We hear a lot of talk about a “bubble” or a “crash,” but the reality is that now is still a great time to buy or sell. People from all over continue flocking to our beautiful Wilmington, North Carolina and the surrounding Cape Fear region, and they all need a place to live. Check in with Cape Fear Living monthly to gain insight into what's happening in the real estate market.
Sponsored By Berkshire Hathaway Home Services: Carolina Premier Properties.
Contributed by Cailyn Hawkins
If you are like me, you need local information about real estate. Unfortunately, the national news media does not cover localized details about real estate. It is easy to watch the news and think it applies across the board, but that is not necessarily the case when you look at the local market and compare it to the national market. Although there are some similarities, I think you’ll find that despite rising interest rates, our local market is still going strong.
In an analysis of a nationwide statistic, median home prices dropped 1% month over month. A decline that has persisted over the last couple of months. In most southeastern North Carolina, homes sell for 99% or more of the list price.
Again, some national news sources are reporting that the inventory of available homes has stalled as home sellers take a step back from the market. This is also true in our market, but unlike many markets across the country, homes in Southeastern North Carolina are still selling very quickly. In addition, our combination of great weather and excellent amenities draws people to our market.
Keep this perspective in mind: 2021 was a market like none other. If you compare it to what is happening now, it can look discouraging from the surface. 2021 was an aberration regarding real estate, not the benchmark. A well-qualified local real estate professional can help you navigate this ever-changing market and keep you up to date on our market. Don’t consider moving into this market without consulting the advice of a REALTOR.
Castle Hayne/Burgaw/Rocky Point
Homes Sold: 37
Avg Sales price: 352,881
Months of Inventory: 2.59
Avg. Days on Market: 48
% Sold to list: 100.33
Price per sq ft: 190
Wilmington
Sold: 280
Avg Sales price: 462,301
Months of Inventory: 1.13
Avg. Days on Market: 21.5
% Sold to list: 99.41
Price per sq ft: 236
Leland/Navassa
Sold: 102
Avg Sales price: 376,286
Months of Inventory: 1.87
Avg. Days on Market: 29
% Sold to list: 99.73
Price per sq ft: 199
Hampstead
Sold: 60
Avg Sales price: 461,662
Months of Inventory: 2.38
Avg. Days on Market: 24
% Sold to list: 99.68
Price per sq ft: 204
Wrightsville Beach
Sold: 6
Avg Sales price: 1,291,500
Months of Inventory: 4.83
Avg. Days on Market: 14
% Sold to list: 96.75
Price per sq ft: 835
Carolina Beach / Kure Beach
Sold: 34
Avg Sales price: 647,365
Months of Inventory: 3.38
Avg. Days on Market: 14
% Sold to list: 99.63
Price per sq ft: 432
"The real estate market is still good and we are seeing slightly longer days on the market and a slight uptick in inventory," says Broker/Agent Caylin Hawkins of Berkshire Hathaway. "What we aren’t seeing is the market slowing down. Recent sales show us that, when priced correctly, well-marketed listings still receive multiple offers at full price or above. So don’t let the chatter discourage you."
Although interest rates are higher than at the beginning of the year, they are still historically low when you take a peek back through the years. For example, they went down .75 this last month. Like the saying goes, "marry the house, date the interest rate." So if you’re worried about rates going up, lock in now. If they go up, you’ll have gotten a great rate. If they go down, refinance and get that lower rate.