Absorption rate, also referred to as inventory levels or months of supply, gives you an idea of the number of months it will take for the current inventory to be sold out based on the last 12 months of sales.
Housing prices stabilize when supply and demand come closer together. Generally speaking, 5-6 months of supply is “normal”. Less than 5 months of supply will result in APPRECIATING home prices, while 7 months or more of supply will result in DEPRECIATING home prices. The total levels for each county are considerably lower than where they were at their peak in 2009. New Hanover County is now at 6.8 months after peaking at 22.6 months in 2009; Brunswick County is at 10.2 months after peaking at 20.0 months in 2009; and Pender County is at 10.7 after peaking at 22.1 months in 2009. Take a look at this last quarter’s absorption report for a better idea of where your house stands in the market:
….check out the 2012 Closed Sale Volume leader!! Thank you once again for helping Intracoastal become a leader in sales.
We are very excited to announce that Intracoastal gained more market share in 2012 than any other company in the market!
Intracoastal Realty Corporation recently announced their top performers for the month of December. Vance Young won Closed Volume Team of the Month with $5.7M in sales, and Paula Ferebee won Closed Volume Agent of the Month with $2.2M in sales. Debbie Mitchell won Listing Team of the Month with $2.8M in new listings, and Jeanette Golder won Listing Agent of the Month with $1.4M in new listings. Vance Young won Under Contract Volume Team of the Month with $5.2M in contracts, and Buzzy Northen won Under Contract Volume Agent of the Month with $4.2M in contracts.
Wilmington – Lumina Station Office: Top selling and under contract team was Keith Beatty. Top listing team was Debbie Mitchell. Top selling and listing agent was Paula Ferebee. Top under contract agent was Buzzy Northen.
Wrightsville Beach Office: Top selling, listing and under contract team was Vance Young. Top selling agent was Mark Bodford. Top listing agent was Jeanette Golder. Top under contract agent was Tee Woodbury.
Carolina Beach Office: Top selling agent was Joyce Barnwell. Top listing agent was April McDavid. Top under contract agent was Chip Berry.
Oak Island Office: Top selling, listing, and under contract team was John Hamilton. Top listing agent was Robert Carroll. Top under contract agent was Donna Findlay.
New Homes & General Brokerage: Top selling, listing, and under contract team was Jimmy Hopkins. Top selling agent was Nicole Valentine.
Joining the Multi-Million Dollar Club with at least $3M in closed volume through December 2012 are: Chip Berry, Sarah Burris, and Rainelle Mishoe.
Hays Named REALTOR of the Year; Hopkins Named Salesperson of the Year
Intracoastal Realty was well represented at the Wilmington Regional Association of Realtors (WRAR) Installation Banquet on Friday, January 4, 2013. Intracoastal Realty broker Ashley Garner presided over his last official event as the outgoing 2012 president. In addition, Deb Hays was awarded the 2012 REALTOR of the Year Award and Jimmy Hopkins was awarded the 2012 Salesperson of the Year.
Deb Hays– REALTOR of the Year
Deb Hays earned this award because of her outstanding service to WRAR, her profession, her State and National Associations and her community. Hays has been a realtor with Intracoastal Realty Corporation since 1998 and has numerous awards to her credit, including the 2011 Ben Ball Community Service Award from the North Carolina Association of Realtors. Hays has served the southeastern North Carolina Coastal region in many capacities, including President of WRAR in 2006. She served as chair of the Wilmington Housing Authority Commissioners and is active in the Wilmington Chamber of Commerce as a graduate of Leadership Wilmington. Hays serves on the Azalea Festival and chairs two committees. In addition, she contributes to many community service organizations such as the American Heart Walk, Cape Fear Literacy Council, and the Phoenix Foundation.
