Local Market Update - September 2023

Be sure to see the data at the bottom of this blob that share data about two counties at The Crystal Coast, Swansboro to Beaufort.

Fall & Winter might be the best time to consider buying & selling a home. Once summer ends, sellers have less competition as there are fewer homes on the market.  This is a positive for the seller as there is more demand for homes for sale from the buyer in fall and winter.   Across the Triangle Region as per The Triangle MLS, The Median Sales Price increased 0.7 percent to $407,990.

The buyers that are highly educated by their real estate professional understand that a higher interest rate is not for ever.  "Be married to the home not the rate." You can refinance when rates go down. Brian Buffini and Dr. Lawrence Young have both predicted lower interest rates in 9 months or so.  This is due to an election year.  As history tells us, there has in most cases been a rate decrease in an election year.  Check out Brian Buffini's Bold Prediction.

On the national level as per the National Association of Realtors, Prices have continued to increase this fall despite softening home sales nationwide, as a lack of inventory has kept the market competitive for prospective buyers, sparking bidding wars and causing homes to sell for above asking price in some areas. Heading into September there were only 1.1 million units available for sale, 0.9% fewer than a month ago and 14.1% fewer than the same period last year, according to NAR. As a result, the U.S. median existing home sales price rose 3.9% year-over-year to $407,100, marking the third consecutive month that the median sales price topped $400,000.

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."
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"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 September. 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 September, Chatham County's median sales price was above the median sales price for all Triangle MLS listings.

In Durham County, the average September 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 September median sales price in Durham County was a bit higher than the median sales price across all the Triangle MLS listings.

In Wake County, there was a decrease of 21.5% in the number of new listings compared to September 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 September. 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 October, which is good news for sellers.

In Onslow County, there were 1,137 active and 495 new listings in September, comprising residential and multi-family properties. There were 429 sold properties in September. 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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​To learn more about the Crystal Coast CLICK HERE.