2023 Leland NC Real Estate Market Compared to 2022

March 20, 2023March 20, 2023 Syed Qasim Real Estate

Today we’re going to discuss Leland NC Real Estate. What is going on in the Leland real estate market? Ocean Views Real Estate, Inc. is a real estate brokerage operating within the Cape Fear Realtor Association, and you can find us in the Google business listings in Leland, North Carolina. So many people around here realize that home prices went up dramatically the last year. As you can see here I have a little graphic showing 21% increase in home values. So it was very intense thing to work though with different buyers from different socioeconomic backgrounds. Generally there were 2-7 contracts on lots of properties. And this is the Leland page at that website. These are all developments here that are underway. About 32,000 homes have already been approved for construction, and if you scroll down that page we have all the got all the neighborhoods in Leland and links to pages similar to this but for the Leland market including informative videos, etc. So it’s a great website for showing all the homes and either by map or scrolling, etc.

So since home values went up so much where do we stand now? If you try and sell your house now or go buy a house now, are you going to experience what people experienced in the Spring of 2022? So let me go into that subject in depth. We are going to go into that subject in depth. We have days on market in Leland and as you can see it’s showing it pretty flat for the last whatever 12 months of the time. It’s going to show like four days to five days. This is bad information. I’m going to call it fake real estate information. I know because I’m out there showing property and looking at the days on market of the houses that I’m showing. I I may not have a great memory, but I remember what I did a few months ago and it is completely different. Does that mean the prices are different? Well let’s go into that too. So for days on the market I’m pulling…I needed a big fat neighborhood to work with to get lots of numbers with. So I’ve got Mallory Creek and Brunswick Forest homes because there’s like five neighborhoods that are very large so they can give us a lot of samples to work with.

So in Leland in the Spring of 2022 all these homes had the same square footage you get 1600, 1700, and 1969 square feet. I took homes in Mallory Creek because it’s got a lot of houses. And you can see the days on Market here at 13, 5, 4, and 2. So that’s when there were lots of offers on homes and that was in April and May in particular. Contrast that with right now which is 2023 right now in Mallory Creek Plantation. You’ve got 25 days, 4 days, 16 days, and 85 days. So now a lot of the homes in Mallory Creek Plantation are on the market for a month or more. So it’s quite a shift from four days to two weeks or from 4 days to 30+ days. That’s a huge difference in the Leland real estate market.

Now where does that leave us with home values? Home values went up a lot last year. Are they staying steady or are they coming down? Well in the Spring right here these properties and I’ve got homes of similar size, etc. and I weeded out a bunch of stuff. But I tried to find something very similar for us to work with. So in the spring this home was worth $350,000 in the Spring of 2022 and it was 1600 square feet. Go forward now to a home that sold in the Winter of 2022 and a similar home sold for $374,000 and one a bit larger for $390,000. So you go from 350 to 374 so while it takes longer prices did not come down. They actually continued to increase and that’s where we leave off with the market data: the prices have not cracked however it takes longer to sell a house now. There is an opportunity on the buy side to make low offers assuming there’s not a good contract the first week. You can come in low and try and negotiate hard and go for it. And if you’re the seller you don’t have to drop your prices; we can even list higher and wait and wait and wait and just see how it goes because you’re in no rush right? So the point is the market is changing a lot. There’s different strategies for working both sides of it.

<h2>Brunswick Forest Real Estate 2023</h2>

And in Brunswick Forest and their prices for example, you had those closing around $586,000 earlier in the year and now they’re at you know $599,000 and $600,000 and that’s for 2500 square feet so those prices have not gone down at all either since the Spring. They actually nudged up another 1 to 2%. So the values in Leland have held up very strong and it is just taking a bit longer for homes to go under contract. There’s ramifications on the buy side and the list side. I hope this gives you a good idea of what’s going on the market.

What do I expect to happen going forward? Well these 7% interest rate have been brutal to the beach Market– the ocean front market–because that’s all about the gross annual income in comparison to all your expenses. The cash flow…what’s the difference from all your income with expenses subtracted out that you get to keep… your net? Well now with the 7.5% interest rates the ocean front buyer and investors the numbers don’t work at all now. So we’ve seen some cracks in the prices there. We have these 3 bedroom 2 bath ocean front cottages in Oak Island . They peaked at $920,000 and they’ve come down to $800,000. So that’s been a full 10% decrease and of course we have not seen that inland. I expect the North Carolina Oceanfronts to correct like 15% from the Spring of 2022 and I’ve seen hard examples of that in Carolina Beach and in Oak Island.

So that just makes sense. The feds need to fix their stupid interest rate Obsession because it’s not lowering the cost of bread. You know what I’m saying? Pathetic! Ocean Views Real Estate look us up at Google business listings. Immediately 7 Five-Star reviews came in because I’m very good at what I do on the list side, and I can squeeze as much juice out of the lemon as you can imagine. Conversely on the buyer side I can smell blood in the water when there is an opportunity to exploit for you. I just closed on second row Oak Island fixer upper, second row with huge Beach ocean views and we got it for $350,000 that was listed for $550,000 but from some conversation and some instincts we just played really hard and we got lucky! But most agents would not have gone there, but I go there because a lot of time I know what we can get away with and what we cannot get away with.