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!
$625,000
3
Beds
2
Baths
1,421
Sq.Ft.
2022
Year Built
1
Day 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
$649,900
Neighborhood:
Yaupon Beach
4
Beds
3
Baths
1,836
Sq.Ft.
1983
Year Built
2
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
3
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
3
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
$600,000
Neighborhood:
Tranquil Harbor
3
Beds
2
Baths
1,466
Sq.Ft.
2023
Year Built
4
Days on Site
100406038
MLS
Embrace the beach lifestyle in this exquisite, brand-new construction nestled in a prime location, just a leisurely stroll away from the sandy shores. This remarkable floor plan is thoughtfully...
MLS #: 100406038
$769,000
Neighborhood:
Tranquil Harbor
4
Beds
3
Baths
1,737
Sq.Ft.
2023
Year Built
5
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 #: 100405767
$475,000
Neighborhood:
Tranquil Harbor
3
Beds
2
Baths
1,117
Sq.Ft.
1963
Year Built
5
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 #: 100400463
$675,000
Neighborhood:
Pinners Point
3
Beds
2
Baths
1,565
Sq.Ft.
2023
Year Built
6
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
$1,499,000
Neighborhood:
Pinners Point
4
Beds
3F11/2
Baths
2,586
Sq.Ft.
2014
Year Built
6
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
$855,500
Neighborhood:
Tranquil Harbor
6
Beds
3
Baths
2,908
Sq.Ft.
2017
Year Built
7
Days on Site
100405540
MLS
Unbeatable location. This home is located just .3 of a mile from the beach. 69th street dead ends into a public parking area, with public beach access. This is a 2900 sq. ft. home to die for. It...
MLS #: 100405540
$2,099,900
Neighborhood:
Long Beach
6
Beds
3F11/2
Baths
2,350
Sq.Ft.
2005
Year Built
9
Days on Site
100405323
MLS
Home like new! Welcome to this luxurious 6 bedroom, 3.5 bathroom oceanfront beach house on Oak Island!
This labor of love was recently completely renovated from top to bottom, inside and out!...
This labor of love was recently completely renovated from top to bottom, inside and out!...
MLS #: 100405323Open 9/25
$425,000
Neighborhood:
Tranquil Harbor
2
Beds
1F11/2
Baths
1,001
Sq.Ft.
1965
Year Built
10
Days on Site
100405169
MLS
Welcome home to your ideally located, move in ready beach getaway that has been used as a part-time Airbnb. This picture perfect cottage is 2 blocks from the 9th St. walk over and a bike ride to the...
MLS #: 100405169
$1,395,000
6
Beds
5F11/2
Baths
2,300
Sq.Ft.
2005
Year Built
11
Days on Site
100404798
MLS
Welcome to Key Rest! Presented for sale is 724 West Beach. This is an ABSOLUTELY STUNNING 6-bedroom, 5 -bath second row beauty! Nestled in the coveted second row from the beach, this property...
MLS #: 100404798
$492,000
3
Beds
2
Baths
1,600
Sq.Ft.
1993
Year Built
11
Days on Site
100404828
MLS
Awesome location-just 2 blocks to 40th St. beach access; close to grocery stores, restaurants, Middleton Park, and in highly desired LSV zone. So many things to love about this one-wired...
MLS #: 100404828
$499,000
Neighborhood:
Pinners Point
3
Beds
2
Baths
1,610
Sq.Ft.
1977
Year Built
12
Days on Site
100404721
MLS
Charming beach bungalow on the quiet west end, recently remodeled & move-in ready, w/ two detached buildings offering additional flex space options! This spacious 3-bed 2-bath home features two...
MLS #: 100404721
$549,000
3
Beds
2F11/2
Baths
1,572
Sq.Ft.
1984
Year Built
16
Days on Site
100404182
MLS
Introducing a rare opportunity to own a well maintained island residence on a DOUBLE CORNER lot just four streets from the beach! Surrounded by some of the oldest and most beautiful live oak trees on...
MLS #: 100404182
$1,290,000
Neighborhood:
W. Long Beach
4
Beds
3
Baths
1,651
Sq.Ft.
2005
Year Built
17
Days on Site
100404033
MLS
Dreaming of the perfect beach house? This house can certainly make those dreams a reality.
Ideally located on the beautiful Oak Island, this house is the perfect fit for anyone looking for a...
Ideally located on the beautiful Oak Island, this house is the perfect fit for anyone looking for a...
MLS #: 100404033
$475,000
Neighborhood:
Tranquil Harbor
3
Beds
1
Baths
1,028
Sq.Ft.
1963
Year Built
17
Days on Site
100404089
MLS
Don't miss this adorable beach bungalow on a huge fenced DOUBLE LOT in prime NE island location! Home has been updated using a professional contractor inside and out. As you enter you will...
MLS #: 100404089
$625,000
Neighborhood:
Tranquil Harbor
3
Beds
2
Baths
1,344
Sq.Ft.
1972
Year Built
18
Days on Site
100403826
MLS
This home might just be the one you are waiting for. Incredible location with great views of the ICW. Relaxing on this front porch will be easy! Renovated home that sits on oversized lot.t Backyard...
MLS #: 100403826
$550,000
Neighborhood:
Pinners Point
3
Beds
2
Baths
1,474
Sq.Ft.
2019
Year Built
18
Days on Site
100403862
MLS
This striking home on the Island is your opportunity to experience many hours of fun in the sun, not just at the beach, but also enjoying time in the inground saltwater POOL, a backyard oasis! And...
MLS #: 100403862
$459,000
Neighborhood:
Tranquil Harbor
3
Beds
1
Baths
980
Sq.Ft.
1965
Year Built
18
Days on Site
100403719
MLS
Welcome to this 3 bedroom 1 bath beach cottage. One block away from the public boat ramp with a lot of boat parking. Two large buildings with a lot of storage. Walking distance to shops, restaurants...
MLS #: 100403719
$415,000
Neighborhood:
Tranquil Harbor
2
Beds
1
Baths
936
Sq.Ft.
1976
Year Built
21
Days on Site
100403302
MLS
ABSOLUTELY ADORABLE BEACH COTTAGE presented for sale in a sought after location on Oak Island. Welcome home to 112 NE 20th Street..located right near the Southeast 20th Street scenic beach walkover....
MLS #: 100403302
$925,000
3
Beds
2
Baths
1,700
Sq.Ft.
2016
Year Built
23
Days on Site
100403125
MLS
Searching for an opportunity to live at the beach? Look no further than this stunning gem! Custom built in 2016 & beautifully maintained, this home has all you need to live your dream life on the...
MLS #: 100403125
$379,900
Neighborhood:
Tranquil Harbor
4
Beds
2
Baths
1,180
Sq.Ft.
1986
Year Built
24
Days on Site
100344347
MLS
Only 5 blocks to the beach!! 4BD/2BA home With 5th room at back of house that could be used as an office or extra sleeping space.
Near the Intracoastal Waterway, shops, post office and...
Near the Intracoastal Waterway, shops, post office and...
MLS #: 100344347
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