Interested in buying or selling a home along the Crystal Coast of North Carolina? This video is for you! Hi, my name is Denis Raczkowski and I am an agent with the Crystal Coast Realty Group. It is May 9th and this is a quick post about real estate trends in the beachfront and sound front towns and communities along the Crystal Coast. When making real estate forecasts, you can employ any number of different data points and, if you’re not careful, you can find yourself in the weeds wondering whether to buy or sell or sit out the market. I like to keep things simple, so I 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 for the asking.
And now, let’s look at the numbers. Starting with price trends, the numbers for May 2023 are rather strong. For example, on Bogue Banks there are four major communities, Emerald Isle, Indian Beach, Pine Knoll Shores and Atlantic Beach. Of these, all but Atlantic Beach have positive price trends. In fact, my forecast shows an annualized price increase of 113% in Pine Knoll Shores, which has had a positive price trend for more than four quarters running. On the mainland, where we have the towns of Morehead City, Beaufort, Newport, Cape Carteret Swansboro and Jacksonville, to name a few, only Beaufort has a negative price trend and the incredibly 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 56 in Emerald Isle and Indian Beach on western Bogue Banks continue to be less than that of the average DOMs of 90 in the towns of Pine Knoll Shores and Atlantic Beach on eastern Bogue Banks. On the mainland, the average DOM in every community I follow, with one exception- Beaufort- is less than the average DOM in the towns on Bogue Banks. It's worth noting the relatively low average DOM of 27 in Jacksonville and this is a continuing trend that I forecasted last month.
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, both on Bogue Banks and on the mainland, forecasting a strong seller's market moving forward. On the mainland, the list-to-sold ratio of 99.96 in Swansboro is especially impressive. Right behind is Jacksonville with a list-to-sold ratio of 99.62
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 relatively long 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 just below 100% at 98.31, 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 just about 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. The Swansboro market is equally impressive with homes on market for less than two months and prices climbing rapidly. All in all, low DOMs and high list-to-sold ratios forecast a strong sellers' market here along the Crystal Coast.
Faced with these forecasts, what are my buyer clients looking at the coastal real estate market going to do? Simply speaking, buyers and sellers are not spending much time negotiating over sales price and that will continue moving forward. But, there are two markets where negotiations are likely: In Atlantic Beach, on Bogue Banks, where average DOM is almost 100 and the annualized price trend is trending downward. And, in Beaufort, on the mainland, where the average DOM in Beaufort is well over 100 days and the annualized price trend mirrors the downward trend in Atlantic Beach. So, buyers, if you are looking for a deal, let’s focus on Atlantic Beach and Beaufort, the two most historic towns on the Crystal Coast.
Every journey begins with a first step and your first step should be to contact me by clicking on the Home Buying Link in the comments below. Click on this newsletter link 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. Thanks for reading!
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