Friday, November 15, 2019

Update: Under Contract! Condo for sale - 111 Florida Avenue 2, Carolina Beach, NC 28428



This is a great 2bed/2bath condo on Carolina Beach, with a beautiful south-facing view of the Yacht Basin.  $300,000.  Bring your offers!

Monday, November 11, 2019

Local Market Insights


What's Happening in Your Real Estate Market? 

October 2019 Stats

Whether you are planning to sell or buy a property, understanding your local real estate market is empowering.



In the three-county area, historically low mortgage rates continue to shore up buyer demand as we enter the seasonally slower time of year. Throughout much of the country, the continued low level of housing inventory also continues to constrain sales activity from where it would likely be in a balanced market. In short, current trends are expected to continue.

For the 12-month period spanning November 2018 through October 2019, the price range with the largest gain in sales was the $450,001 or more range, where they increased 24.4 percent.
The overall Median Sales Price was up 2.4 percent to $251,000.
The property type with the largest price gain was the Townhouse/Condo segment, where prices increased 2.9 percent to $195,000.
The price range that tended to sell the quickest was the $150,000 and below range at 51 days; the price range that tended to sell the slowest was the $450,001 or more range at 109 days.
Market-wide, inventory levels were down 1.3 percent. The property type that gained the most inventory was the Condos segment, where it increased 2.5 percent. That amounts to 3.8 months supply for Single Family homes and 3.3 months supply for Townhouse/Condo.
(Information provided by Cape Fear REALTORS®)

With sale prices continuing to rise and inventory to decline, one surprising statistic is that affordability in the three county area has very slightly improved since 2018.  Perhaps this is because  historically low interest rates have more than off-set the rise in prices, helping many to find buying a home more accessible.