So sales are dead at Wrightsville Beach?
The market has just gone to pot?
Things just are not selling?
That’s what one might think from listening to all of the negative media reports or word on the street, but the numbers tell a different story…the numbers don’t lie!
Let’s take a look at the numbers comparing the last three years 2006, 2007 and 2008.
Pricing your property correctly for the “current” market conditions is most important. Real estate values are no different than any other commodity or product; values fluctuate with supply and demand just like any other market. The key word here is “current.” Right now we are experiencing more supply than demand therefore we are experiencing a downward pressure on values. In contrast to the time period 2002-2006, we saw a huge demand from buyers for properties at Wrightsville Beach but a much lower supply; therefore we experienced the upward trend in values.The number of sales fell by 21 properties in 2008 and it took a little longer to sell compared to 2006, but we have to acknowledge that we have been going through a major economic downturn. Even with what our country has been going through Wrightsville Beach still had an impressive 63 sales in 2008, a total dollar volume of $65,033,900 and with an average sales price of $1,032,284. (I think it is extremely interesting to note that the average sales price just four years earlier in 2004 was just $754,762.) So as you can conclude from the data, Wrightsville Beach is not doing badly at all compared to other markets we hear about.
Wrightsville Beach is doing very well for itself considering our economic times. We just have to acknowledge that those crazy years from 2002-2006 with the extremely rapid appreciation was not considered a “normal market.” Keith Beatty and I have been selling properties at Wrightsville since 1993. We have seen the values steadily appreciate through the 1990s. I recall values increasing upward more so than usual around 1994/1995 then settled back down. Then we witnessed, not only as realtors, but also as property owners at Wrightsville Beach, the rapid value appreciation starting around 2002 through 2006 where demand was outpacing supply.
I feel what we are now experiencing is just getting back to reality and a “normal” market. But even with a “normal” market Wrightsville is not doing bad at all, especially when you look at the numbers….remember the numbers don’t lie. Sure the number of sales might have dropped by 21 properties but the average sales price dramatically increased: $1,032,284 in 2008 compared to $754,762 just four years earlier in 2004, that is an increase of 36.76% in just four years! Compare that to the stock market’s numbers! Wrightsville Beach is doing very well!
P.S. So far, in the first 60 days of 2009 we have already seen seven properties sold and four pending at Wrightsville Beach! That is a great start for the New Year and it can only get better.
March 5, 2009
Data taken from Wilmington MLS
Bobby Brandon-(m) 910-538-6261
Keith Beatty-(m) 910-232-4530