NEW at the bottom of this blog page, be sure to see the data about two counties at The Crystal Coast, Swansboro to Beaufort.
According to the Triangle MLS in August 2023, “higher mortgage rates, along with elevated sales prices and a lack of housing inventory, have continued to impact market activity during the summer homebuying season. The average 30-year fixed-rate mortgage has remained above 6.5% since May, recently hitting a two-decade high in August, according to Freddie Mac. As a result, existing-home sales have continued to slow nationwide, dropping 2.2% month-over-month as of last measure, with sales down 16.6% compared to the same time last year, according to the National Association of REALTORS® (NAR).”
The Triangle MLS goes on to point out that, “new Listings in the Triangle region decreased 17.2 percent to 3,817. Under Contract Sales were down 10.0 percent to 3,126. Inventory levels fell 17.1 percent to 5,561 units. Prices were fairly stable. The Median Sales Price increased 0.7 percent to $407,990. Days on Market was up 31.3 percent to 21 days. Sellers were encouraged as Months Supply of Inventory was down 5.3 percent to 1.8 months."
"Falling home sales have done little to cool home prices, however, which have continued to sit at record high levels nationally thanks to a limited supply of homes for sale. According to NAR, there were 1.11 million homes for sale heading into August, 14.6% fewer homes than the same period last year, for a 3.3 months’ supply at the current sales pace. The shortage of homes for sale has boosted competition for available properties and is driving sales prices higher, with NAR reporting a national median existing-home price of $406,700, a 1.9% increase from a year earlier.”
In Chatham County, there was a 26.1% decrease in new listings in August. The number of closed sales decreased between 2022 and 2023, falling from 121 to 103 or by 14.9%. The median sales price increased by 0.6%, which meant in August, Chatham County's median sales price was above the median sales price for all Triangle MLS listings.
In Durham County, the average August median sales price increased from $410,500 in 2022 to $425,00 this year, or by 3.5%. New listings and closed sales both decreased, by 21.6% and 14.7% respectively. The August median sales price in Durham County was a bit higher than the median sales price across all the Triangle MLS listings.
In Orange County, there was a 15.4% decrease in new listings in August. The number of closed sales decreased between 2022 and 2023, falling from 158 to 132 or by 16.5%. The median sales price increased by 16.5%, which meant in August, Orange County's median sales price was higher than the median sales price for all Triangle MLS listings.
The number of listings in Person County decreased by 9.1%, from 55 new listings last August to 50 new listings this August. There was a 29.5% decrease in closed sales. The median sales price increased by 11.9%, which meant in August, Person County's median sales price was on par with the median sales price for all Triangle MLS listings.
In Wake County, there was a decrease of 21.5% in the number of new listings compared to August of last year. The number of closed sales also decreased, by 19.3% percent. The median sales prices increased by 0.7% year to date, to $479,900, which is higher than the median sales price for all Triangle MLS listings.
In Carteret County, there were 180 new listings, comprising residential and multi-family properties. There were 134 sold properties in August. While the average list price was $736,210, the average sales price was $572,318, the average list price shows to be increasing significantly in September, which is good news for sellers.
In Onslow County, there were 1,137 active and 495 new listings in August, comprising residential and multi-family properties. There were 429 sold properties in August. While the average list price was $385,733, it shows to be increasing to an average of $420,258 thus far in September.
If you’re ready to buy or sell at the beach in Carteret or Onslow County, Carl Johnson Real Estate can help you at the Crystal Coast. Give us a call at Carl Johnson Real Estate--919-880-0904 to learn more about how we will help.
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