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Old 10-15-2007, 03:44 PM
 
Location: Morehead City, NC
1,676 posts, read 5,355,449 times
Reputation: 1244

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Crystal Coast Real Estate Prices, Statistics and Trends

HEADLINES-Sold Homes On the Market Less Than 4 Months
-39% Difference Between List price and Sold Price
-45% of All Listings Expired

PAST 30 DAYS STATISTICS AND TRENDS
Active: 2569
Number Sold: 118
Under Contract: 110
Back on Market: 201
Expired: 441
Withdrawn:131

UNSOLD PROPERTY
5% of the listed properties over the past 30 days sold. Average list price of an unsold property over the past 30 days was $474K. The average Days on Market for an unsold property was 184 days

SOLD PROPERTY
Average list price of a sold property over the past 30 days was $245K. The average actual price paid for a home was $234K. The average Days on Market for a sold property was 117.

ANALYSIS
Over the past 30 days 95% of all properties did not sell. To understand why, it is important to look at the average list price of unsold properties and the average list price of sold properties. The difference is 48% with the actual paid price difference of 49%. Prices must decline for sales to happen. Unfortunately the current trend shows that the average price for a home along the Crystal Coast is up by 12% compared to the same time period last year.
Price explains the Days on Market. If you see a For Sale sign in a yard-On average that sign has been there for 6 months. Keep in mind that the property is still for sale, even after being listed for 6 months.
If you see a SOLD sign in a yard then it took less than 4 months to sell.
It is Price Point driven-For sales to occur then prices must re-adjust.

PAST THREE MONTHS STATISTICS AND TRENDS
Active: 2569
Number Sold: 453
Under Contract: 430
Back on Market: 201
Expired: 1,155
Withdrawn: 316

UNSOLD PROPERTY
18% of the properties listed over the past three months sold. The average list price on an unsold property was $474K.

SOLD PROPERTY
The average list price of a sold property was $306K. The actual price paid was $291K

ANALYSIS
Over the past 3 months 82% of all properties listed did not sell. But it is very important to note how many homes expired. “Expired” means that the listing agreement term, usually for 6 months has lapsed without the property selling with the contract terminating. 45% of all homes listed expired over the past 3 months.
Again-It gets back to price. The average list price of an unsold home was $474K. The average price paid for a sold home was $291K.
There was a 39% difference between what sellers wanted to get and what buyers were willing to pay over the past 3 months.

Actual Sold Price Averages For The Past 3 Months
Town..........Average Sold Price
Atlantic Beach.....$540K
Emerald Isle........$664K
Morehead City.....$355K
Beaufort............$344K
Newport............$202K
Cape Carteret......$234K
Swansboro..........$231K
Downeast...........$180K
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Old 10-15-2007, 04:52 PM
 
Location: New Jersey/Florida
5,438 posts, read 10,517,549 times
Reputation: 3624
OK it seems that we all no housing sales are pretty bad. One question to the realtors, don't you guys tell the people that are listing the house what you think the house should sell for?. I mean you sign up people for 6 months and tell them that the house is worth XXXXX. Now this post from a realtor says that the people are asking to much. Wouldn't it be prudent to tell the owner of a house that is going to be your listing that the price is unreasonable and won't sell. No it seems that some realtors not saying you Bill are happy just to get the listing for the office and they don't want to lose it to another realtor. Just my thoughts so please correct me if I'm wrong. Thanks.
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Old 10-15-2007, 06:12 PM
 
Location: Morehead City, NC
1,676 posts, read 5,355,449 times
Reputation: 1244
Jersey Man said, "Wouldn't it be prudent to tell the owner of a house that is going to be your listing that the price is unreasonable and won't sell."
Absolutely!!
Markets change. Sometimes radically. And you have to not only understand that fact, but be able to accept that fact and work within the current market parameters.
It's very easy really. Price a property properly and it will sell. Here in the Crystal Coast 14% of all sales are cash-Which means an appraisal is not required.
86% of all sales involve a lending institution with an appraisal almost always required. So having a property over priced does no one any good. It just sits. It is imperative to have a firm grasp of the market and to price property properly.

Here's a video report of the past 5 year history for monthly # sold and average sold prices for the Crystal Coast: Click Here (broken link)

Here's a video report on the past 30 days and past 3 months: Click Here (broken link)
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