Market Frenzy for NEW Homes in Oak Island

by
On Jul 22, 2020
Listed in beach real estate North Carolina

0 DOM — Practically necessary for NEW construction Oak Island

See video below and the new construction homes at the bottom of the page.

And here’s my cheesy logo; you can tell it cost all of I think $70. But honestly even if I spent $500 I don’t know that I could beat this thing. I mean this it totally cool if you ask me.  Um, the website is here and I have here at Wilmington-real-estate.com Oak Island new construction homes. So quick a few of them are ground level. Usually they’re on pilings. I’ll have that coastal looking and stuff like that. One nice thing before I go into detail here on the market is uh here you can sort of click and see photos of the listings all from the home screen; you don’t even have to leave the main search screen to see photos. I have a bad connection right now by the way. Or you can actually click on the listing and see them all anyway. 

oak island new construction homes 2020

What I wanted to talk to you about this this situation we have with Oak Island new homes for sale and the dramatic Market situation we have. For a little context here you go back to ‘06 there were 12 new construction listings–fly over to recent years there is 160 new construction listings. A little history is around 2012 you see here there was 25, 24, 27, there was a new construction boom at Carolina beach. And the prices started rising there. The actual land and lots to build on started disappearing. Around 2016 they ran out of places to build in new construction Carolina Beach so Oak Island showed up in dramatic fashion, and they quintupled the amount of new construction there within two years. From 2016 to 2018 it went from like 35 to 185. I don’t know what the word is for multiplying by 6, sextupled maybe I’m not sure. 

But you get the point is that new constructions exploded in Oak Island and right now when you look at new construction in Oak Island homes for sale, this is what pulls up that has been built in 2019 or 2020. And the point is that I’m making here as you can see from all the yellow dots everywhere most of it is under contract even though it’s brand new. So what is the market like here if you’re trying to get a new home for sale in Oak Island? Well I’m sorting these uh by the date that they came on the market and we’ll see some tendencies here. Generally these homes are under contract within the first week–most of them within 1 to 3 days. So this one here came on the 17th, was under contract the 19th. This one came on the 14th, under contract the 16th. The one’s the 13th under contract the 16th. Oh, this one took a long time. Under contract the 10th , excuse me on the market the 10th, and the 16th. Scroll down to some more examples of these. This one was a longtime the 22nd, and that waited until July 6, but then the two underneath it the 22nd, 23rd. Uh again here one week, here uh 2 weeks. 

New Construction Oak Island NC Strategy

Generally though in the last month almost everything coming on the market has been under contract within a few days for the uh new construction of Oak Island homes for sale. So that’s pretty intense but even more intense is if you actually go and look only in the under $400,000 price range, and that’s what originally brought me to this to the situation here, it’s even much more extreme. And that is everything is under contract new construction under 400,000, and all of it, uh, let’s see two days, 2 days, 3 days, a week, one day, zero days, 0 days, one day. And it’s all under contract almost immediately. You have to go back to listings in uh, May, when there was a gap between the listing date and the contract date. That was probably due to some temporary covid anxieties which have long disappeared in our region for Wilmington real estate. So that is the main point that I’m making. If you’re looking for a new home for sale in Oak Island, a new construction home, if it’s under 400,000, it’s sort of like a “good luck with that situation” because you need to be on it day zero. And we need to send our contract in by day one at the latest otherwise good chance you lost.

[tribus-listings year_built=”1″ property_type=”House” city=”Oak Island”]