Oak Island Real Estate Shift -- higher days on market but prices hold steady!
Oak Island Real Estate Shift in the Market
This is Jay Seville of Ocean Views Real Estate, Inc in Leland NC. Our brokerage is in the Cape Fear Association of Realtors. Our main website is Wilmington-real-estate.com. It has a really nice layout of the listings for various niches such as ocean front condos in Carolina Beach or oceanfronts you see right here Oak Island. In Oak Island significant there was a major shift in the market. Back when I was showing property in the Spring it was brutal. The homes tended to be under contract in two to the three days . There were three to six contracts on all the homes, and you know fortunately my people won most of the time. I'm very good at this; usually when there's multiple offers I win three of four contracts so I'm just really in tune with different niches in real estate around SE NC. If I'm working with someone I can tell something's going on in the market and you can exploit it and make the most of it. not many agents can negotiate contracts like that and and feel that opportunity for negotiating harder. And sometimes it has to do with being in a market all the time. For example I just closed a few months ago a second row home in Oak Island. It was listed for about $550,000 and we got it for $350,000. I smelled blood in the water and we took advantage of it. It was really worth $450,000 so my clients were amazed! They’ll be able to rent it for $50,000 a year after the renovations. You see this is Oak Island for single family houses ,three bedroom two bath type of scenario and it shows you here that the days of Market was about 10 okay over here and then it went up to 14 so pretty minor little increase in showing right there from 10 to 14 days on Market. That is not that dramatic though. But is that accurate for days on the market for Oak Island Real Estate? No it's not and I know because of boots on the ground experience. I have some homes that were under contract…you can see 3 days, another one was under contract in like 18 days, one day, two day, one day. Okay so that was the Spring, and in April and May you had crazy Market where things are just under contract right away. Contrast that to homes that are under contract right now you have right here…let's see four days but 195, 68, 236, and 121 days. These are homes under contract in Oak Island right now. So we've gone from 4 days to months on the market so this data is faulty. Somehow they're not measuring it correctly. I know that the days on market for a lot of the homes now; it's not 14 days.
Oak Island Inventory Grows
What about the home values? Have they changed in Oak Island? The first sign of a crack in the market or a change is that you'll have higher days on the market (DOM) and an increase in inventory. Let's look at the supply here in Oak Island. You've got first…let me get rid of some of these Circle things here. So with Oak Island we do have we've gone from right here one month to almost 2 months of inventory. So that's actually a pretty big deal. So we do have a big increase in the supply homes in Oak Island. Essentially they have doubled and I have another really good graphic on that. Let's see if I can find it here. Three bedroom homes have gone from there was 18 homes for sale back in the Spring 2022 and now there's 30 homes. So again that matches up with that other data is the months supply of homes has doubled. Usually that means home values are going to go down. They're going to adjust; it's more competition and a bigger supply and stuff. But it doesn't always play out that way which brings me to the next graphic.ÂOak Island Prices Hold Steady
So let's look at the prices now. what I did you have to take light scenarios so I went back and took homes that were in this, and I took homes that were in this little area here where it's on the northeast side and I took you know fairly modest 1500 square foot homes in the area because these have their own value compared to the other side. It’s ideal for rentals because people can walk straight down to the beach here or golf cart ride to the beach. So they're great for vacation rentals, and they have some more intrinsic value here compared to the other side of the island. So when I pull the numbers –I'm trying to keep them all in the same spot and let's see if I can highlight these– yet in April and may you have homes closing in the Northeast three bedrooms two baths… these were closing you know like 575 and you'll see here the same square footage they have 1526, 1536, 1617 square feet…now same square footage. And those have gone for $570,000 and $605,000. Now that that one going for $605,000 recently. That is a little bit high because it had a .3 acres instead of 0.15 acres. So it was a double lot and as you can see it also really was a crip and clean and updated. And inside here’s a better picture of the kitchen with some new tile and stuff along with newcabin ets and all that. So it's showing real well so if it didn't have that it would have been in $575,000 like these like these others from April and May. So my point is the home values have stayed steady in Oak Island and they haven't changed much yet since we have more inventory. But it is taking longer to sell. With other markets for example in Leland I think I pulled one up; you had homes taking you know 1, 3, 5, 4 and 2 Days in Leland back in the Spring. And now if you look at it we have 25, 16 and 85 days on market so it's like triple the days on market. So it's all playing out across the region. Every region has its own little timetable for the corrections that are going on, but the prices have not changed–at least for Inland homes. The ocean front homes are in a different category and they have changed in values. The Oak Island oceanfronts closed at $925,000–small cottages, and now there's been several that are listed for $775,000 and like $825,000 so you see a 5% correction. There may be a 15% correction underway and the same thing in Carolina Beach oceanfront condos. Because of the length of time we can make really low offers now. Some sellers will just say screw it I'll take it because they're tired of waiting. And that's how you sort of get the right price, and that’s sort of how we fix the market and get it down to the more appropriate price. I I look forward to working with you soon!
