Spring is busting out right now, and my phone is bursting with questions about the best time to sell a home here where I live in Emerald Isle and Carteret, as well as Onslow counties along the Crystal Coast. Most real estate agents will tell you that NOW is always the best time to buy or sell a home. But I prefer to look at the numbers. Today is April 10, 2024, and this quick article is all about what’s happening in local real estate markets in Emerald Isle and other beachfront and soundfront towns and communities in Carteret and Onslow counties.
By now, you know that I focus on THREE numbers: Average Days on the Market, Price trend, and List: Sold ratio. Stay with me to the end of this article to learn how to get a customized assessment of your home. It’s all free with no strings attached. And now, let’s look at the numbers. The first number is Average Days on the Market or DOM. This number sets expectations for both the seller and buyer. It helps justify the price to list and offer, especially in a dynamic market like the one here in Carteret and Onslow counties. I divide the real estate market into two broad segments: the barrier island called Bogue Banks and the mainland known as the Crystal Coast. On Bogue Banks, I divide the island into four segments: Emerald Isle, the combined Indian Beach & Salter Path communities, Pine Knoll Shores, and Atlantic Beach. Of these four segments, only Pine Knoll Shores, with 78, has less than a triple-digit average DOM, meaning that half the homes listed in Pine Knoll Shores were on the market less than 78 days, and half sold in more than 78 days. In the combined Indian Beach and Salter Path communities, the average DOM of 347 is the highest on the island at just under a year but that is down from an average DOM over one year a month ago. On the mainland, I divide the Crystal Coast into six segments. Four are in Carteret County, the towns of Morehead City, Beaufort, Newport, and the combined communities of Cedar Point & Cape Carteret, and two towns, Swansboro and Jacksonville, in Onslow County. Here, the average DOM is below 100 for Morehead City, Swansboro, and Jacksonville and above 100 in Beaufort, Newport, and the combined communities of Cedar Point and Cape Carteret. When making offers, I recommend buyers consider how long a home's been on the market compared to the average days on the market in that town or community. So, knowing the DOM can save you some money.
The second number is the list-to-sold ratio or sales percentage. This is another number that is a big deal. Previously, this number was at 95% or higher across the board. That is not the case this month. In Emerald Island, on Bogue Banks, the list-to-sold percentage is 78%. On the Crystal Coast, Newport and Swansboro also have list-to-sold percentages below 95% at 93.67% and 93.94, respectively. Sales percentages help set expectations for sellers on what kind of offer they may receive, and sales percentages can justify what kind of offer buyers make. When the list-to-sold ratio exceeds 95% in 7 out of 10 markets on Bogue Banks and the Crystal Coast, buyers will submit offers over the list price, which is especially noticeable in Pine Knoll Shores, where the sales percentage exceeds 100%.
The third number is the Price trend, which is useful in tracking long-term market trends and getting answers to questions like Are prices dropping? Is the market in a bubble? Let’s look at the numbers. You might be surprised. This number suggests that the market is in transition. On Bogue Banks, prices are decreasing everywhere but in Atlantic Beach. On the Crystal Coast, half the towns are experiencing price increases, and half are seeing prices decrease. One month does not make a trend, but April’s number suggests a slight cooling in demand, and this is reflected in diminished prices, making the spring real estate market on Bogue Banks and the Crystal Coast a good one for buyers.
Put your email in the comments below, and I’ll send you a PDF of this chart. If you don’t see a town you are interested in, put your email in the comments below, and I’ll analyze it for free. Have a house to sell? I use 50 data points, not three like most agents, to create a price to list your home. I can only do five of these a week, so put your email in the comments below and request one. If you learned something, do me a favor and subscribe to this blog; it’s free. Check out my book, “Live Where You Vacation,” on Amazon and Kindle. Be safe and have fun, and I will see you next week. Thank you so much for reading.
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