Why The Spike In Home Sales$ In Washington, North Carolina???

[macjr82]

Originally Posted by Richard Martin

I agree, why not call it what it is? I've been calling it The Inner Banks for years. They even have oval IBX stickers.

the IBX stickers just support my view, just like the OBX ones I see way more in VA than I do ever do in NC. The term "inner banks" is just a camber of commerce/tourism construct. I have no problem with it though, just never actually hear it used by someone from the coast. I was just teasing. in full disclosure i do refer to Bogue Banks as the Crystal Coast, when talking about it to someone outside the area, if only b/c that term has actually overshadowed the proper name.

My only real pet peeve along these linese lines is when people refer to the triangle or iether Raleigh or Durham as "Raleigh-Durham". That's an airport not a place. Nobody ever says "Baltimore-Washington".

[Rtom45]

floridadude:
I tried to call attention to this earlier - the information on the other half of this website has a graph of home sales and home values. I'm certain the data for the spike you see is inaccurate. I emailed the site asking them to check the information, but haven't seen a correction or explanation.

[FloridaDude]

Originally Posted by Rtom45

floridadude:
I tried to call attention to this earlier - the information on the other half of this website has a graph of home sales and home values. I'm certain the data for the spike you see is inaccurate. I emailed the site asking them to check the information, but haven't seen a correction or explanation.

Thats why I posed the question, I was going by the HUGE home sales spike on the graph you mention. Never seen one that was that radical.

[Richard Martin]

Someone may have been kind enough to point out that we were discussing Washington and not Wilmington.

You're talking about this chart?



That is an anomoly. I can assure you that close to 180 houses didn't sell for close to 1.8 million dollars each in the first quarter. Between April and May there were only 29 houses sold in all of Beaufort County.

[macjr82]

Did the Navy ever buy that land in Beaufort County? I know they were looking into Washington at one point for the OLF. Depending on how city-data gets there numbers i I guess it could be conceivable that they bought 150 lots/homes for 270 million. Just speculating, I haven't kept up w/ the OLF for awhile. IMO, NC should try to pawn the GTP to the Navy. Not like the State is getting much use from it.

[Huckleberry3911948]

many are buying the recovery pitch, i dont.

[Bill Hitchcock]

You may want to read this about the OLF: Navy delays release of OLF environmental study

Let me assure you-The median price of a Washington home is no where close to 1.6-1.8 million dollars. Doesn't anyone find it interesting that the number sold and the sold price are the same-Just differ by exactly a X factor of 10,000.
It would also set a historical precedent in the amount of homes sold and when they were sold and sold price.
First quarter? No way.
I love the CD web site. But I fear what you are witnessing is the manifestation of an automated system. True results can only come from studying and analyzing from raw data. I seriously doubt a body dug into the Washington market place to get these results that are graphed.

With that said-Any and I stress any market trends/study/findings/results are a revelation of history. Think of the current market like a wave-Sometimes a tidal wave. You can only figure out what happened after it has hit and gone on by. This is why most people react too slowly to a market. They react to something (the wave) that has already hit and gone on by.
Just my opinion.
Bill

[Bill Hitchcock]

OK-A quicky comparison
The first quarter of 2009

Crystal Coast Board of Realtor (database)
Homes Sold: 230 (Down 17% from prior year)
Average Sold Price: $227K (Down 7% from the prior year)

Neuse River Board of Realtors (database)
Homes Sold: 249 (Down 30% from the prior year)
Average Sold price: $201K (0% difference from prior year)

I believe this would be a fair indication that those Washington numbers are off a tad.
Bill