As of today, May 8, 2024, people are actively engaging in real estate transactions along the Crystal Coast. Are you considering joining them? Allow me to present you with some key figures to aid your decision-making process. This concise article delves into the current state of 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, List: Sold ratio, and Price trend. 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 I recommend to my clients when they list and when they make an offer. After all, you gotta live somewhere.
Average DOM is essential in a dynamic market like the one we are experiencing here in Carteret and Onslow counties. Since my in-depth analysis covers ten towns and communities spanning over a hundred miles on the Crystal Coast, I divide my 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 carve up the island into four sections or elements: Emerald Isle, the combined communities of Indian Beach & Salter Path, Pine Knoll Shores, and Atlantic Beach. Of these, only Pine Knoll Shores has less than a triple-digit average DOM, meaning that half the homes listed in Pine Knoll Shores were on the market less than 97 days, and half sold in more than 97 days. This stat has remained constant throughout 2024. Elsewhere on the island, the average DOM greatly exceeds 100 days. In the combined Indian Beach and Salter Path communities, the average DOM of 309 is the highest on the island, which is down from an average DOM of 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, and Newport, and the combined communities of Cedar Point & Cape Carteret, and two are in neighboring Onslow County, the towns of Swansboro and Jacksonville. Here, the average DOM is above 100 for every town and community in Carteret County and significantly below 100 in both towns in Onslow County. When making offers, I recommend buyers consider how an individual home’s DOM compares to the average DOM in that town or community. Depending on that comparison, maybe the buyer offers more or maybe less. Either way, knowing the average DOM gives buyers a basis for the amount they offer. That can save some money either in the offer or in the negotiations.
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. On Bogue Banks, the list-to-sold percentage is in the eightieth percentile in both Emerald Isle and Pine Knoll Shores. On the mainland, the list-to-sale ratio is at or below 95% in all six communities I follow. That is a significant change from earlier this year. 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 is below 95% in all but two towns and communities, this may signal the beginning of a buyers’ market. If you don’t see a town or community you are looking in, stay with me until the end of this video and learn how I can analyze it for you. It’s all free with no strings attached.
The third number is the Price trend, which helps track long-term market trends and get answers to questions like Are prices dropping? Is the market in a bubble? The numbers for May 2024 suggest 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 numbers were similar, suggesting a slight cooling in demand, reflected in diminished list-to-sold ratios. On the mainland, a similar trend is emerging, with half the towns I follow showing positive price trends and three showing neutral or negative price trends. Overall, the spring real estate market on Bogue Banks and the Crystal Coast has the makings of a strong buyers’ market, and we haven’t had one since before the COVID-19 pandemic.
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 the town and your email in the comments below, and I’ll analyze it for free. Have a house to sell? I use 50 properties to come up with my evaluation, not three like most agents when I recommend 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 ASAP. If you learned something, hit the subscribe button to avoid missing my next blog on living on Bogue Banks and the Crystal Coast. 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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