A recent article in the Wilmington Business Journal sums up the market in Wilmington NC. Sunny with a chance of a great year. There has been a huge increase in contracts written in January 2012. According to the article, “
Last year, realtors sold more than 2,600 homes in New Hanover County, according to recent Wilmington Multiple Listing Service (MLS) data.
About 258 units sold in January in New Hanover, Brunswick and Pender counties, according to the MLS. This is slightly down from January 2011 when 281 units sold.
However, the pending sales index, which charts units that will close in 30 to 60 days has been at an all time high for this time of year. As of February 11, 789 units were on the area’s pending index, while this time last year there were about 600 units pending, according to David Flory, Cunningham & Company Mortgage Bankers mortgage consultant.
The region’s housing inventory is also shrinking — another good sign for contractors and homebuilders.
The MLS data shows about 2,000 homes on the market to sell in January 2012 — that is down 24 percent from this time last year.
Tim Milam, president of Coldwell Banker Sea Coast Advantage, said the 10 offices within his southeastern North Carolina division have placed 120 homes under contract in the last week signaling what he hopes will be a much better year in residential real estate for greater Wilmington.
“The numbers are up,” Milam said. “And that’s definitely a good sign that things are starting to get better.”
Milam said last year, his firm’s southeastern division, which includes the Wilmington, Jacksonville and Shallotte areas secured 277 contracts totaling $57.2 million. However, since the start of 2012, the division has recorded 454 contracts worth $80.6 million.
“We see the market improving because consumer confidence in the economy is increasing,” Milam said. “Our website traffic is also increasing . . . we’re in a good position right now.”
The same can be said of the area’s largest Wilmington-based real estate company.
Jim Wallace, president and CEO of Intracoastal Realty Corporation, said his company’s sales are surging after a year in the doldrums.
Last year, Wallace said Intracoastal Realty Corporation posted $40 million worth of homes under contract in the greater Wilmington area. Year-to-date, the firm has posted $73 million under contract — a $33 million increase since January 1.
“Year-to-date we have seen a dramatic turnaround,” Wallace said. “Many see this as the year things will start turning around.”
Wallace said the improving job market, low interest rates and pre-2003 housing prices are driving people to buy in a market still recovering from the Great Recession.
“People who have a job but were hesitant to buy a home are beginning to buy into the market because they have a more secure outlook on employment,” Wallace said. “That is helping fuel sales in the area.”
Linda Mehner, a realtor with Wilmington-based Just for Buyers Realty said she’s noticed more buyers looking for homes. She said many of her clients are relocating to the area because of job transfers, which has created a busier market over the past several months.
“By the activity we have been having, I anticipate this year will be about 30 percent better than last year,” Mehner said.”
Fantastic news for Wilmington NC real estate. The buyers are definitely coming out in full force. The prices are great and the rates even better. We are taking listings of homes, if you have thought about moving, please give us a call and we can walk you through the process. Please visit http://www.cbbaker.com for more information.
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