Latest and Greatest on Landfall Real Estate in Wilmington Spring 2012
So I started a youtube channel for a higher end neighborhood in my new market of Wilmington NC. After selling in Northern Virginia and Washington DC for 11 years I had become very cozy with $300-600,000 transactions as the norm $$$. I find myself in Wilmington now showing $150-200,000 homes mostly. It's brutal. The solution is get noticed for buyers looking for high end neighborhoods and google adwords. While it's pretty pathetic for now...the chanell is LandfallHomes. We'll see where it goes?
Anybody Else Have a Real Estate Channel for 1 Neighborhood?
Hi, I’m Jay Seville, the author for the Landfall Real Estate Blog found at wilmington-real-estate.com and I also have the YouTube channel for Landfall Homes. Back here is the home in Landfall right now and it has been a few weeks since I posted the video on my favorite neighborhood. So I thought I would give you a market update of what is happening there in Landfall. And real quickly, also over here is the YouTube channel where about every two weeks you have a new video on Landfall Real Estate issues. For example, this one on why we should not rent a home in Landfall in which I break down; how much money one would lose if they take several years to buy their home instead of buying it now or renting it out later and you know, what the financial pluses and minuses are.
So, I do encourage you if you are interested in the Landfall neighborhood, the blog is very intense, it is very consumer advocate driven and we are giving the inside story on how to achieve your goals with buying a home in Landfall. So, that is the Landfall Homes Channel and let us get underway right now talking about the Landfall real estate market. So, a couple of points; first we are going to look out at some new numbers here. There was a boom in Wilmington Real Estate, the past—well over this spring, and by boom I mean there was a ton of transactions compared to previous years including some higher prices etcetera. But, real estate is hyper local so, that may or may not have translated to Landfall. Let us look at that issue right now.
Number one and this is sort of the main point of the presentation here for Landfall, if you go look at April, May, June back in 2011 and all we see—a red arrow up here. The number of transactions was 17 combined, when you come over here for the same months this year and you had 24 transactions. So, you are nearly 50% higher, the number of transactions going on. So it was a boom of sorts. Next, let us look at another stat here and we will check out months of inventory and see how that relates to the health of the hyper local market in that Landfall. Take a picture of this, that way I can use some graphics, alright? Use our red arrow strategy again. The past few months, the inventory here for April, May and June, it is hanging there around 13 when you average it up. But you go back over here—that this month here in April 21, so I—it is not even worth considering it is some sort of flukey, but generally you—what you are saying is going back that far, you are still hitting up way down here. It has been a huge drop in inventory in Landfall, so depending on what price quartile—which price bracket you are in, inventories dramatically lower than a year ago. Usually, the homes that take the most; take the longest to sell are in top quartile
I have some other graphs I should show you on that; so the main point is: inventory sharply down, that means that buyers and sellers are more on the same page. It is a healthier market. It is a stronger market combined with dramatic increase in the number of transactions and you know it is just a completely different market than it was a year ago for Landfall real estate, and let us see if we can gather any other nuggets of information here.
Yeah I just snap this up so I can mark it up. What are the actual sold prices on coming in at? You have, you know, right here –let me change colors here since they have got my color on the corner here, I would go with blue. Yeah, right here, these are the last few months when you come over here and it comes out, prices are slightly lower right now than a year ago. But really, you cannot read too much into this because these are just the generalizations and it is a limited market, it is one neighborhood. The only way to really understand the feel of the market is by comparing the same type of home to; excuse me, [somewhere] [04:59.7] to a home a year ago and saying what the size, home, quality of home, etcetera. Something very similar: comparable. See what they are selling for this year versus a full year ago and that will tell you if there has been any bump in the market values in Landfall. And you will also find from doing that, that there may have been a bump in the sort of middle quartile or lower-quartile price bracket in Landfall. But if you go to the top quartile in million dollar plus sums, you may have found a decrease in values of eight percent for example because real estate is so hyper-local that even within quartiles, within the same neighborhood there can be different trends. The bottom quartile be trending up in values the top quartile can be trending down simultaneously. So, you really need to work with a buyer agent in Landfall where their fingers are on the pulse of the market and really knows how to look at the numbers effectively and to tell you what the most aggressive offer you can make and still get a counter offer back from the seller.
That was a miss hit so let me get it out of the way. And finally if there is anything else interesting to look at. Just so you know, generally homes are usually going at 94% of list price, you know, and that is higher than they were a year ago about 91% of list price. The big picture: buyers and sellers are on the same page and that is why homes are getting sold more effectively this year. So there you go, again, I want to stress that if you would see this as a place you might want to retire someday, do not wait five years and lose $150,000 of wealth. Buy now and rent a home out and five years from now you will have a lot of equity. You will have five years of tax breaks and then do a little bit of renovating and moving to your dream home in your dream neighborhood and we will talk to you soon.