at the full year. In addition, because many real estate statistics can be confusing, below we provide a quick explanation of what is being measured and the effect on the marketplace.

Available Inventory in Wilmington NC

One of the most commonly referred to real estate statistics is the Available Inventory. The reason this real estate metrics is relied on so heavily is it’s a good barometer of the overall supply and demand for housing for a specific area.

When the available inventory is low, that generally dictates a high demand for homes for sale. A “balanced market” generally has between 5 and 7 months of available inventory. To truly understand how long it takes to “sell through” the current inventory – you need to look at the rate of sales per month. When available inventory is looked at by the “months it would take to sell through” that is referred to as “Absorption Rate”. What that means is if no new properties were to be listed, it would take between 5 and 7 months to sell through the current inventory at the current rate of sales.

When Reviewing the Absorption Rate – The Current Available Inventory for Wilmington Is Around 3 Months.

The inventory of available homes in Wilmington NC is at a 10-year low, and that is pushing home prices up and driving a sellers market. Many people are under the impression that when we see a “sellers market” that means it is not a good time to buy….that is not always the case!

When purchasing a home in a seller market, although the home prices are rising, that means that you are buying into growing real estate market. In addition, with mortgage interest rates still historically very low, but anticipated to rise over 2018; buying a home in Wilmington right now may be the most cost effective decision for buying a home.

For instance, on a $350,000 home, if the mortgage interest rate goes up by 1%, your monthly payment would increase by approximately $200 per month. That $200 per month represents a $40,000 difference in the sales price of the home!

Needless to say, these are very rough estimates and many factors affect your monthly payment; but we did want to give an idea of the effect of interest rates and how that directly correlates to the sales price of the home you are purchasing.

How Many Homes Were Sold?

Overall there were nearly 5,000 homes that were sold in New Hanover County in 2017. This is rapidly approaching breaking the record of 6,500 homes that were sold at the top of the last housing bubble in 2005. Inventory of available homes hovered around 3,000 a decade ago, but has since dwindled and in 2017, the average monthly inventory was 1,576.

This means higher demand with less inventory for buyers to choose from. Wilmington’s Hanover County is the second-smallest county in North Carolina by land area, the effect is pushing home values up and making it much easier for those looking to sell their homes quickly.

The best REALTORS in Wilmington agree that the inventory in New Hanover County is low and people are having a harder time finding a home to buy. This could drive potential home buyers to start looking in Pender and Brunswick counties with more homes to choose from.

Average homes for sale in Wilmington inventory over the years:

Source: National Association of Realtors (NAR)

Although a tight market for buyers, the trend is definitely good for anyone looking to put their house on the market. There were many years when Wilmington was a buyers market but, the tables have turned and seller’s are now the ones benefiting.

2016 Census Information on Homes in Wilmington NC

New Hanover County

Historic New Hanover County is located at the southern tip of North Carolina. The county is bordered by 31 miles of beautiful Atlantic shoreline on one side and the tranquil Cape Fear River on the other. New Hanover is fastest growing county in North Carolina.

Minutes from some of North Carolina’s most beautiful beaches, Wilmington boasts one of the state’s largest historic districts with 230 blocks of homes and a downtown business district with a thriving arts community and hosting a plethora of restaurants, shops, museums and tourist attractions.

The historic downtown area of Wilmington continues to grow with the expansion of the business district and the new convention center and marina as well as state-of-the-art medical facilities and headquarters to a growing list of corporate entities. The University of North Carolina at Wilmington, as well as the Cape Fear Community College and Miller-Motte Technical College are also all located within the county.

Adding to it’s appeal, Wilmington is surrounded by island communities such as Carolina Beach, Kure Beach, Fort Fisher, and Wrightsville Beach each of these island communities offer pristine sandy beaches and a variety of activities for nature lovers, anglers, mariners, and water sports enthusiasts. The boardwalks, piers, and marinas these communities offer reflect the spirit of coastal America.

Learn more about work, travel, education, medical facilities, lifestyle, leisure, retirement and real estate in the City of Wilmington, New Hanover County, North Carolina.

Luxury Boston Properties

Boston Luxury Real Estate

Boston continues to gain ground as one of the hottest places to own property. Homes in Boston have appreciated in value way above the national average in the last year. The median home price for the Boston area real estate has an astonishing $378,500 compared to the national average of $215,767.

