Buying a Home in Carteret County. Whether someone buys or not usually depends on the home prices. But this is a very diverse area so consequently the prices are very diverse too. Better known as the Crystal Coast our coastal region has everything from deep back woods to big beachfront properties. We’ve got city, rural and everything in-between. In addition the area is still righting itself from the storms of the real estate bubble and burst. Home prices have been bouncing around. What was up one year is done another and vice versa.
What we have done is compared year to date average sold prices of the major communities to the same time period last year. Notice how some areas have seen a rise in price, others a drop and still others appear to remain the same. Keeping up with it all can be a challenge.
Buying a Home: The Beach
Buying a home in Atlantic Beach got a whole lot cheaper this year. The average sold price of a home in 2012 was $445K. This year it has dropped by 18 percent down to $364K. Conversely the price of an Emerald Isle home has shot up by 16 percent. Last year the average sold price of an Emerald Isle home was $409K now it is $476K.
Pine Knoll Shores, Indian Beach and Salter Path have prices all over the place. Generally speaking that is always going to happen simply because these communities are small. One sale can alter average prices tremendously. So never be surprised if you see average sold prices or percentages showing an extreme up or down.
But on to the numbers; Last year a Pine Knoll Shores home sold for $345. This year the average price is $436K. Salter Path and Indian Beach homes last year sold for $247K. This year it is $370K.
Buying a Home : Mainland
Just across Bogue Sound onto the mainland we find prices more stable. Buying a Morehead City home last year cost $230K. This year it cost $238K. A Beaufort home last year sold on averaged for $202K but now are selling for $228K. Swansboro, the “friendly city by the sea” has seen home prices stabilize. Last year houses were selling for $194K and this year those prices have barely nudged up to $195K.
Two other very consistent locations along the Crystal Coast have been Down East and Newport. Statistically speaking the Down East area has seen no rise in price. Both last year and this year average out to $160K.
Buying a home in Newport last year would have cost you $151K. This year the price is $154K.
All of Carteret County has been a very interesting real estate market to watch. It’s been since 2005 that it had a manageable supply of homes. This market has been glutted to 3-4 times a sustainable level. Foreclosures and short sales have been a large part of what has been sold here. In fact 23 percent of all sales so far this year have been distress sales.
Diversity of area, recovering prices, glut of inventory and a few other factors keep this real estate market constantly changing. That’s why it is important to work with an experienced Realtor like Margaret Hitchcock of Hitchcock Realty. Margaret is a multi-million dollar a year producer. She has successfully represented buyers and sellers in all types of transactions. Contact Margaret Hitchcock today at (252) 269-2893.
Home Buying Process from HUD.