Onslow and Carteret County real estate markets have been very different from each other this past year. One was up and the other down. It appears to be a culmination of a five year trend.
Carteret County currently has a median sold price of $185K. Onslow County is right at $160K. It may be a surprise to some to see how close in price the two counties are. But we are using median prices and not average prices. Median prices are the price point in the middle of the list of all sold prices. The idea is to lob off the fringe top and bottom and concentrate are the more active and realistic middle portion of sales. That’s the idea in theory anyway.
Carteret County is unique in that it has a large and popular beach with some very expensive multi-million dollar homes. Just a handful of these sales can cause the average sold price to skew awkwardly up. For example the current median sold price for a Carteret home is $185K while the average sold price is a $238K.
Five years ago the median sold price for an Onslow County home was $153K. Last year (2012) it was almost $170K. This year the median price dropped to $160K.
Five years ago the median sold price for a Carteret County home was $190K. This year it is $185K with slight bumps up and down between during the five year period.
Home sales are an even bigger story. Five years ago Onslow County sold approximately three times as many homes as Carteret County did. In 2013 Onslow only sold about 50 percent more. The good news for Carteret County is that the number of homes being sold has been on a steady increase. From 1193 homes sold in 2008 to 1,478 homes sold this past year. Unfortunately the supply of homes is still way too much. Carteret County currently has a 20 month supply of inventory on the market for sale.
Onslow County went from selling 3,065 homes five years ago to selling 2,750 this past year. The supply of inventory has been holding steady at around 11 months.
Price precedes sales so it looks like Onslow County raised its prices after experiencing abundant sales. Conversely a lack of sales has brought a drop in price.
Carteret has had a different tactic. Instead of adjusting price down to increase sales, it has sat on its price and awaited the market to catch up. This is a fine and dandy tactic if you have the time to stick it out, in this case 5 years. This also explains how sales have increased all the while the supply of inventory has stayed bloated.
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.