Spring is the best time to sell a home here in Emerald Isle, Carteret, and Onslow counties, so right now, my phone is blowing up with questions like, “Is this the best time to sell? Or is this the best time to buy? Or should I wait?” Most real estate agents will tell you that NOW is always the best time to buy or sell a home. But that’s not true. I prefer to look at the numbers and see what the numbers tell me. With Spring only a week away, now is a GREAT time to look at the numbers. what’s happening in the local real estate markets right now. Today is March 21, 2024, and this quick post 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.
You want to look at THREE numbers: Average Days on the Market, Price trend, and List: Sold ratio. Stay with me to the end of this post 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 identify four towns or communities in Carteret County on the island of Bogue Banks: Emerald Isle, Indian Beach & Salter Path, Pine Knoll Shores, and Atlantic Beach. Only Pine Knoll Shores, with 96, had less than a triple-digit average DOM, meaning that half the homes listed in Pine Knoll Shores were on the market less than 96 days, and half sold in more than 96 days. In Indian Beach and Salter Path, the average DOM of 495 is the highest on the island at over a year and a quarter! On the mainland, I also identify four towns or communities in Carteret County: Morehead City, Beaufort, Newport, Cedar Point & Cape Carteret, and two towns, Swansboro and Jacksonville, in Onslow County. Here, the average DOM is OPPOSITE of that found on Bogue Banks. On the mainland, ONLY Beaufort, with a DOM of 145, has a more than double-digit average DOM. The average DOM in Onslow County is lower than the average in Carteret County. When my buyer wants to make an offer, I recommend the buyer consider how long the home's been on the market compared to the average days on the market in that town or community. So, DOM is important.
The second number is the list-to-sold ratio or sales percentage. This is another number that is a big deal. Across the board, this number is at 95% or higher. It’s a number I use to set expectations for my sellers, and it can set expectations on what kind of offer my buyer puts in. In a dynamic market like what we are experiencing in Carteret and Onslow counties, buyers can get into a frenzy, wanting to make the winning offer. You want to win, so you are willing to bid twenty thousand over the list price or whatever the case may be, and the reality is you may have to overbid when the list-to-sold ratio exceeds 95% across the board. Knowing this number makes that reality a bit less painful.
The third number is the Price trend, which is essential if you think a market shift is happening or about to happen. Are prices slowing down? Are we in a bubble? Let’s look at the numbers. You might be surprised. The numbers tell me that the market is accelerating everywhere on Bogue Banks except for Pine Knoll Shores. On the mainland, the market is slowing everywhere in Carteret County except for Newport. In Onslow County, the Swansboro market is experiencing an uptick, while the Jacksonville market is showing signs of slowing down. except Emerald Isle on the island and Newport and Morehead City on the mainland. I may not be the best-known agent, but by using numbers, I can tell you that it's mid-March, and the spring real estate market on Bogue Banks is shaping up to be competitive.
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 hit the subscribe button; 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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