How’s the Market Wrightsville Beach Real Estate Edition 2020
Seriously right now let’s talk about Wrightsville Beach oceanfront homes and Wrightsville Beach real estate and condos for sale, etc. How is the market doing in Wrightsville Beach and all that goodness? So real quick my my website Wilmington-real-estate.com, it’s been upgraded and it shows the homes so nicely now you can look at a home with all of its pictures just on the main screen with all the listings, and you don’t even have to click on the listing. You can just filter through all of these just from the main search results in whatever niche you’re looking for. But anyway the markets been interesting here and it gives us a good lesson on how within any market there are niches. I mean it’s it’s fascinating stuff to look at.
So in Wrightsville Beach condos we go back. Let’s say I’m looking at a three-year chart here [around march 2019] and the average our median sales price here has gone from about 1.15 million up to 1.6 million. Okay and I just calculated it calculated it out real quick it’s 45% increase of home values in three years! Now what in the world is that about about? Well some of its appreciation but then a lot of it is about new construction. So are the homes that used to sell for 1 million really selling for a 1,450,000 now? I would say not quite maybe at $1,250,000. But you had these new construction homes and they cost lots of money. I was under contract on one for duplex for $2,200,000 for one level of the duplex. But it makes the point that these new homes cost a lot of money in Wrightsville Beach. They’re pretty infrequent so if you’re looking for new construction there’s not many opportunities; that’s for sure.
Actual Wrightsville Beach appreciation for single family houses 2020
What about condos though? They were three years ago at $610,000 and now the average is around $740,000. So those went up maybe one third as much as the houses. I would say they went up, but that’s quite a difference and why would that be? Well are there new construction condos out there in Wrightsville Beach? No almost none okay unless it’s a vertical or side by side duplex that’s technically a condo. They’re not building new buildings there at Wrightsville Beach so that doesn’t inflate the value of the condo niche as much. So they stay much more steady with it only showing true appreciation because there’s not a new construction condominium buildings to be found in Wrightsville Beach.
Wrightsville Beach Condos up 15% 2017-2019
However it varies greatly between buildings. For example Shell Island Resort three years ago the homes that were on floors two, three, four or five, those only used to sell for $240-260,000. But now they’re all closing for three hundred thousand and I just sold one on the fourth floor for $298,000, but one of those closed I think on the seventh floor or fifth floor for $310,000. They point is they’re almost all over three hundred thousand now three years ago a lot of them were at 240 and 250. So that is crazy appreciation right there over the last three years that show island resort condos for sale. Some general numbers is that for resale condos they have appreciated 15% the past 3 years for older condos. However it really varies from condominium to condominium building.
So hope that gives you some perspective. also real quick let’s look at the inventory because that would be fascinating to see and I’m not familiar with it. So there is a dramatic decrease in inventory for both the condos and the houses the last three years. Snd then if we look at on average days on market that should be interesting. So you have higher prices with much smaller days on market and a much smaller inventory or lower inventory. Days on the market are not that unchanged compared to a few years ago, and I’ll leave it at that. That tells you a lot about Wrightsville Beach; it is a premier beach it’s very wide and deep. It’s very flat so people love it because it’s for family friendly. your kids aren’t going to just drop off a cliff into the ocean. There are spots at Kure Beach that drop off more steeply.
Wrightsville Beach Homes 10+ years old
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