Crystal Coast Real Estate Report (Excerpt) (days on market, for sale, real estate)

[Bill Hitchcock]

Here is an excerpt from the Crystal Coast real estate market report my wife's real estate agency just released. The excerpt is reprinted here with permission and to honor the policy here at CD all names and references to agents or agencies have been removed.
Again, this is an excerpt and not the complete report but I do believe you'll find this info useful and of interest.

"Currently the Crystal Coast real estate market has a 9 month supply of residential homes for sale. 6 months is considered a normal, stable market. Nationally the housing market has a little over a 5 month supply according to the Wall Street Journal. All of this is great news considering Carteret County had a 3 year supply of homes just a few short years ago.

This all falls in sync with days on market (DOM) before a home gets sold. Currently our market is seeing 233 days as an average for a home to be listed before it gets sold. This is almost exactly in line with the supply of inventory. Now before you get too excited, the 233 DOM is only for sold homes. The DOM for unsold homes can be double and triple that time.
In fact, if we use January 1 of this year as our starting point then 66 percent of all homes listed are still sitting on the market as unsold. 14 percent went off market as a contract expiration or cancelation by the seller and never renewed. Or, the seller just got so frustrated with the delays and withdrew their property without re-listing.

Only about 20-21 percent of the homes that were listed on or before January 1 of this year have been sold.

The average sold price of a Crystal Coast home is $233K. The average list price is $340K. The target market for our area is homes in the $200K and under range. This is where a full 56 percent of all homes sold came in at. 26 percent of all homes sold fell between $200K and $350K. Sales really start to drop off at the next level where only 10 percent of all homes sold fell between the $350K and $500K sold price range.

How homes are bought is still quite impressive. This year so far a total of 26 percent of all homes bought were paid for with cash, 39 percent with a conventional loan and 23 percent with a VA Loan."