There are two questions a home seller asks when sitting down with a listing agent. First is, “How much can I get for me home?” and secondly, “How long will it take to sell it?”. These are great questions, logical questions and are the determining factors for whether to list or not and what marketing strategy to employ.
Crystal Coast Homes
To give everyone along the Crystal Coast a sense of “how much” and “how long” it takes to sell a residential property we’ve highlighted the activity of some of the key towns and cities of the area. Here we show the average sold price, how long the home was on the market for sale, the time spent under contract to close as well as the supply of inventory each town has. All figures are year to date (YTD) with the exception of the supply of inventory. We factored the most recent month (May) to avoid any double counting of re-lists and back on market inventory.
Over-all health of the Crystal Coast real estate market is doing well. There is a 14 month supply of homes for sale with average sold price at $215K. The average days on market (DOM) before a home got sold is 227 days. The average time under contract to close was 44 days. So in essence, a home was for sale for 6 months before an acceptable offer was made. The YTD sold price is 6 percent less than the same time period in 2013.
The beach as you might expect is the most expensive place to buy. The average sold price for an Emerald Isle home was $423K, Atlantic Beach $402K and PKS/Salter Path was at $416K. What is somewhat surprising is that Emerald Isle is the number one selling hotspot for the entire Crystal Coast. More homes have been sold there than anywhere else! The YTD sales total 63 homes. This has helped to reduce the glutted inventory which currently stands at a 22 month supply.
While Emerald has seen the highest rate of sales, Pine Knoll Shores and Indian Beach are seeing inventory sitting the longest. The average length of time it has taken this year to sell a home there has been 471 days.
Havelock is the best real estate market place with all things considered. The average sold price of a Havelock home is $139K, DOM is at only 145 days with a supply of inventory at only 10 months.
Real Estate Inventory
Supply of inventory is a reliable way to measure the rate of sales. It works on the question of “if” no new inventory came on the market for sale, “then” how long it would take to sell the entire inventory currently on the market. A 6 month supply of inventory is considered to be a normal stable market and is why listing agreements in years gone by were for that length. Carteret County until recently has seen the supply reach as high as 4 and 5 times what is considered normal or stable.
Another surprise to some is the price disparity between Morehead City and Beaufort. The average sold price of a Morehead home averages out at $208K while a Beaufort home cost almost 25 percent more at $274K. The DOM are about twice that of Havelock with a Beaufort home taking 286 days to sell and a Morehead City home a little less at 257 days. The supply of inventory is the same for both cities at 17-18 months.
Over-all market conditions along the Crystal Coast have very much improved. Just keep in mind that this market is like non-other and is unique in of itself. Also within this market place diversity of real estate reigns! And lastly, we are still coming out of the real estate boom and bust. As a result, some very target specific opportunities can avail themselves in reaction to the adjustment.
Margaret Hitchcock is a Realtor and owner/operator of Hitchcock Realty in Morehead City along the Crystal Coast of North Carolina. Whether it is a home or condo, on the beach or mainland be sure to contact Margaret today. Visit her online at www.HitchcockRealty.net or call (252) 269-2893.