Weekly Real Estate Market Report for January 23rd, 2019

By / Local Businesses / Monday, 21 January 2019 01:48

I hope you had a great Holiday, and wishing you and your family a Happy New Year!
This week I wanted to share a summary of 2018 sales activity in Carolina & Kure Beach.
I am super excited for 2019 and the island real estate market. Things have slowed a little, but the market remains in a healthy state.
In 2018, there were 572 sales on the island, with an average DOM (days-on-market) of 90 days. This compares to 685 sales on the island in 2017, with an average DOM of 102.
I believe Hurricane Florence, the increase in interest rates, and stock market volatility were the reasons Fall sales slowed, and hence the annual number of total sales dipped.
Interestingly, in speaking with Buyers, these factors do not seem to be deterring them from wanting to purchase, but rather have just delayed their timeline for doing so. Buyers very much want to purchase, but they just do not want to “over-pay”.
We have lots of Buyers showing interest in purchasing in the coming months, and as new inventory is introduced over the next few months, we will likely see a spike in activity.
Where are the Buyers coming from? There are lots of folks renting locally, who want to purchase a home on the island. We also have continued demand from those wanting to move from Wilmington to the beach, those relocating from the Mid Atlantic and Northeast, and second-home buyers from across North Carolina and Virginia.
With regards to the Days-On-Market, homes sold on average faster in 2018 (90 day average) than they did in 2017 (102 day average). We continue to see that good properties at fair prices will sell quickly. New construction homes and condos also are in higher demand and will often sell pretty quickly.
As we look closer at the numbers, in 2018 there were 173 single-family home sales, with a low price of $182,500, to a high of $1,435,000. In 2017, there were 227 single-family home sales from $115,000 to $1,650,000.
In the $250,000 to $500,000 price range in 2017, 140 homes sold, compared to 109 in 2018. In both cases, this price range represents 60+% of the single-family home sales on the island.
In 2018, 14 island homes sold over $750,000, compared to 18 island homes in 2017.
All in all it’s been a good real estate year for the Island. The storm really brought the community together and reinforced why we live here! There are so many wonderful, ambitious, thoughtful and caring people at the beach.  I look forward to continuing to enjoy, with you, everything Carolina and Kure Beach offers in 2019!
Please feel free to reach out anytime if you would like more information on the real estate market, if you have any friends or family members that are looking to move to the area, or if you would like an assessment of the value of your home. My cell is 910-352-0998 or email This email address is being protected from spambots. You need JavaScript enabled to view it..
Your Weekly Real Estate column is provided by Justin Donaton with the Coastwalk Real Estate Group at Coldwell Banker Sea Coast Advantage.
In 2018, and for the 10th consecutive year, Justin was the TOP SELLER of real estate in Carolina & Kure Beach.
If you are looking for an agent to sell your home, call Justin at 910-352-0998.  Justin will provide excellent customer service and high-impact marketing. As a result, Justin has consistently sold Island homes quickly and for the best possible price. Justin is a highly rated agent and receives 4.9 out of 5 stars on Zillow.
If you are planning to purchase a home or investment property, Justin will learn what is most important to you, and then use his experience and in-depth knowledge to help you find that perfect property.
Get started, call 910-352-0998, or email This email address is being protected from spambots. You need JavaScript enabled to view it.


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