$639,900
Neighborhood:
Tranquil Harbor
3
Beds
2
Baths
1,481
Sq.Ft.
2023
Year Built
2
Days on Site
100407464
MLS
New construction with 9ft. ceilings, open floor plan and split bedrooms. Features include: utility room with additional custom built cabinets, kitchen includes custom built cabinets granite counter...
MLS #: 100407464
$425,000
Neighborhood:
Tranquil Harbor
3
Beds
2
Baths
906
Sq.Ft.
1998
Year Built
3
Days on Site
100407375
MLS
If you are lucky enough, you could be here on Island Time. This 3 Bedroom 2 Bath home comes Furnished and all Appliances Convey. Beach Access Is
easy via the 9th Street Scenic...
easy via the 9th Street Scenic...
MLS #: 100407375
$1,250,000
4
Beds
4F11/2
Baths
2,318
Sq.Ft.
2021
Year Built
4
Days on Site
100381121
MLS
FANTASTIC OCEAN VIEWS and a very short distance to the public beach access!!! This gorgeous 4 bedroom 4.5 bath custom built home located in a much sought after area has a lot to offer!! Located on...
MLS #: 100381121
$599,000
Neighborhood:
Tranquil Harbor
3
Beds
2
Baths
1,628
Sq.Ft.
2008
Year Built
4
Days on Site
100407038
MLS
Don't miss this gorgeous, well maintained home in a fantastic area of the island! This 3 bedroom, 2 bath home may have been built in 2008 but it certainly doesn't look like it. The current owners...
MLS #: 100407038Open 10/1
$799,900
3
Beds
2
Baths
1,678
Sq.Ft.
2023
Year Built
4
Days on Site
100407205
MLS
LUXURIOUS BRAND NEW CONSTRUCTION 2nd ROW to THE OAK ISLAND INTRACOASTAL WATERWAY ON YACHT DRIVE! This is a CORNER LOT, which is rare & is also one of the most desired combinations on the Oak Island...
MLS #: 100407205Open 10/1
$799,900
3
Beds
2
Baths
1,678
Sq.Ft.
2023
Year Built
4
Days on Site
100407209
MLS
LUXURIOUS BRAND NEW CONSTRUCTION 2nd ROW to the INTRACOASTAL WATERWAY ON WEST YACHT DRIVE! This is a rare & is one of the most desired combinations on the Oak Island market! CONSTRUCTION IS COMPLETE...
MLS #: 100407209
$678,900
Neighborhood:
Long Beach
3
Beds
3
Baths
1,234
Sq.Ft.
2004
Year Built
4
Days on Site
100407220
MLS
This meticulously maintained property sits in the southeast section of Oak Island and just a few blocks from the 40th St Public Beach access as well as the Community Recreation Center and kayak...
MLS #: 100407220
$750,000
Neighborhood:
Tranquil Harbor
3
Beds
2
Baths
1,740
Sq.Ft.
2017
Year Built
5
Days on Site
100406947
MLS
This beautiful Fully Furnished 3 bedroom/2 bath centrally located home in the heart of Oak Island - is within walking distance to many great shops and dining - Beach access just few minutes walk or...
MLS #: 100406947
$619,000
Neighborhood:
Oak Island Bch Villa
3
Beds
2
Baths
1,008
Sq.Ft.
1984
Year Built
5
Days on Site
100407015
MLS
This oceanfront beach home is ready for you to enjoy. The pinnacle of Oak Island condo living. It has been completely and tastefully remodeled. It is a premium, renovated 3 bedroom, 2 bath, ocean...
MLS #: 100407015
$549,000
Neighborhood:
Tranquil Harbour Island
3
Beds
2
Baths
1,456
Sq.Ft.
2021
Year Built
6
Days on Site
100406713
MLS
Welcome to your dream home in the coastal Town of Oak Island! This beautiful single-level residence offers an impressive 1456 sq ft of living space, providing a comfortable & spacious environment for...
MLS #: 100406713
$499,000
Neighborhood:
Tranquil Harbour Island
3
Beds
2
Baths
1,300
Sq.Ft.
2019
Year Built
6
Days on Site
100406741
MLS
Coastal Paradise Awaits - Your ideal residence or Vacation Rental.
Welcome to the essence of coastal living! This 3-bedroom, 2-bath Oak Island home, boasting 1300 square feet, embodies an...
Welcome to the essence of coastal living! This 3-bedroom, 2-bath Oak Island home, boasting 1300 square feet, embodies an...
MLS #: 100406741
$1,450,000
Neighborhood:
Turtle Creek
4
Beds
4F11/2
Baths
2,020
Sq.Ft.
