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Archive for February, 2015

Brunswick County Real Estate Market Improves

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The Association of Brunswick County Realtors’ President, Bruce Williams, released information today indicating an upswing in the real estate market for Brunswick County. Information shows positive year-over-year changes for key market indicators. See below for a copy of the information.

BCAR Report
February 2015

Last year saw an overall uptick in the single-family residential real estate market in Brunswick, Columbus and Bladen Counties.  The number of single-family units sold increased across the region.  In the Brunswick County MLS the number of single-family units sold but dropped slightly, but the number of listings and the total sales volume increased.  The average sale price increased in the three counties, while the number of distressed sales dropped by a third.

Overall, the single-family residential real estate market is trending upward in Brunswick, Columbus and Bladen Counties.

Brunswick, Columbus & Bladen Counties

Single Family Sales — Units Sold

  • 2013:  2,366
  • 2014:  2,444
  • Change:  3% increase

Single Family Sales — Average Sales Price

  • 2013:  $219,846
  • 2014:  $224,550
  • Change:  2% increase

Single Family Sales — Total Sales Volume

  • 2013:  $519,269,084
  • 2014:  $553,756,244
  • Change:  7% increase

Single Family Sales — Distressed Sales

  • 2013:  533
  • 2014:  359
  • Change:  33% decrease

Brunswick County MLS Only

Single Family Sales — Listings

  • 2013:  4,023
  • 2014:  4,199
  • Change:  4% increase

Single Family Sales — Units Sold

  • 2013:  2,244
  • 2014:  2,228
  • Change:  1% decrease

Single Family Sales — Average Sale Price

  • 2013:  $226,267
  • 2014:  $235,115
  • Change:  4% increase

Single Family Sales — Total Sales Volume

  • 2013:  $508,747,382
  • 2014:  $528,784,962
  • Change:  4% increase

 

Wilmington Shows Signs of Continual Economic Growth

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William “Woody” Hall, senior economist at University of North Carolina Wilmington, predicts the Wilmington area will grow 3.5% this year and 3.8% in 2016. According to an article printed in the Greater Wilmington Business Journal, 3% is a key figure as it is the rate the economy needs to grow to keep the unemployment rate stable. Mr. Hall has been a senior economist for 41 years at UNCW.

The growth prediction is good news for the Wilmington area. His evaluation of the economic condition from the local economic indicators he uses show that with the exception of airport passenger traffic, there is a good outlook for 2015 – unemployment, residential real estate, retail sales, tourism and State Port activity show signs that the sectors have fully recovered or are on their way back from the Great Recession that crippled the economy about seven years ago.

Hall maintains that retail sales and tourism have rebounded completely from what was considered one of the worst economic downturns since The Great Depression. Furthermore in an economic outlook for 2015 released by a Wells Fargo analyst indicate recovery is gradually building with areas such as Raleigh and Charlotte leading the way. Asheville, Wilmington and Durham were specifically mentioned as growing areas. Most other areas in the state will grow at a slower pace than the stars mentioned above, according to the analyst.

A number of factors will contribute to the continual growth one of which is the possibility of increased interest rates. Taking advantage of the growing economy to purchase property now may save buyers increased interest rates and guarantee buyers a better selection of properties. As the economy continues to improve real estate “deals” of the past seven years are disappearing. Let us at Coastal Realty Connections help you take advantage of today’s market!