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11% Increase in Landfall Real Estate Values | Sales up 29%
Landfall Beats Local Wilmington NC real estate market 11% to 8%
If home values are your barometer of choice then Landfall real estate blew Wilmington away with values rising 11% versus the same quarter a year ago. However it was combined with 29% more sales transactions than a year ago as well. Throughout the analysis the 3rd quarter is used to compare against the 3rd quarter for more accuracy as opposed to month to month comparisons that are not reliable.
Partial Transcription for Landfall Market Update Video
Good morning everybody, I am Jay Seville the head of the Justnewlistings.com team in
Wilmington, North Carolina. I happen to own JustNewListings.com Realty as well in
Washington DC and Northern Virginia. The subject this morning is landfall. We are going to
look at quarter 3 of 2013 versus quarter 3 of 2012. One thing that you can never do in real estate
and it’s a typical mistake that the so called “journalists” make that cover news stories here and
there locally or even nationally with real estate, you can’t compare month-to-month data. It’s
worthless, it’s useless, it has nothing to do with what’s going on in the real estate market because
there is just going to be fluctuations every month. Some expensive home may sell one month
whereas the next month that $2 million home did not sell, which greatly distorts averages and
perhaps even medians, and you also have seasonal cycles – you have cycles within real estate
every year. Some months are just naturally higher than other months because of the cycle of
real estate in that local market. So if you compare October to September you’re already going to
have a big distortion in what the trends are going to be, but quarter-to-quarter comparisons are
very useful to us and even better than that are year-to-year comparisons. So right now we are in
quarter 3 of 2013, let’s compare it to quarter 3 of 2012 for landfall. A few days ago I did it for
all of Wilmington and now if you Google, you know, landfall homes for sale in Wilmington I
probably have five pages on page two of Google, maybe one on page one, but this is a niche and
I love representing buyers and negotiating aggressively in landfall.
So real quick, here’s what’s going on compared to last year. The number of landfall home sales
is up 29% compared to a year ago. When you shoot down here, this is the quarter-to-quarter
comparison July through September and we have 28.6%. So, it’s a busy market, how does that
relate to Wilmington, well in Wilmington for single family houses the number of home sales
was up 17%. So landfall is definitely keeping the trend and generally, I mean overwhelmingly
if a region is up then you are going to find various niche markets within the region going along
with the flow of the area as a whole. Now sometimes the impacts of price increases or decreases
will impact that niche market within the regional market at a different point, like a decrease in
prices may not hit landfall for example until six months later than it hits the rest of Wilmington
or vice versa, but generally even the niche markets within a region are going to follow the same
trend. So that’s a good example for it. Next we have the sold price compared to the list price.
So in landfall it stayed even, right here we have a 0%, 91% was the sold price compared to list
price for the third quarter and the rest of Wilmington I believe it was 94%. So often with more
expensive homes you have more room for negotiation, it works out that way. The average days
on market for landfall, how long does it take a home to sell? It was the same as the third quarter
last year, so that’s really great. Generally 210 days, you know, 211 this month – this year, last
year it was 208, so we are talking 6-1/2 months to 7 months is the average sale. So keep this in
mind those of you are listing homes with any broker including myself. Usually it takes a while
to sell these landfall homes. They are expensive and they are high demand that’s for sure, but six
months is very normal. If it’s priced right, let’s say instead of negotiating down to 91%, but it’s
only going to require maybe a 4% negotiation, so instead of listing at 600, they’ve listed it at 569.
Well, good chance it’s only going to take three months to sell the house and its going to end up
selling almost identically at its market value as it would have the other way. So it’s hard to beat
the market because you have educated buyer agents like me on the other hand trying to get 1
to 3% below the market value. So you want to sell your home quicker price it more closely to
market value and when you get to the right point, don’t budge anymore someone is going to buy
your house and that’s how you have a quicker sale in landfall.
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