Spring Housing Market Strong

Similar to tension in a spring, the lack of inventory available for sale in the Wilmington market right now is what is holding back the market. Many potential sellers believe that waiting until Spring is in their best interest, and traditionally they would have been right. Buyer demand has seasonality to it, which usually falls off in the winter months, especially in areas of the country impacted by arctic temperatures and conditions.

That hasn’t happened this year.

Demand for Wilmington housing has remained strong as mortgage rates have remained near historic lows. The National Association of Realtors (NAR) recently reported that the top 10 dates   sellers listed their homes in 2016 all fell in April, May or June. Those who act quickly and list now could benefit greatly from additional exposure to buyers prior to a flood of more competition coming to market in the next few months.

Penthhouse Sales on The Way Up

The year started with the now-famous $88 million sale of a penthouse at 15 Central Park West, and before 2012 was done, city-wide records for condo, co-op and townhouse sales had all been broken — some more than once.

In 2012, there were 10 sales over $30 million, compared to six in 2011, according to data from the listings website StreetEasy. And at $88 million, 2012’s most expensive sale dwarfs 2011’s $48 million record and 2007’s $50 million top deal.
Brokers attributed 2012’s jaw-dropping prices to limited inventory and a seemingly insatiable appetite for high-end product.

Are Landfall Courntry Club in Wilmington Homes Selling?

While Landfall offers one of the only private, member-owned equity clubs on the North Carolina coast, Wilmington offers a combination of urban and rural luxuries not easily found anywhere else in the Southeast.
The incomparable Country Club of Landfall maintains 2 golf courses with 45 championship holes designed by Golf Legends Pete Dye and Jack Nicklaus.

So how does Landfall real estate stack up 2012?  Landfall Real Estate Stays Strong–Latest Numbers Buyers and sellers are on the same page….Homes are selling for 95% of the list price.  Currently there are 118 Landfall homes for sale ranging from $350,000 to $3.5 Million.  In the last year there have been 77 homes sold with the lowes being $273,000 and the highest being $2.8 million. Last year this time we only had 59 homes sold about a 30% increase!