While very appealing to Boston investors and homeowners, even better is places like Beantown where home appreciation rates remain some of the best in the nation. This trend seems very promising for the year to come.

The Boston luxury real estate market have seen mild gains in home appreciation within the last year. The appeal for home buyers and Boston real estate is found in equity gains which have exploded in the last couple of years.

Homes purchased in Boston’s housing market a year ago have appreciated an average of $10,187. While the national average was $15,781 over the same year. Over the past three years Boston real estate began to overthrow the national average which saw gains of $64,281.

For homeowners and Boston investors they get the real advantage around year seven of home ownership when total equity gains reach their full potential. Over all price appreciation and principal payments have boosted total equity growth since the recession.

Foreclosures in Boston

As of June 2017 there were 779 properties in the Boston area in some type of foreclosure. According to Realtytrac the number of Boston foreclosures in the month of June was 9 percent lower than the month of May and 8 percent lower than the same time in 2015. In addition the number of REO properties decreased 37.5 percent from the previous month while decreasing 50 percent from the same time last year.

The Boston Housing Market

Living in Boston

If busy city living, great food, and great sports teams interest you, Boston, MA is the place to call home. If you’re willing to make some crazy offers in this competitive market you have found the right place.

Boston Living

One of Boston’s most unique aspects is its appeal to people from around the world. It’s colleges and universities attract eager minds who come to be the future doctors, lawyers, robotic engineers, musicians and performing artists all who bring an unmatched vibrancy to Boston’s streets. Boston is primarily a young area, with a quarter of the population being between the ages of 18 and 34.

Boston is considered as one of the most liberal regions in the country in one of the most liberal states in the United States.

Boston has a rich culture with a strong emphasis on academic prowess and community mindedness making it conducive to raising families and it is common to see families enjoying an afternoon at the Boston Children’s Museum, feeding the ducks in Boston Public Garden or spending a Saturday shopping along Newbury Street.

Boston Transportation

Boston’s founders’ could not have foreseen what the city would look like today and the street layout can make navigating the metro area by car a bit tricky. Unlike New York City, where streets are aligned in a grid-like pattern, Boston’s streets at times seem to have no logic. This could be why Boston drivers have a reputation of being some of the most aggressive drivers on the road.

Public Transportation in Boston

A popular alternative to the road madness is the public transit system known as the Massachusetts Bay Transportation Authority (MBTA). MBTA provides railway, bus, subway (known as the “T”) and ferry services. Boston’s Commuter Rail has 14 different lines that connect Boston to it’s surrounding suburbs, including Wakefield, Brookline and Dedham. As an added bonus, Boston is known as one of the most walkable regions in the country with a high rate of commuters who make their way to work by walking.

Boston’s size and location make it an easily accessible for the East Coast for both residents and visitors. Logan International Airport has a high volume of daily flights, while Amtrak, Greyhound and other ground transportation services also serve several points throughout the area.

Boston Culture

Boston can often feel like a small town but has all the perks of big city life. The metro area is home to a diverse culinary scene, access to the arts and world-class educational institutions, employers and a great health care system.

Boston is full of history, but it is also ever evolving and while it is on the cutting edge of medicine and technology, it still remains traditional like spending a summer night cheering for the hometown heroes at Fenway Park. It is a region of sports enthusiasts, art eclectics and ambitious entrepreneurs coexisting with a strong sense of camaraderie and pride in community.

Sometime referred to as the “Cradle of Liberty,” the city is home to some of the most significant social, cultural and political moments in U.S. history. Living in the area can make you feel as if you are acting out the pages of a history book, while experiencing the perks of a modern metro area. Boston’s unwavering spirit was born out of revolution and since its inception, the continuous pursuit of innovation and progress has been in its DNA.

From the Old North Church to the Institute of Contemporary Art and everything in between, Boston is steeped in culture and rich in pride. For new families, recent college graduates, retirees or seasoned professionals, Boston is a place that can foster your next stage of life, whatever that may be.

Luxury Homes of Boston

webmaster Uncategorized September 13, 2017

Boston MA is one of the oldest cities in America. With a deep history and wide ranging architecture from many periods, there are many different styles of luxury homes in Boston to choose from.

