Market Minute Update for Wilmington & Leland Real Estate March 2024 -- 3 case studies

Wilmington NC Market Update & Leland 2024

Everybody this is Jay with Ocean Views Real Estate. There you go a bunch of five star reviews at google and at Zillow about 33 5 star reviews. I wanted to go quickly into a little market update for you as I've been writing a number of contracts in Wilmington real estate market lately. Same for the Leland real estate market.

What we've had, and the way I know exactly what's happening in the market is I will write contracts, show property and compare that to when I showed property of something similar 3 months ago. And then I have a really good feel, a boots on the ground feel, for what’s happening. 28403…that would be Central Wilmington, and let me get rid of that thing here. What I found is from writing some contracts–I think I have a better pointer here–what I found is that the market action index was at 35 back in December and now it's at 42, and that plays very similarly to what I saw in Leland NC. So that's Central Wilmington and then in Leland I'll show you the the difference in the market there as well since December. Here we go right now the market action index there is a at 38. Back in December it was at 33 and now it's at 37 so you can see that there has been a change in the market, subtle but it's different. And I know that because I've been writing contracts on different properties. And on some I know about other offers….

A few weeks ago I showed this property at Greenville Loop to an investor and you know we ran numbers on it Etc. and we decided you know that it was a bit off. You know the most we saw being worth was $375,000 and that's why you see here it's been on the market in 92 days. okay? And the other two homes I am going to show you… we were very impressed with. I did walk through videos and recordings for him and this was also in 28403 and I showed him property and I pointed out different reasons why I thought it was ideal for one of his STR (short term rentals) vision. Some of it had to do with the interior not needing too much renos and also it had just unique placement and 2 side yards that just went on forever that one could work with and have a unique property that people might want to you know escape to. And I told him yeah it's worth full price and if you want you need to to buy it right now, and then the next day it sure enough it went under contract. The investor you know he didn't necessarily know how intense the market was because we just looked at some overpriced homes so that sort of caught off guard. 

And then two weeks later I see this house at Dogwood Lane and what's interesting about this one is it was “coming soon”.  You could not even show it. But from reading the description I said right away yeah this one's the winner and yeah you can write a contract while it's in coming soon status because I think it's going to go under contract even though it's not available for showings. And sure enough the next day after coming soon status it was under contract before it even was showable. So the point is when a home shows well and is priced right it will sell immediately in Wilmington (at least in the 350-500,000 price bracket). And if it's not priced right well then it will lag for months and months. So that's a little market minute for you on Wilmington real estate and Leland. 

65 Properties
Page 1 of 3
$415,000
Neighborhood: Island Creek Estates
3
Beds
2
Baths
1,575
Sq.Ft.
2008
Year Built
1
Day on Site
100440088
MLS
Coming Soon
326 Shamrock Dr Wilmington,  NC 28409
$385,000
Neighborhood: Pine Cliff
3
Beds
2
Baths
1,347
Sq.Ft.
1984
Year Built
1
Day on Site
100440095
MLS
4
Beds
1F11/2
Baths
1,625
Sq.Ft.
1955
Year Built
4
Days on Site
100439654
MLS
Coming Soon
620 Brunswick St Wilmington,  NC 28401
$439,900
Neighborhood: Downtown
4
Beds
2F11/2
Baths
1,685
Sq.Ft.
2008
Year Built
4
Days on Site
100439667
MLS
$409,490
Neighborhood: Blake Farm
4
Beds
2
Baths
1,774
Sq.Ft.
2024
Year Built
4
Days on Site
100439717
MLS
$435,000
Neighborhood: Heritage Woods
3
Beds
2F11/2
Baths
1,808
Sq.Ft.
1997
Year Built
4
Days on Site
100439747
MLS
Coming Soon
708 N 10th St Wilmington,  NC 28401
$350,000
Neighborhood: Brooklyn
2
Beds
1
Baths
748
Sq.Ft.
1920
Year Built
5
Days on Site
100439350
MLS
$385,000
Neighborhood: Marquis Hills
4
Beds
2F11/2
Baths
1,964
Sq.Ft.
1971
Year Built
5
Days on Site
100439352
MLS
$449,000
Neighborhood: Scotts Hill
3
Beds
2
Baths
1,779
Sq.Ft.
1987
Year Built
5
Days on Site
100439558
MLS
$385,000
Neighborhood: Cameron Trace
3
Beds
2
Baths
1,870
Sq.Ft.
2019
Year Built
6
Days on Site
100439194
MLS
$385,000
Neighborhood: Kings Grant
3
Beds
2
Baths
1,279
Sq.Ft.
1973
Year Built
6
Days on Site
100439233
MLS
Coming Soon
126 Navaho Trl Wilmington,  NC 28409
$424,900
Neighborhood: Tanglewood
3
Beds
2
Baths
1,754
Sq.Ft.
1970
Year Built
7
Days on Site
100438854
MLS
Coming Soon
608 Larchmont Dr Wilmington,  NC 28403
$350,000
Neighborhood: Devon Park
3
Beds
1F11/2
Baths
1,222
Sq.Ft.
1954
Year Built
7
Days on Site
100438976
MLS
$450,000
Neighborhood: Rivers Edge
4
Beds
2F11/2
Baths
2,065
Sq.Ft.
2003
Year Built
8
Days on Site
100438723
MLS
$355,000
Neighborhood: Kings Grant
2
Beds
2
Baths
1,569
Sq.Ft.
1968
Year Built
11
Days on Site
100438292
MLS
$350,000
Neighborhood: Kings Grant
3
Beds
2
Baths
1,122
Sq.Ft.
1972
Year Built
11
Days on Site
100438307
MLS
$379,000
Neighborhood: Carolina Place West
4
Beds
3
Baths
1,400
Sq.Ft.
2003
Year Built
11
Days on Site
100438317
MLS
$399,900
Neighborhood: Lea Landing
4
Beds
2F11/2
Baths
1,741
Sq.Ft.
2018
Year Built
11
Days on Site
100438357
MLS
4
Beds
2F11/2
Baths
1,561
Sq.Ft.
1903
Year Built
11
Days on Site
100438429
MLS
$399,900
Neighborhood: Brooklyn
3
Beds
3
Baths
2,639
Sq.Ft.
1940
Year Built
12
Days on Site
100438106
MLS
$449,900
Neighborhood: Cypress Island
3
Beds
2
Baths
1,796
Sq.Ft.
2004
Year Built
13
Days on Site
100437763
MLS
$370,000
Neighborhood: Castle Dock
3
Beds
2
Baths
1,097
Sq.Ft.
2002
Year Built
13
Days on Site
100437838
MLS
3
Beds
2F11/2
Baths
1,756
Sq.Ft.
1907
Year Built
13
Days on Site
100437899
MLS
$384,900
Neighborhood: North Hills
3
Beds
2
Baths
1,872
Sq.Ft.
1987
Year Built
14
Days on Site
100437710
MLS

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