Landfall Beats Local Wilmington NC real estate market 18% to 16%

What is down below is from 2012 when the new real estate boom started in Wilmington real estate. In the past 3 years 2017-2020 the values have gone up 18% compared to 16% for the rest of Wilmington. Porters Neck Plantation only increased 8% in their market values in comparison.  Interesting!  Often those 2 neighborhoods directly compete with each other in some ways.  The homes sell for 97% of list price there compared to 99% for Wilmington.

If home values are your barometer of choice then Landfall homes 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.

Video

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.

[tribus-listings listings=”yes” minListPrice=”500″ maxListPrice=”800″ subdivision=”landfall”]