Suburbs Around Boston

Many may choose to not live in Boston proper – but opt for one of the major cities around the Boston MA area. Below is a list of surrounding areas that feature a variety of Luxury lifestyles.

Weymouth MA
Quincy MA
Cohasset MA
Hingham MA
Wellesley MA
Milton MA
Lexington MA

Boston Proper

Needless to say, the city of Boston has its share of luxury homes for sale. With Boston being the largest city in Massachusetts and a population of over 650,000 people, it is the largest city in all of New England. With some of the most prestigious colleges and universities in the country in Boston, we see a steady flow of some of the US’s greatest minds come through the area.

City of Neighborhoods

Boston has been called the “city of neighborhoods” because the city can change dramatically every few blocks. Officially, Boston has 23 distinct neighborhoods. The Downtown area of Boston is not only the oldest area, but also the Financial District. The downtown area of Boston is mostly made up of low-rise buildings with a few high-rise buildings which make up the majority of the luxury housing. Because of its age, the Downtown area has a multitude of landmarks and tourist attractions, especially for the history buff.

Single Family properties are generally found in the South End of Boston — which sports a Victorian era style of housing.

Luxury Homes of Wilmington

webmaster Buying Luxury Homes August 30, 2017August 30, 2017

Luxury Homes of Wilmington NC

With an explosion in real estate sales in recent years, Wilmington NC has grown as one of the premier destinations for luxury homes. With the range of waterfront home options many people enjoy relaxing on their porch of a historic home with views of the Cape Fear River or one of the many beaches. If you would rather luxury beachfront living, we can help you find the ultimate oceanfront home where you can watch the sun set over the Atlantic Ocean.

Wilmington NC is located in an extremely unique place for luxury properties. Wilmington has water that surrounds in from all sides – including lakes, rivers and the ocean. This unique scenario provides a variety of luxury homes all withing a centralized area. In addition to the luxury waterfront and beachfront homes available, Wilmington NC is a very old city with a historic downtown area with an abundance of style and class.

Historic Area of Wilmington

With the long history of Wilmington, its no surprise that they have a thriving downtown area which is referred to as the historic district. With very old structures and new construction alike, tourist enjoy spending the day walking through the downtown area. With the Cape Fear river running through the middle of the city, there are many options for home-ownership.

Beachfront Homes of Wilmington

Wilmington is known for beachfront homes that offer the height of luxury. Just South of Wilmington just a very short drive from the previously mentioned downtown area, you stumble across Carolina Beach. With beachfront homes and their downtown boardwalk, Carolina Beach is a great destination if you are looking for a variety of waterfront properties.

Other waterfront areas in the direct vicinity of Wilmington are Leland NC, Hampstead, Kure Beach, Wrightsville Beach and Rocky Point. All of which feature a different take on luxury homes.

Luxury homes in Wilmington have been one of the most sought after destinations for a quaint, serene lifestyle.

Luxury Condos of Panama City Beach

webmaster Buying Luxury Homes, Selling Luxury Homes August 30, 2017April 16, 2019

Luxury Homes of Panama City Beach

Panama City Beach Florida is known for their awesome Spring Break festivities, but the natives enjoy a true luxury lifestyle.

There are only about 12,000 residents in the city of Panama City Beach – with the majority of those people living in luxury condos. Many of the condos in Panama City Beach are located directly on the Gulf and have white sand for a yard.

Panama City Beach Condos As an Investment

Although there are a ton of active beachfront properties for sale in Panama City, condominiums have a special place with investors. With Panama City Beach being such a popular vacation destination, many of the waterfront condos are there waiting for someone to rent them out.

Most of the homeowners of PCB properties are absentee owners and live either in a different city or even a different state. The rental rates for a condo in Panama City Beach make owning a vacation rental there a very profitable investment. With “short term rentals” becoming so popular with online sites like Airbnb – renting out your luxury beachfront condo in Panama City Beach has never been easier.

PCB Construction Boom

Panama City Beach saw a construction boom from 2000-2006. With property values seeing double-digit increases year over year, we saw many new luxury condo complexes developed right on the beachfront. In 2006 PCB was the number 1 real estate market in America according to Money magazine with beachfront properties selling for as much as $62,000 linear foot! Although the recession released some of that tremendous upwards pressure, we are still seeing solid returns with somewhat more reasonable pricing.

