The Crystal Coast of North Carolina has always had a very unique and diverse real estate market. It is a market within itself with no other area that can compare to it. Find out what is trending and what surprising results have shown during the month of April.
Crystal Coast Active Listings
Some interesting things are happening with active listings. 17 percent of all listings in April were new on market properties, making 1 in 5 properties first timers. But the number of new on market far outpaced the number of sold properties by a 3 to 1 margin. This is great news for the buyer but added competition for the seller.
The good news for the over-all market health is that for the first time since 2007 the number of active listings dipped beneath the 2,000 mark. The Crystal Coast real estate market has never been able to successfully handle more than 800-900 active, on-market listings at a single time. At that level of inventory the market is able to flip every 5-6 months. It was 2005 the last time we were at that level. Currently the market is holding an 18 month supply of homes or three times that of what is considered normal.
The glut of inventory and the continuous influx of new listings has slowed down the probability of selling any given home. Right now a home has a 34 percent chance of selling in its first 3 months, 43 percent chance in 6 months, a 50 percent chance its first year. At the current rate of sales/new listings the entire market should take 18 months to sell.
The homes that are selling are the homes priced correctly and/or priced competitively. One of the reasons for the glut of real estate inventory is that list prices have never really adjusted to the present market conditions. Trying to hang on to yesteryear, too many properties are listed too high so they sit unsold.
A properly priced home is one that truly reflects the current day market. Yes, 5-6 years ago the market was 20-30 percent higher. But that was 5-6 years ago and not today.
The competitively priced homes are the homes that are putting more emphasis on actually selling. These are homes that have fixed anything broken, cleaned anything dirty and are priced attractively.
The month of April saw average sold prices at $211,000 with median prices at $175,000. A whopping 25 percent of all sold homes were $100,000 and under! But the bulk of the sold homes (at 57 percent) were under $200,000.
Corresponding with the sales for lower priced properties is the high number of cash buys. 35 percent of all homes sold during the month of April were for cash, that’s about three times higher than normal. 30 percent were by conventional loan and 22 percent VA loan.
Here is a question to ponder. If all things are equal between you and your competition, what is it that will inspire someone to buy your home?
Contact Margaret Hitchcock of Hitchcock Realty today at (252) 269-2893. She is a Realtor and experienced real estate professional. Margaret is highly trained and qualified in performing estimations of home values and understanding the market trends along the Crystal Coast of North Carolina.
The Crystal Coast of North Carolina is comprised of the following towns and municipalities: Morehead City, Beaufort, Atlantic Beach, Emerald Isle, Cape Carteret, Davis, Otway, Cedar Island, Harkers Island, Cape Lookout, Bogue, Swansboro, Havelock, Cherry Point, Stacy, Sea Level, Pine Knoll Shores, Bogue Banks, Fort Macon, Indian Beach and Cedar Point