Crystal Coast Home Prices. It’s been a while since home sellers have had some consistently good news. The recent market reports not only show the trend continuing but March prices show a large spike upwards.
CoreLogic® (NYSE: CLGX), a leading residential property information, analytics and services provider, just released its March report. It shows that, “Prices nationwide, including distressed sales, increased 10.5 percent on a year-over-year basis in March 2013 compared to March 2012. This change represents the biggest year-over-year increase since March 2006 and the 13th consecutive monthly increase in home prices nationally.”
National sales are good but all real estate is local. What happened here along the coast during the same time period? Margaret Hitchcock of Hitchcock Realty sourced the local Multiple Listing Service (MLS) for the answer.
“All though sales were somewhat flat, sale prices climbed in March, 2013 compared to March, 2012. The Multiple Listing Service (MLS) area saw a 13 percent increase in average sold home prices in year to year comparisons. This past March the average sold price of a home sold for $249K compared to $220 the year before.
CoreLogic further suggest that April average sold prices nationwide will increase by 9.6 percent. We will have to wait and see. But the April results are in and did see a major rise in sold price in. April of this year saw prices up 20 percent over the prior year. This year’s average home sold for $248K while last year’s prices averaged at $206K.
Month to month increase in price was negligible while nationally a 2-3 percent increase was seen.
There are several key points that need to be brought up when comparing the local market with what is happening across America. The local market is divided into four very distinct selling seasons that parallel the four seasons of the year. The first quarter sales are as dead as winter itself. But sales spike upwards at the beginning of second quarter.
The next big jump in sales is the beginning of the last quarter. That might sound odd for a beach community. Most people assume that the dog days of summer bring on the sizzling hot summer sales. But the month October traditionally shows the increase.
Another very important factor about the local real estate market is time delay. Anything of substance that affects national sales can take 2-3 years for the affects to be felt locally. The rise in foreclosures is a good example.
Geographically the area is very diverse so prices tend to represent that diversity. For example, a house in Newport that sells for $170,000 would probably sell for $340,000 in Morehead City. Move that same house to Atlantic Beach or Emerald Isle and the price would be closer to $700,000 or more. All of these communities are just separated by a few miles. But a 5 minute drive in Carteret County and the can double the value of almost any property.
Last but not least the Crystal Coast housing market is unique unto itself. It is so unique that it does not even bare a resemblance to the adjacent Onslow or Craven Counties. The pricing is completely different as well as sales and inventory. In fact, while the Crystal Coast real estate inventory remains 3 times higher than what is considered normal, the surrounding counties have not seen such a glut.
For more information about market trends, buying a home, selling a home, foreclosures and short sales contact Margaret Hitchcock at Hitchcock Realty today at (252) 269-2893. Margaret is an experienced Realtor with many years working with all types of clients from all over the country. Margaret Hitchcock will instill confidence in you during the real estate process.
Morehead City, Beaufort, Atlantic Beach, Emerald Isle, Swansboro, Downeast, Newport and Havelock.
Crystal Coast Home Prices