Luxury Real Estate Experts

Unlike other luxury real estate markets such as Savannah GA, many of the luxury properties in Panama City Beach are not occupied all year. With such a small population of people who actually LIVE in PCB, we have found that there are few true luxury real estate experts in the area.

Many of the local REALTORS that offer homes for sale in Panama City Beach are from the surrounding areas and may specialize in standard single-family properties.

We all know that working with the RIGHT Realtor is important. That is where we come in! We have a direct connection to the TOP Luxury real estate agent in Panama City Beach and we are willing to share.

If you are interested in purchasing a luxury, waterfront condo in Panama City Beach – just contact us!

Luxury Homes of New Orleans

webmaster Buying Luxury Homes August 29, 2017March 12, 2018

Luxury Homes in New Orleans

Homes in New Orleans

Luxury homes continue to be in great demand across the greater New Orleans area. Although New Orleans homes are know for being old and rustic, in fact, many of these elegant and lavish houses were all rebuilt after Hurricane Katrina. That storm – along with Hurricane Rita – destroyed countless homes, businesses, and residences in the Gulf Coast area. However, New Orleans surely got the brunt of these storms will millions of dollars in damages across the city.

In recent years, New Orleans real estate has see a strong resurgence with many new residential and commercial establishments. This has also led to many new luxury houses and condominium developments, along with complete upgrades and overhauls of the previously destroyed neighborhoods. If looking for the best in luxury New Orleans homes for sale, we have you covered.

Types of Homes in New Orleans

New Orleans is a haven for luxury homes and oak tree-lined streets. From luxury condos to luxurious two-story properties and even mini mansions – the area continues to boon with new homes and investments. Many houses also feature economically-green options. Whether looking for homes with swimming polls, Jacuzzis, or large yards – New Orleans truly offers it all. In fact, this burgeoning area is considered one of the top and affluent communities not only in Louisiana – but across the nation.

Investing in New Orleans

New Orleans is considered one of the top prime-real estate areas in the South. However, this area is also a great place to work and a raise a family in. With the booming economy since the Hurricanes coupled with the insulation from the real estate crash of 2008, NOLA is a hotbed of investment.

This was one of the main aspirations of investors when they completely revitalized, rejuvenated and replenished the city of New Orleans. In fact, they wanted NOLA to be blanketed with new schools, parks and plenty of fun-filled and safe activities for all residents, families and guests.

This is one reason New Orleans continues to build and expand – with the hopes of attracting and engaging new families and businesses to the area. Real estate agents have also been working hard to schedule walking tours, walk-throughs, and even virtual tours of out-of-state investors and buyers. They work hard in helping neighbors meet and greet each other, while participating in community events as well.

With so much to do and see, New Orleans Luxury properties continue to attract home buyers from all over the world. This area is slated to grow even more in the coming months and years. If you are interested in purchasing a luxury home in NOLA, simply contact your local real estate agent and he or she will make it happen!

The Northshore of New Orleans

For many people that love the city of New Orleans but would like to own a home in a suburban area, the Northshore may be for you. The Northshore of New Orleans is accessible via the 24-mile-long Causeway bridge, the longest bridge over water in the world. The Northshore provides a much more relaxed lifestyle while being in close proximity of NOLA for commuting. The Northshore is also home to some of the best schools in the state of Louisiana. These factors have driven the property values and the demand for housing in and around the Northshore.

Some of the most popular communities on the Northshore sport some of the most luxurious homes in the Greater New Orleans area. The Northshore is considered by many to be a water community. With many of the homes for sale in Madisonville being on the water, many homes include boat launches and boat storage. Some of the most popular cities on the Northshore are Covington. LA; Mandeville, LA; Abita Springs; and Slidell.

In addition to the main cities of the Northsore listed above, other desirable cities is located in Tangipahoa Parish have seen tremendous growth over the last few years including homes in Ponchatoula. Historically an agricultural powerhouse in the region, Ponchatoula, LA still has an abundance of undeveloped land and is situated on the I-12 corridor, which is one of the most traveled interstate highways in the nation. The abundance of land and access to transportation make Ponchatoula a great option for both residential and commercial buyers.

Recent Waterfront Properties

webmaster Buying Luxury Homes August 29, 2017

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