Market reports tend to be dry, flat and rather boring. Who wants to look at a bunch of numbers anyway? Let’s go look at houses! But even for those not prone to looking at stats may want to change their mind when they see the results from the June report.
This past June saw some of the best and most productive real estate transactions than we’ve seen in 10 years. Keep in mind it isn’t just sales that determine the health of a market but rather the over-all flow of inventory.
Currently the Crystal Coast has a 10 month supply of inventory. In theory this shows that if no new inventory came on the market for sale it would take 10 months to sell off all of the homes currently on the market. The last time inventory was this low was 9 years ago when we had a 7 month supply. Why is this important? The Crystal Coast has been glutted with homes for sale for years. It has been a slow and stagnate market. It has not been uncommon for homes to sit 12, 18 even 24 months or longer before they were sold. The goal is to get the inventory down to 6 months or less which is considered a normal, healthy market.
Of the 174 homes that sold last month the average time on market was 6.5 months. This is fantastic news. The average sold price of a Crystal Coast home was $250K which is about $8K below the 10 years average.
The highest concentration of homes sold has been in the $200K and under range. 49 percent of all home sales fell in that price range. Only 16 percent of the homes sold were in the $300K-$500K range. After this we start getting into the higher end homes.
Conventional loans have been coming on strong with 40 percent of all properties bought going that route. 23 percent were VA and 22percent were bout with cash. Interestingly 6 percent of all homes sold last month were owner financing/other.
The amount of homes for sale is at a 9 year low too. But it is still too many for this market. Right now there are 1,802 residential properties (not condos) for sale. We have been averaging around 2,100 homes on market. But the reality of the situation is that this market has never been able to successfully handle more than 900-1,000 homes at a time. When we are at that level is when we see a 5-6 month turn-over of homes.
Real estate is very attractive in the Crystal Coast market now and getting better each day. Now is the best time to buy in 10 years!
Margaret Hitchcock is an experienced Realtor that represents buyers and sellers in the Crystal Coast area including Morehead City, Beaufort, Atlantic Beach, Emerald Isle, Havelock, Newport and all of Down East. Call Margaret today at (252) 269-2893.