The Crystal Coast real estate market continues to be a unique market with trends not found around the rest of the state. The good news is that sales have improved and inventory has started to loosen. The interesting real estate news is that average sold price’s are scattered compared to recent history with the bulk of home sales skewing towards the more economical.
Crystal Coast Summary
During the month of March there were 1,924 homes for sale with 120 of them getting sold. There were 335 new homes that came on market for sale. The average sold price for a Crystal Coast home was $223,000. The median sold price was $188,000.
Only 6 percent of the homes on market sold during the month of March. For every 1 home sold there was 2.8 homes that came on market to replace it.
There is currently a 16 month supply of inventory in the Crystal Coast real estate market place. This means that if no new homes came on market for sale that it would take 16 months to sell off the entire inventory at the current rate of sales. A 6 month supply is considered a normal stable market. It has been almost 8 years since the Crystal Coast has been at the level. There was a 19 month supply in March, 2013
Chance of Sale
With all things considered when a home is properly priced and marketed there is a *36 percent chance of an offer in 1 month, 45 percent chance in 6 months and 49 percent chance in the first year. *Foreclosures and distressed sales have influenced the first month’s percentages.
Almost 70 percent of all homes sold in the Crystal Coast were priced at $250,000 and below. 56 percent of the sales were under $200,000 and 23 percent of all sales were under $100,000. Currently the average sold price is $223,000 and the median price $188,000. March of 2013 saw the average sold price at $248,000.
45 percent of all sales were with a conventional loan. 23 percent were cash and 21 percent have been with a VA loan. Cash sales along the Crystal Coast have been as high as in the 40 percentile in recent years.
The continued glut of inventory and affects of foreclosures/distress sales is the seller’s greatest competition. Price point can have more influence over the sale of a home than value. An accurate and ongoing assessment of each home is vital.