No housing crisis in Wilmington

Data from the Wilmington Regional Association of Realtors show that the median home price in the area is up by close to five percent.

Local realtors say that’s not too substantial, but significant when the rest of the country is down 6.2 percent.

Realtor James Bullock recently moved to the Wilmington area. He was looking to relocate and figured, why not here?

“The weather’s great, people are great and there is a lot of opportunity here,” Bullock said.

A life-style that people like Bullock–a professional without any children–can and will pay for.

“I think you’re still dealing with a supply and demand model where Wilmington continues and will continue for the forseeable future to be a very desirable place to live,” said David Spetrino, Owner of Plantation Building Corp in Downtown Wilmington.

Spetrino says the area’s allure is attracting people like Bullock who aren’t affected by the sub-prime mortgage crisis.

“That upper segment, that top rung individual isn’t going to be as dramatically affected by something that your middle America is going to be affected by with regard to what they can purchase and where they can live.”

So, in other words, those with enough money can afford to live where they want. That is, until others catch on.

“Just by virtue of being a great place to live is what’s attracting people to move here, which in turn is going to make it harder to buy a home,” Spetrino said.

Bullock ultimately purchased a home in Leland. He says he’s close enough to the action–and got more bang for his buck.

The median price for a home in Wilmington is currently more than 400,000 dollars. It’s projected to increase by 50,000 dollars by 2011.