ResalesWilmington, North Carolina Offers A Lot For A Small City, Say Realtors
Wilmington, North Carolina Realtors say that sales remain strong in their city of 75,000. Maybe it"s the location - only minutes to the Atlantic beaches or Cape Fear riverfront that makes the area popular.
"The most beautiful thing about the Wilmington area is the people that live here," says Realtor Kay Baker. "Coupled with our historic past and all the majestic Atlantic Ocean, Intercostal Waterway and the Cape Fear River, it is hard not to enjoy your daily life."
Baker advises, "The current market conditions in Wilmington are strong due to the fact the interest rates have held steady and have even shown a downward trend. Wilmington and the surrounding areas have remained popular with people who are looking for new home as well as a new lifestyle. Brunswick and Pender County"s are enjoying a steady incline in services and population as well. The DOT construction of the Outer Loop with make the three County"s road system flow quickly and smoothly. Per the Wilmington Regional Multiple Listing Service, the number of single family homes sold in New Hanover County from 1/1/03 to 5/8/03 is 1324. The average selling price of all the homes is $181,107 with 124 days on the market."
Says Realtor Martie Rice, "Wilmington is a delightful small city with amenities not often found in a city of 75,000. 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," says 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."
As far as real estate goes, Rice says, "2002 was an outstanding year for real estate in Wilmington, and 2003 looks to be even better! Home sales in all areas are strong, and we are no longer the buyer"s market that we had been for the previous four years. Within New Hanover County, the average list price of the 2318 homes, townhomes and condos currently for sale is $291,295, and the average time on the market is 161 days. Our largest group of available homes are priced between $100,000 and $300,000 (1436 homes), and they average 147 days on market. However, we also have 75 homes for sale that are priced between $1,000,000 and $10,000,000 - 21 of these are on Wrightsville Beach, 15 are on Figure 8 Island, 2 are in Carolina Beach, and 15 are in Landfall; the others are primarily waterfront homes.
"In the past 12 months, there have been 3759 home sales in New Hanover County (again, single family homes, townhomes and condos). The average list price of these homes was $205,608 and the average sale price was $199,036; these homes averaged being on the market for 122 days. In the previous 12 month period (May 2001 to May 2002), 1880 homes sold with an average list price of $197,852 and an average sale price of $190,569!," she says.
"The 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 May 1, 2002 and May 1, 2003, 38 homes have sold in the $1,025,000 to $3,750,000 price range. These homes averaged 250 days on market and 6 sold in less than 30 days! During the month of April, 442 homes were placed "Under Contract." The average list price for these homes was $198,592, and their average Days On Market was 104 days."
She advises, "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 many new homes are selling at or above full price. 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, and 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!"
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