August 2012 Market Update for Topsail Island

2012 continues to be a very active year in the Topsail Island real estate market. The buyer traffic has been the strongest it has been in the past 5 years. We saw the market beginning to improve here in 2011, and the sales numbers for 2012 show continued improvement.  Although the buyer traffic continues to increase, this has not yet translated in to prices increasing but rather holding steady.  

 

Total Topsail Island Sales Jan 1st through Aug 25th 2011:     $87,649,404

Total Topsail Island Sales Jan 1st through Aug 25th 2012:    $110,815,774        

INCREASE OF $23,166,370 

 

Oceanfront Sales Jan 1st through Aug 25th 2011: $32,586,304

Oceanfront Sales Jan 1st through Aug 25th 2012: $51,891,984        

INCREASE OF $19,305,590

 

Island Interior Sales Jan 1st through Aug 25th 2011: $17,107,800  

Island Interior Sales Jan 1st through Aug 25th 2012: $27,532,380        

INCREASE OF  $10,424,580

 

Deepwater Sound Jan 1st through Aug 25th 2011: $8,337,000

Deepwater Sound Jan 1st through Aug 25th 2012: $9,579,000         

INCREASE OF   $1,242,000

 

LANDMARK  Jan 1st - Aug 25th 2011 Topsail Sales : $15,361,594

LANDMARK  Jan 1st - Aug 25th 2012 Topsail Sales: $26,306,375         

INCREASE OF   $10,944,781

 

These are just several examples of how the market is showing great signs of life and improvement.  In addition to increasing optimism on the part of buyers, record low interest rates continue to propel the market forward.  However, as these interest rates begin to rise we could see the market begin to slow down as a result.   

I am proud to say that Landmark Real Estate Group continues to lead the Topsail market, both in number of transactions and total dollar volume sold.  In 2012 Landmark has sold over 90 transactions on Topsail Island for a total of $26,306,375.   In addition to being the market leader on Topsail Island, Landmark has nearly doubled our sales volume since 2011.  I would like to extend a personal thank you to our loyal client base who continue to give us the opportunity to work with you, and for referring us to so many friends and neighbors this year.  

If you currently own a property on the island and have been considering selling, but wanted to wait until the market conditions had improved, I can tell you that now is a great time to put your property on the market and get a buyer.   

Please call me today (910-620-3370) if you would like to discuss selling your Topsail Island Home. I look forward to the continued opportunity to serve you.

Sincerely,

Nick Phillips

A Picture Worth A Thousand Words

As it turns out, great testimonials are not the ones written in ink, typed or emailed. The best testimonials are the ones drawn in crayon. This gem was hand delivered to Landmark's very own Dean Phillips, and may be the best "Thank You Note" we have ever received. Enjoy!

Topsail Island SPRINGING BACK SO FAR IN 2012!

As the Spring beach season begins to pick up, sales of Topsail Island real estate are also up substantially over 2011 levels. As of April 19, this year, total sales on the Island are $49,012,500. For the same period of 2011, sales on Topsail had only reached $30,157,600. Sales on Topsail Island are definitely reflecting the positive sentiment currently in the U.S. real estate market.

Of the $49 million in sales, Landmark continues to lead the way with a 26% share of the Topsail real estate market. As of April 19, our excellent team of experienced brokers and agents sold $12,552,500 directly on Topsail Island.

Goldman Sachs released a statement earlier this quarter, saying, "Stabilization in U.S. housing fundamentals is creating an attractive investment opportunity. Many of the ingredients are in place for continued improvement in housing.” While most believe that home sales will began to climb in 2012 as demand increases, selling prices are expected to remain flat in most markets, as the supply of homes is still large.

As demand on Topsail has grown strongly over the first quarter, the number of available homes for sale is shrinking rapidly. Investors and those looking for second homes are realizing that prices on the Island are likely at an all time low, and a larger number are not only shopping, but buying. Buyer activity on our website is up, and oceanfront properties in particular are not staying on the market for long. In the past month we have seen several oceanfront homes go under contract either the same day, or within only a few days of going on the market.

With this level of demand, especially on the ocean, it's not surprising that we are seeing higher sale prices. Last year, during the same period (January 1 - April 19), there were seven oceanfront homes sold, with an average selling price of $368,000. As of April 19, 2012, there have been 23 oceanfront homes sold, with an average selling price of $505,652!

