“Brisk”, “Healthy”, and “Expanding” are the adjectives chosen to describe the current Crystal Coast real estate market. Demand is up (and rising), supply is waning with plenty of room for new inventory to come on market for sale. Is now a good time to get involved in buying or selling a home? To both we can say, Yes!
During the month of April there were a total of 1,354 residential properties for sale in the Carteret County area. If you are a seller, that’s your competition. If you’re a buyer, those are your choices. Of that number, 151 homes got sold. In other words, a home seller had a slightly better than 1 in 10 chance in selling their home during the month.
April saw 235 homes come on the market for sale. 225 homes were pending, or under contract to be sold. 82 homes either withdrew from the market, had their contract expire, or for whatever reason, the sellers decided to cancel the listing. 63 of those properties came back on the market for sale. And finally, 89 sellers re-signed a listing agreement with their broker after the listing agreement had expired.
The average list price of a Crystal Coast home during April was $293,000. The average sold price was $279,000. The over-all list price to sold price ratio was at almost 93%. So, by example, a home listed at $200,000 on average would have sold for $186,000.
32% of the time it was the listing office that produced the buyer for the property. 68% of the time another agency produced the buyer.
The average days on market for a sold home was 138 days. But keep in mind, that’s for sold homes only. The days on market for an unsold home was much longer.
There were a total of 27 foreclosure, REO, short sale or bankruptcy properties on the market. Only 2 sold with the average sold price was $546,000.
The method of paying for residential property purchases include 51% by a conventional loan, 35% paid by cash, 7% were VA loans and the remainder with FHA, USDA or some other instrument.
Interesting note about this market and financing. A lot of the motivation for the housing boom 10-12 years ago was due to the easy access to adjustable rate mortgages (ARM). In fact, many experts also attribute the fall of the market to ARM’s. Last month of all of the sales that happened, only one of them was with an ARM.
Mortgage rates continue to sustain historic low levels. A 30 year fixed loan in April averaged at 4.27%. A 15 year mortgage was lower at 3.69%. Currently, during the first week of May a 30 year mortgage is at 4.43% and a 15 year mortgage is at 3.87%.
Probably the most significant indication of the health and well-being of our current market is the supply of inventory. April saw a 9 month supply of residential properties for sale. April of 2017 supply was at 11 months and April of 2016 was at 13 months.
A normal stable real estate market place is considered to have a 5 to 7 month supply of homes. Anything above that is a buyers’ market and anything below that level is considered to be a sellers’ market. You can see that the supply is coming down to a good and balanced level.
In hard numbers, the month of April had 1,354 residential properties for sale. In 2017 there were 1,521 properties and in 2016 there were a total of 1,615.
Here are a few key points to walk away with. The supply of inventory is reaching attractive levels for both the buyer and seller. Mortgage rates are very low and conventional loans as the method for payment is high. Cash sales are high too, 4 to 5 times higher than during the real estate boom 10-12 years ago. When the price, terms and conditions are appropriate for the market place, homes are selling in a very timely matter. April saw homes selling on average in less than 5 months.
All indications show that this good real estate market should continue.
Contact Margaret Hitchcock or Sylwia Rola at Hitchcock Realty today at (252) 648-0300 for more information about the Crystal Coast.