Bald Head Island market conditions have been holding steady for the past year. But you have to really study the charts to make a prediction about the future. In the first 3 months of 2012 prices went down, bottomed out and started rising again in June.... the prime selling season. Fast forward to this year, January though March of 2013....prices have risen since Janaury and it is not yet the prime selling season. 

The real estate professionals have been saying this is the year for a change for the last several years. But when you look at activity on the island and the upward trend in the down season, this may really be the year for both buyers and sellers to make a move. 

Bald Head Island Resort has a special half price rate for real estate tours at the only Inn on the island. 

The median sales price for homes in Bald Head Island NC for Dec 12 to Feb 13 was $688,000. This represents an increase of 41%, or $200,000, compared to the prior quarter and an increase of 29.8% compared to the prior year. Sales prices have depreciated 26.2% over the last 5 years in Bald Head Island. The average listing price for Bald Head Island homes for sale was $974,689 for the week ending Mar 06, which represents a decline of 0.1%, or $693, compared to the prior week and an increase of 0.7%, or $6,749, compared to the week ending Feb 13. Average price per square foot for Bald Head Island NC was $825, an increase of 10.3% compared to the same period last year.

Avg. Listing Price $964,611 Wk ending Dec 26
+$4,417
+0.5%
Median Sales Price $435,000
-24.3%
332 Homes For Sale
16 Recently Sold
1 Foreclosures

Prices and sales remained steady in 2012 according to published information. Many buyers are showing caution while looking, citing the resolution of the "fiscal cliff" crisis as the point when they will "pull the trigger." Distressed properties are at an 3 year low, indicating that median sales prices will rise in 2013. For those looking to get a "steal" on  vacation/investment property, this year will present more limited opportunities. Sellers are getting around 90% of their asking price. Fractional ownership property is still outselling whole ownership property, indicating a conservative trend.

The median sales price for homes in Bald Head Island NC for Aug 12 to Oct 12 was $595,000. This represents an increase of 1%, or $6,000, compared to the prior quarter and an increase of 3.5% compared to the prior year. The average listing price for Bald Head Island homes for sale on Trulia was $979,247 for the week ending Nov 07, which represents a decline of 0.4%, or $4,039, compared to the prior week and a decline of 6.8%, or $70,918, compared to the week ending Oct 17. Average price per square foot for Bald Head Island NC was $1,015, an increase of 32% compared to the same period last year.

Written by Nick Copley Friday, 06 April 2012 09:51

The National Association of Realtors (NAR) just reported that sales of vacation homes in the US rose 7.0 percent to 502,000 in 2011 from 469,000 in 2010. This is certainly an encouraging sign after falls in prior years and reinforces the trend seen in fractionals, where overall 2011 sales were up 4%.

Vacation-home sales accounted for 11 percent of all transactions last year, up from 10 percent in 2010. All-cash purchases have become fairly common with the NAR reporting 42 percent of vacation-home buyers paid in cash.

The typical vacation-home buyer was 50 years old, had a median household income of $88,600 and purchased a property that was a median distance of 305 miles from the primary residence; 35 percent of vacation homes were within 100 miles and 37 percent were more than 500 miles. Buyers plan to own their recreational property for a median of 10 years according to the NAR. The anecdotal reports I've seen and heard for buyers of both private residence clubs and destination clubs  puts them at about the same typical age of 50-55, although incomes are much higher, typically $200,000+.

The median vacation-home price in the NAR survey was $121,300, down 19.1 percent from $150,000 in 2010. To add some perspective, the average price per share in a private residence club (PRC) last year was $254,000 according to research from Ragatz Associates.

Vacation homes purchased last year were more likely to be in suburban or rural areas. This largely mirrors fractionals and residence clubs, where the main appeals are beach, golf, ski, spa and lake, with only 7% of fractionals in urban areas according to Ragatz.

Eight out of 10 second-home buyers in the NAR survey said it was a good time to buy, and one-third of vacation-home buyers said they were likely to purchase another property within two years. This is certainly an encouraging sign of economic confidence and also suggests that we may be reaching the bottom for prices.

Currently, 42.1 million people in the U.S. are ages 50-59 – a group that has dominated second-home sales since the middle part of the past decade and established records. An additional 43.5 million people are 40-49 years old, while another 40.2 million are 30-39.

"Given that the number of people who are in their 40s is somewhat larger than the 50-somethings, the long-term demographic demand for purchasing vacation homes is favorable because these younger households are likely to enter the market as their desire for these kinds of properties grows, and individual circumstances allow," said NAR Chief Economist, Lawrence Yun.

According to Trulia:
The median sales price for homes in Bald Head Island NC for Jan 12 to Mar 12 was $562,500. This represents a decline of 2.2%, or $12,500, compared to the prior quarter and a decrease of 6.1% compared to the prior year. The average listing price for Bald Head Island homes for sale on Trulia was $1,089,461 for the week ending Apr 18, which represents an increase of 0.2%, or $1,765, compared to the prior week and an increase of 0%, or $325, compared to the week ending Mar 28. Average price per square foot for Bald Head Island NC was $877, an increase of 91.9% compared to the same period last year.

What it Means for Buyers and Sellers:
Sales prices have remained relatively steady since October of last year. But the number of sales have dropped off in March and April 2012. With an average listing price of $1,089,461 sellers may have a difficult time this summer season. And with a drop in sales, sellers may also get more aggressive in entertaining offers. All in all it is still a solid buyer's market. But with no foreclosures pending, the market has stabilized. With relatively steady economic predictions, prices are likely to go up rather than down. If you have been looking for awhile, now is the time to make an offer.

Median Sales Price: One Year

Long Term Price Trend 2008-2012

Number of Sales: One Year

After a decline in October average prices for real estate on Bald Head Island rose in the last quarter of 2011 and through January of 2012.