Lawrence Young, the chief economist of the NAR recently said, “If activity is sustained near present levels, existing-home sales will see their best performance in five years. Based on all of the factors in the current market, that’s what we’re expecting with sales rising 7 to 10 percent in 2012.”

Now is a great time to buy or sell due to the activity in the market and fantastic interest rates, regardless of the region of the Island you're considering. There are also many great deals on lots and land, and with interest rates still low, building your Topsail Island dream home is a good option to consider as well. Call Landmark today, and speak with one of our Topsail Island real estate specialists. 

Topsail Island Real Estate Heating Up In 2012

2012 has gotten off to a very hot start in the Topsail Island Real Estate market.   From January 1st through March 2nd of 2012, sales on the Island totaled $24,394,500.   During the same period of 2011, sales on the Island totaled $15,254,800.   We are really seeing a drastic increase in sales activity this year, and the trend does not seem to be slowing down.  At Landmark Real Estate, our team sold $2,343,000 in the first two months of 2011.  This year, over the same period, our team sold $5,794,500.  Not only that, our new listings have been flying off the market faster than we have seen in a long time.  Most of our new oceanfront listings are going under contract very quickly, many of them within a few days of going on to the market. 

We recently added two new members to our team at Landmark, David Benford and Timmy Evans.  David comes to us with over 23 years of real estate experience beginning with vacation home sales at Bald Head Island and then later Wilmington, where he was a top sales agent and later manager and owner of a large independent real estate company. Timmy Evans has been a top producing broker on Topsail Island for over 7 years and during that time has sold more deepwater front property in Surf City than any other agent.  We are very excited to have both of these top agents on the Landmark team.

Landmark Listings, Sold & Under Contract, January 1 - March 2, 2012

Landmark continues to set the pace on the Island for 2012, with more sales volume than any other company thus far.  We are very excited about the market on the Island this year as we continue to see increased activity. If you have a property on Topsail Island that you are interested in selling, please call our office today at 910-328-2276.  We look forward to working with you.

Nick Phillips
March 5, 2012

2011 Topsail Island Market Recap & 2012 Outlook

2011 was a very active year in the Topsail island Real Estate market. We had a total of 514 sales transactions in the market in 2011. That was an increase of 56 transactions versus 2010, when transactions totaled 458 on Topsail Island. In terms of inventory and buyer traffic this was very good news.

Average sale prices were down a bit on the island in 2011 versus 2010. This was attributable to several factors. Primarily, sellers who had been sitting on the market overpriced finally decided to face reality and price their properties according to the market. This resulted in increasing the number of sales transactions but also resulted in slightly more competitive closing prices in many cases. 

There were also increasing numbers of sellers who made the decision to pursue short sales in 2011. This is a trend that appears to be increasing among sellers in our market. Many homeowners on Topsail are confronted with owing much more on their properties than they are worth today. In many cases, this negative equity is very large and can seem insurmountable financially. Banks are typically very willing to accept a short sale when the value of the collateral is worth less than what is owed against it. In most cases, the banks completely forgive the outstanding balance when the sale closes. As a result, the Short Sale has proven to be a very viable avenue for underwater property owners to move on with their lives and to cease throwing good money after bad debt.

Foreclosures on Topsail declined in 2011 verses 2010. This was also due to the number of property owners pursuing Short Sales. Banks receive substantially better prices on average for Short Sales than they do foreclosures. The banks are often willing to postpone foreclosures for long periods of time if a seller is attempting a Short Sale and has fallen behind on payments. This has been very effective in reducing the number of bank owned properties on the market, and helping to return the market to stability.

Buyer traffic is the highest that our firm has seen since before the economic crisis struck in 2008. Buyers are increasingly optimistic that now is once again a safe and profitable time to return to the market. The typical buyers we are seeing on Topsail now are not investors, but rather folks who are genuinely interested in owning beach property for their family's use. The average buyer that we are seeing in the market today is financially qualified and capable. In our firm, we did not lose a single contract in 2011 due to the buyer not qualifying for financing. We also have more cash buyers in the market currently than I personally have ever seen.

If you have been considering selling your property in 2012, please give me a call at 910-620-3370. I would love to talk with you to discuss your property and what to expect in the market this year. I am very excited about 2012 and believe that the increasing buyer traffic we are seeing will continue to propel our market in a positive direction.

Nick Phillips
January 1, 2012