The August numbers are in. In all the key factors of the housing market are showing signs of continued improvement along the Crystal Coast.
153 homes sold in August out of a total of 1,726 listings. That gave sellers an 11 percent chance of selling their home. This is good. One reason why the list to sales ratio is so good is because inventory is finally coming down. Inventory is down 12 percent compared to the same time period last year.
Carteret County has been plagued for over a decade now with a glut of inventory. For example in August of 2010 the Crystal Coast had a 23 month supply of inventory. Last August the area had 11 month supply. That’s less than half. The goal is to get the inventory to around 5 to 6 months. That’s the pivot point when both buyers and sellers are on equal footing.
The average sold price of a residential property was $261K, the same as it was last August. The median sold price was $219K. The vast majority of the Crystal Coast homes sold were in the $150k to $199K. 19 percent of all homes were bought in that price range. The next range was the $200K to $249K range where 14 percent of all sales landed.
Most folks (43 percent) financed their home purchase with a 30 year mortgage. 24 percent of the home purchasers paid cash. VA Loans totaled 19 percent.
30 year mortgage interest rates have had a rollercoaster ride between 3.73 percent and 4.27 percent since last March. Currently rates are under 4 percent, averaging at about 3.85 percent. All indications are that mortgage interest rates should not very much on throughout the end of the year. This is good news as the Crystal Coast moves into the slow season of the year.
For the short term the panelist with BankRate.com believe things will remain unchanged.
“This week (Sept. 3-9), 31% of the panelists believe mortgage rates will rise over the next week or so; 7% think rates will fall; and 62% believe rates will remain relatively unchanged (plus or minus 2 basis points).” Source: BankRate.com
All in all the Crystal Coast real estate market continues to improve. Mortgage rates look like they will remain at historic lows. Now is the time to either buy or sell real estate!
Contact Margaret Hitchcock for all of your real estate needs. Margaret is a seasoned Realtor and real estate professional with over 10 years’ experience. Call Margaret today at (252) 269-2893