Spring has sprung and we are entering the best time to be selling a home here in Emerald Isle and Carteret County. Hi, my name is Denis Raczkowski and I am an agent with the Crystal Coast Realty Group. It is April 3rd and this is a quick video about real estate trends in the beachfront and sound front towns and communities along the Crystal Coast. Before I get to what the numbers are forecasting, it’s worth reviewing why Spring is a great time to be selling a home here. First, the supply of ready, willing and able buyers is highest in spring. People want to get outside and their first thought is to go to the beach where it is sunny and warm. Second, thanks to tax refunds, people have a little extra money, money that could go toward a down payment on a house. Third, more daylight into the evening extends the hours buyers can see more houses. Fourth, landscaping and curb appeal is at its finest in spring, what with all the new lawns and colorful flowering plants. And fifth, the vacationing hordes don’t start arriving until around Memorial Day.
Hundreds of data points can be used to describe trends and develop forecasts for local real estate markets and the markets on Bogue Banks and the adjacent mainland are no exception. If you are not careful, however, you can find yourself in the weeds wondering whether to buy or sell. To keep things simple, I’m going to focus on three numbers that you absolutely need to know. These three numbers are Price Trends, Average Days on the Market or DOM, and List-to-Sold ratios. Stay with me to the end of this video and you will get the opportunity to request a customized assessment of your home and learn even more about the Crystal Coast real estate market. It’s all free with no strings attached.
And, now, let’s look at the numbers. Starting with price trends, the numbers for April 2023 are rather mixed. For example, on Bogue Banks there are four major communities, Emerald Isle, Indian Beach, Pine Knoll Shores and Atlantic Beach. Of these, only Indian Beach and Pine Knoll Shores have positive price trends. And only Pine Knoll Shores has had a positive price trend for more than three quarters running. On the mainland, where we have the towns of Morehead City, Beaufort, Newport, Cape Carteret Swansboro and Jacksonville, to name a few, the upward pricing trend in Swansboro, continues to stand out.
Turning to my second key number, Average Days on the Market or DOM, the DOMs of 44 in Emerald Isle and Indian Beach on western Bogue Banks continue to be less than half that of the DOMs of 94 in the towns of Pine Knoll Shores and Atlantic Beach on eastern Bogue Banks. It's worth noting that this average DOM of 94 is almost double the average DOM of 52 for all the mainland communities I follow. Of special note is Jacksonville where homes are moving very quickly with a DOM of under 30 days.
My third key number you as a buyer or seller needs to pay attention to is the List-to-Sold ratio. This ratio exceeds 95% in all communities across the board. In Indian Beach and Pine Knoll Shores, located on Bogue Banks, this ratio exceeded 100% meaning that homes sold for more than list price. On the mainland, the list-to-sold ratio of 99.6 in Jacksonville, is especially impressive.
So, what can we learn from these numbers? For me, several trends really stand out. First, among the beachfront communities on Bogue Banks, home prices in Pine Knoll Shores are still very strong despite spending a lengthy time on the market. If you were my seller client in this town, I would recommend that you get your home listed with me ASAP. The number of buyers is high this time of year and because of a high DOM you can expect lots of eager eyeballs looking at your home. With a list-to-sold ratio well above 100%, expect to have a great offer by early summer. And, for home owners in Indian Beach, the market really sticks out for sellers. Houses are moving quickly AND houses are selling for more than the asking price. A BIG Seller Win-Win. On the mainland, in Jacksonville, homes also are moving quickly AND prices are staying steady as well.
For my buyer clients, looking at the coastal real estate market as a whole, home prices are beginning to trend lower. But with average DOMs of less than two months across most of Carteret and Onslow counties and list-to-sold ratios exceeding 95% everywhere, simply speaking, the Crystal Coast remains a strong real estate market where buyers and sellers are not spending much time negotiating over sales price.
OK. We have reached the interactive section that I promised at the beginning of this video. If I didn’t mention a town or community that you are interested in, say DownEast or New Bern, for example, click on the Home Buying link in the comments section below and I’ll do this analysis for you for free. If you have a friend who’s been thinking about a home purchase in coastal Carolina, be sure to tag them in the comments. They NEED to see these numbers. Even if they don’t use me, they still need to see these numbers. If you’ve been thinking about selling your home here along the Crystal Coast, click on the CMA link in the comments to request your 50 point CMA TODAY. I will do, for free, no strings attached, what an appraiser will charge $800 for and you’ll get a report that will show you EXACTLY what you might expect to gross if you were to sell your house right now or in the next 6 months. To learn more about real estate trends on Bogue Banks and the adjacent mainland waterfront communities, click on the newsletter link in the comments below to subscribe to my newsletter. Or, sign up for my blog on my website, www.EIHomesforSale.com, and subscribe to Emerald Isle Vacation Home Specialist on Facebook and YouTube.
For more information on living the dream on Crystal Coast, please go to www.EmeraldIsleHomesforSaleNC.com and sign up for my blog. Explore the video tab for my weekly uploads to my YouTube channel, Emerald Isle Vacation Home Specialist. Subscribe to my YouTube channel and receive free donuts at my Flip Flops Donut shop. Ready to purchase property in Emerald Isle or on Bogue Banks? Call me at 919-308-2292. Text your email address to 919-308-2292 and subscribe to my newsletter. My book, "Live Where You Vacation" is available on Amazon.com or at Kindle. I post weekly blogs and videos, on real estate, on personal improvement and life here along the Crystal Coast. Thanks for reading. See you next week.
Great data. Nothing but the facts. In this day and age, this is rare.