Monday, August 31, 2015

Brunswick County Association of REALTORS® releases July 2015 Real Estate Statistics

Brunswick County saw a considerable increase in residential real estate sales and average sales price in July 2015 compared to the previous year, according to statistics released today by the Brunswick County Association of REALTORS®.
“July is showing another healthy increase in units sold and average sales prices and is the second best month in total sales this year, behind June,” said Cynthia Cumbie, interim CEO of the Brunswick County Association of REALTORS®.

 Total sales jumped 37 percent between July 2014 and June 2015, according to the latest statistics, going from $46.8 million to $64 million.

 The number of units sold went from 204 in July of 2014 to 259 this July, a 27 percent increase, BCAR reported. The average sales price jumped 7.9 percent, from $229,405 to $247,460.

Cumbie stated the average number of days property spends on the market is also steadily decreasing, dropping at least 2 percent each month this year and about 18 percent lower than last year.

Another sign of improvement in the market is the number of pending residential sales, Cumbie said.

“The residential pending numbers are at their highest in the past 25 months and up almost 18 percent over June to 350 pending residential listings in July,” she explained. “If pending sales were to continue at this pace, we would be out of inventory in about six months.”

Two of the biggest sales markets are Boiling Spring Lakes, which has 3.9 months of residential inventory based on pending sales, and the Calabash/Carolina Shores area, which reports 3.6 months of inventory.
Brunswick County
Single Family Sales -- Listings
  • July 2014:  349
  • July 2015:  462
  • Change:   32.4%
Single Family Sales -- Units Sold
  • July 2014:  204
  • July 2015:  259
  • Change:  27%
Single Family Sales -- Average Sale Price
  • July 2014:  $229,405
  • July 2015:  $247,460
  • Change:  7.9%
Single Family Sales -- Total Sales Volume
  • July 2014:  $46,798,565
  • July 2015:  $64,092,050
  • Change:  37%
Lot Sales -- Units Sold
  • July 2014:  78
  • July 2015:  75
  • Change:  -3.8%
Lot Sales -- Average Sale Price
  • July 2014:  $77,899
  • July 2015:  $64,482
  • Change:  -17.2%
These numbers reflect sales within the Brunswick County MLS. Some sales in Brunswick County are included in a neighboring MLS and may not be reflected in this analysis.

Ken Keegan Real Estate Broker
(910) 523-0903 mobileEmail Click here for more information on Brunswick, County Real Estate St. James Plantation

Friday, August 7, 2015

St. James enters final process of land acquisition for access to Middleton Boulevard

The Town of St. James will now enter into negotiations with private landowners to facilitate an extension of St. James Drive to Middleton Boulevard, thus providing an exit for residents south of Polly Gully Bridge if something were to make that structure impassable.
Town council, following a 20-minute closed session on Tuesday, authorized mayor Becky Dus and mayor pro-tem Bruce Maxwell to meet on its behalf with LaDane Enterprises LLC principal LaDane Williamson and her brother DeCarol Williamson of DCW III LLC to seek either the purchase of a 13-acre tract or an easement across that parcel. A 100-foot right-of-way is required for construction of a 1,000-foot-long road, at town expense, to connect a developer-funded extension of St. James Drive to Middleton.
Talks between the Williamsons and the Town of St. James had proceeded smoothly until December 2014, when the state notified the parties that a 130-acre parcel owned by the Williamsons would be subject to a declaration of “enhanced value” should any or all of the tract be sold. The state had paid the Williamsons a reported $800,000 when right-of-way for Middleton Boulevard was purchased because it severed the 130 acres—bounded by Middleton on the west and St. James Plantation of the east—from the remainder of a 3,500-acre property owned by the Williamson heirs.
But the Town of St. James was only interested in the southernmost portion—13 acres, separated by wetlands—on which the access road had been plotted,  and approved by the N.C. Department of Transportation.
Earlier this year, the Town of St. James initiated an eminent domain proceeding that would allow the town to acquire the needed right-of-way at a cost to be determined by a Brunswick County Superior Court judge. An appraisal was required; the state at first said the entire 130-acre tract must be appraised, but relented.
At Tuesday’s council meeting, the “enhanced value” of the 13-acre tract was reported to be $94,900.
If the town is unsuccessful in negotiating a sale or easement price, the option of eminent domain remains in play.
Original Article from State Port Pilot

Ken Keegan Real Estate Broker
(910) 523-0903 mobileEmail Click here for more information on Brunswick, County Real Estate St. James Plantation

Wednesday, August 5, 2015

It just got easier to get a jumbo mortgage

The bank is easing the lending requirements for its jumbo mortgages, which tend to be loans in excess of $417,000 in many markets and $625,500 in more expensive areas.
A potential buyer now only needs a credit score of 680 and a 15% down payment to qualify for a maximum loan amount of $3 million for a primary-residence home. Borrowers used to need a 740 score and put 20% down.
By easing its standards, the bank is hoping to gain more customers. "The performance we had on jumbo loans ... has been fantastic. We think we are able to make high-quality loans to high-quality customers," said Steve Hemperly, head of mortgage originations at JPMorgan Chase & Co.
he standards for second-home purchases requiring a jumbo loan have also eased to a 680 credit score and a 20% down payment. Buyers used to have to put down 30% to 50%.
The bank claims it's the only lender allowing a 680 credit score with smaller down payments for primary and second home jumbo mortgages.
Loose lending practices helped bring down the housing market in 2008. In the wake of the Great Recession, credit markets froze and the mortgage industry upped their loan requirements.
While the standards have started to loosen, mortgage availability remains relatively tight and first-time buyers have been noticeably absent.
However, jumbo loans have performed well in the recovery. Hemperly said there's been an increase in these large loans in California, the Northeast and Chicago.

Original Article

Ken Keegan Real Estate Broker
(910) 523-0903 mobileEmail Click here for more information on Brunswick, County Real Estate St. James Plantation