Jimmy Hopkins – Salesperson of the Year
Jimmy Hopkins of Intracoastal Realty was selected as the 2012 Salesperson of the Year due to his closed transactions and dollar volume, while simultaneously dedicating his time to WRAR through committee participation. Hopkins has been with Intracoastal Realty since 2006. In addition to being a top producer with Intracoastal, Mr. Hopkins is a member of Wilmington Cape Fear Home Builders Association, Wilmington Regional Association of Realtors, N.C. Association of Realtors and the National Association of Realtors. He serves on the Board of Directors for Phoenix Employment Ministries and in an appointed position on the City of Wilmington Historic Preservation Commission. In 2012, he was appointed to the Cape Fear Community College Board of Trustees by Governor Bev Perdue. He is actively involved in various other political, charity, and community activities, including serving on the Committee for the Commissioning of the USS Gravely.
Established in 1976, Intracoastal Realty is the largest independent and locally owned and operated real estate brokerage firm in southeastern North Carolina. Services include real estate brokerage, property management and new homes marketing. Intracoastal Realty operates eight offices in Wilmington, Wrightsville Beach, Carolina Beach, Brunswick County and Topsail Beach. The company’s 250+ agents sold more than $540 million in residential properties in 2012.
Every year-end housing report for 2012 revealed that the real estate market is recovering quite nicely. Here is a quick synopsis of each:
- Total existing-home sales rose 5.9 percent in November over last month
- Sales are 14.5 percent higher than November 2011
- Sales are at the highest level since November 2009
- The national median existing-home price was $180,600 in November, up 10.1 percent from November 2011
- Total housing inventory at the end of November fell to a 4.8-month supply; it was 5.3 months in October, and is the lowest housing supply since September of 2005 when it was 4.6 months
- Pending home sales increased in November for the third straight month and reached the highest level in two-and-a-half years
- The index is at the highest level since April 2010 when buyers were rushing to beat the deadline for the home buyer tax credit
- With the exception of several months affected by tax stimulus, the last time there was a higher reading was in February 2007.
- On a year-over-year basis, pending home sales have risen for 19 consecutive months
- Sales of new homes rose 4.4% in November to a two-and-a-half-year high
- This is the highest level since April 2010, when a temporary tax credit boosted demand.
- Sales are now 15.3% higher compared to one year ago
- Home prices rose 4.3% in the 12 months ending in October
- In nineteen of the 20 cities covered, annual returns in October were higher than September
Each week at our sales meeting we have a “Mystery Agent.” This gives us a chance to learn more about one of our colleagues that we may not have known otherwise.
- This agent grew up in a small town in a nearby Southern state and played on a Civil War battlefield at Chicamauga.
- This agent worked full to pay for college and received a BBA in Finance from Ga. State Univ. after 7 years of night school.
- This agent later took law school classes at night time while still working in a law office during the day.
- This agent learned to ski in the North Carolina mountains and later became an avid skier, winning medals for slalom and downhill racing from the NASTAR association at ski slopes out west.
- Other hobbies include sailing and scuba diving in the islands.
- Once on a business trip to Lima, Peru, this agent determined to go to Machu Piccu. When no colleague would go, this agent went on alone. The trip included a flight on an unknown Peruvian airline across the Andes and a helicopter ride the rest of the way to Machu Piccu.
- This agent loves to travel to Italy and has fulfilled a lifelong dream of going on Safari in Africa.
- This agent has been with Intracoastal for 9 years.
- This agent has served as a Guardian ad litem for abused and neglected children, and is currently serving on the Board of Equalization and Tax Review for New Hanover County.
Can you Guess who this agent is?
Click on the photo for more info about our Mystery Agent Linda Woods
(Text from the Star News article that was published on 12/22)
Intracoastal Realty is much more than a residential brokerage firm. It is also a philanthropic powerhouse with a history of charitable good works that runs as deep as its local roots. Established in 1976, Intracoastal Realty is the largest independent and locally-owned real estate firm in southeastern North Carolina.
“We take great pride in being locally owned and operated and we take equal pride in the communities in which we live and work,” said Jim Wallace, CEO of Intracoastal Realty. “Giving back through volunteerism and charitable gifts is an important part of our corporate culture and ensures the health and well-being of this very special area we call home. We salute our 300+ agents and staff for their generosity throughout the year and particularly during this holiday season.”
Intracoastal Realty managers, agents and staff make donations of money, time and resources to civic organizations, disaster relief funds, and local chapters of national health organizations. The firm also works closely with UNCW, Cape Fear Community Collage, and Brunswick Community College to offer scholarships to deserving students.
