Patience is a virtue in the Carteret County housing market.
With historically low inventory, buyers are biding their time waiting for new properties to hit the market.
We have been eagerly waiting to see how the spring market would perform and unfortunately, inventory remains tight.
New single family listings dropped 9.5 percent month-over-month to 90, a decline of 34 percent year-over-year. Pending sales decreased 25 percent month-over-month to 77, while active listings at month-end rose slightly to 160 single family homes. Average days in MLS dropped slightly from 59 days to 55.
Traditionally, at this time in the spring selling season, we see an increase in both active listings at month-end as well as new listings. The sluggish movement in these categories leaves a lot to be desired.
The average single family home price rose from $605,338 in March to $621,447 in April, which is considerably higher than the average price of $577,553 this time last year. As we know, last year was a different story when bidding wars were the norm with prices escalating in some cases over 10 percent above the list price. Thankfully, this escalation calmed down a bit, showcasing more stabilized pricing.
The inventory decline in an already tight market raises some concern as to what the rest of the year has in store for the Carteret County market. Unfortunately, affordability took a hit with higher tax bills, coupled with increased interest rates, creating a significant impact on buyers' ability to purchase.
The real question on everyone's mind is: when will more inventory hit the market? One answer might be investors divesting themselves of properties. Bills that might have landlords looking at selling.
It remains to be seen what the spring market has in store for us, but I do hope we see more inventory soon.
If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.