2019
Year Built
6
Days on Site
100406760
MLS
On one of the most sought after streets of Oak Island, this custom built Isenhour beach home is ready for your family or a successful luxury rental with a proven history for success! A few short...
MLS #: 100406760
$639,000
3
Beds
2F11/2
Baths
1,516
Sq.Ft.
2014
Year Built
6
Days on Site
100405942
MLS
Welcome to your coastal paradise on Oak Island's serene west end! This charming 3 bdrm, 2.5 bath piling home offers the perfect blend of relaxation and entertainment. Nestled in a quiet...
MLS #: 100405942
3
Beds
2
Baths
942
Sq.Ft.
1981
Year Built
7
Days on Site
100392651
MLS
LOCATION..... LOCATION.... LOCATION!!!
Look no further as you have found it! The Marsh Madness offers 3 Bedrooms 2 Baths, the Davis Canal out your back door and the Ocean just 1 block from your...
Look no further as you have found it! The Marsh Madness offers 3 Bedrooms 2 Baths, the Davis Canal out your back door and the Ocean just 1 block from your...
MLS #: 100392651
$625,000
3
Beds
2
Baths
1,421
Sq.Ft.
2022
Year Built
8
Days on Site
100406460
MLS
MUST SEA and almost complete! Lots of builders are trying to pre sell homes that aren't even started & have you fund their build; you don't pay for this one until it has CO & you can use regular...
MLS #: 100406460
$850,000
3
Beds
2
Baths
1,096
Sq.Ft.
1994
Year Built
9
Days on Site
100406394
MLS
Unobstructed expansive ocean are yours from this home overlooking Town owned owned oceanfront lots. Second row Beach Home on Oak Island! 3 bedrooms, 2 bath, with open kitchen living space in the...
MLS #: 100406394
$649,900
Neighborhood:
Yaupon Beach
4
Beds
3
Baths
1,836
Sq.Ft.
1983
Year Built
9
Days on Site
100406413
MLS
Opportunity on Oak Island! Wonderful home in the Yaupon Beach section of Oak Island on 3 lots with room for the family to enjoy. New LVP flooring throughout the main living area with new carpet...
MLS #: 100406413
$599,900
3
Beds
2
Baths
1,857
Sq.Ft.
2015
Year Built
10
Days on Site
100406251
MLS
Oak Island Oasis ! 4-Car Garage on 1.5 Lot, with 1857 heated square feet is a Rare Find on Oak Island ! This open concept home has all of your living on the primary floor, a terrific screened-in...
MLS #: 100406251
$779,000
Neighborhood:
Yaupon Beach
3
Beds
2
Baths
1,426
Sq.Ft.
1965
Year Built
10
Days on Site
100406353
MLS
Lovely, well maintained, spacious home located a short walk from the beach in desirable area on beautiful Oak Island, NC. Perfect primary, 2nd, or beach rental home! No HOA. Not in a flood zone....
MLS #: 100406353
$769,000
Neighborhood:
Tranquil Harbor
4
Beds
3
Baths
1,737
Sq.Ft.
2023
Year Built
12
Days on Site
100405767
MLS
Gorgeous new construction home in desirable location with beautiful oak trees. Open floor plan of 1737 square feet with 4 bedrooms and 3 full baths plus an outdoor shower, 30x12 storage with a golf...
MLS #: 100405767Open 10/1
$475,000
Neighborhood:
Tranquil Harbor
3
Beds
2
Baths
1,117
Sq.Ft.
1963
Year Built
12
Days on Site
100400463
MLS
Welcome to your dream home by the beach! Step into this completely renovated 3-bedroom 2 bathroom gem, just a stone's throw away from the beach and the Intracoastal Waterway! As you enter, you'll be...
MLS #: 100400463Open 10/1
$675,000
Neighborhood:
Pinners Point
3
Beds
2
Baths
1,565
Sq.Ft.
2023
Year Built
13
Days on Site
100405636
MLS
Your new Island home awaits to enjoy endless summers on the Carolina coast! Completed in September of 2023, become immersed in Oak Island as you sit on your front porch meeting your community as they...
MLS #: 100405636
$489,000
Neighborhood:
Tranquil Harbour Island
3
Beds
2
Baths
1,250
Sq.Ft.
2022
Year Built
13
Days on Site
100405661
MLS
Nestled at 222 NE 76th St, Oak Island, NC, this charming new home is a coastal paradise waiting to welcome you. With a generous 1250 square feet of living space, this residence boasts a modern design...
MLS #: 100405661
$1,499,000
Neighborhood:
Pinners Point
4
Beds
3F11/2
Baths
2,586
Sq.Ft.
2014
Year Built
13
Days on Site
100405693
MLS
Calling all boaters and waterfront enthusiasts! Nestled along the scenic Intracoastal Waterway (ICW), this property offers the ultimate coastal lifestyle experience. With its prime location, this...
MLS #: 100405693
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