For more than 30 years, Intracoastal Realty has given back to the community that has given so much and made the company the success it is today. Below is just a partial list of some of the organizations benefitting from the Intracoastal Realty family.
List of some of the organizations –
ACCESS of Wilmington
American Cancer Society
American Heart Association
American Red Cross
Bellamy Mansion Museum
Brunswick Community College
Cameron Art Museum
Cape Fear Blue Water Fishing Club
Cape Fear Community College
Cape Fear Community College Foundation
Cape Fear Council- Boy Scouts
Cape Fear Habitat for Humanity
Cape Fear Jazz Society
Cape Fear Literacy Council
Cape Fear Surfrider Foundation
Carolina Canines for Service
Center for the Visually Impaired
Children’s Museum of Wilmington
Coastal Christian High School
Committee of 100: WID
Community Boys & Girls Club
Community United Effort
Disability Resource Center
Domestic Violence Shelter
DREAMS of Wilmington
East Coast Got-Em-On Classic
Family Services of the Lower Cape Fear
Fellowship of Christian Athletes
Festival of Homes
Girl Scout Troop 957
Greater Wilmington Chamber of Commerce
Greater Wilmington Sports Hall
Good Shepherd Center
Historic Wilmington Foundation
Hoggard Athletics & Theatre Departments
JC Rowe, PK
JDRF- Hope Gala
Junior Achievement Spring Classic
Leukemia & Lymphoma Regatta Cup
Lower Cape Fear Historical Society
Lower Cape Fear Hospice & Life Care Center
March of Dimes Masonboro Island Preservation
MDA: Wings over Wilmington
Morris Animal Foundation
New Hanover County Schools
New Hanover Partnership
New Hanover Regional Medical Foundation
NC Association of the Deaf
NC Holiday Flotilla
North Carolina Coastal Land Trust
Oak Island Lions Club
Pleasure Island Chamber of Commerce
Pleasure Island Soccer Association
Port City Soccer Club
Relay for Life
SMART START of New Hanover County
Trinity Children Incorporated
Wilmington Housing Authority
Wilmington Women’s Club
Wrightsville Beach Fire Department
Since 2005, the Intracoastal Realty Teacher’s Fund has raised more than $225,000 to help teachers purchase books and school supplies for their classrooms. The Teacher’s Fund awards grants monthly to kindergarten through 5th grade teachers in New Hanover, Pender, and Brunswick counties. These grants have impacted more than 105,000 students in the tri-county area.
In 2011, Intracoastal Realty expanded its fundraising efforts for the Teacher’s Fund with an annual iPad holiday raffle. This year’s raffle raised $8,230 and awarded five iPads on December 18th.
Intracoastal Realty Corporation was honored at a December 3rd awards luncheon as the “Top Fundraising Company” for the annual Cape Fear Heart Walk to benefit the American Heart Association. The team surpassed its goals for both number of walkers and money raised for the October 13th event. The original goal was 15 walkers and $6,000 raised. Intracoastal Realty shattered those goals with 21 walkers and $8,423 raised! Kristie Holbrook Phillips acted as team captain for the Heart Walk and accepted the award on behalf of Intracoastal Realty.
In 1997, Intracoastal Realty launched an Honors Scholarship program to assist students pursue degrees at UNCW and local community colleges. To fund the scholarship program, Intracoastal agents donate money from each property closing, and Intracoastal Realty matches their donation. Scholarships are awarded annually to students who meet academic standards. Since 1997, Intracoastal Realty has donated $43,674 to UNCW, $18,506 to Cape Fear Community College and $10,400 to Brunswick Community College.
Established in 1976, Intracoastal Realty is the largest independent and locally owned and operated real estate brokerage firm in southeastern North Carolina. Services include real estate brokerage, property management and new homes marketing. Intracoastal Realty operates eight offices in Wilmington, Wrightsville Beach, Carolina Beach, Brunswick County and Topsail Beach. The company’s 250+ agents have sold more than $450 million in residential properties thus far in 2012.