While activity was noticeably slower than last year, buyers and sellers came together to navigate a changing marketplace. Bidding wars were down considerably, some homes are still selling in a weekend with multiple offers, but many more are sitting on the market for a few weeks with one or two price reductions before finding a buyer. The days of routinely putting a home on the market and watching it sell to the highest bidder in days are gone.
One reason bidding wars are down is because buyers are far more discerning. They want to negotiate and feel as though they are getting a win in a landscape with rates hovering around seven percent and construction costs soaring.
Active listings at month end steadily dropped month-over-month this year to 161. The average sales price for single family homes in Carteret County increased this month to $ 552,720, the average days on market slightly decreased to 43 days.
Sellers are willing to work with buyers who are keen to walk from a deal if there are any hiccups with inspection or appraisal. While buyers who are perhaps a bit skittish due to rate pressure, and not ready to jump into the market yet are waiting on the sidelines.
The important key here is that there are many would-be buyers out there who will be ready to jump in once rates start to decline. Now if only we had a crystal ball and could determine when that may be!
With growing inventory and activity slowing, it looks as if we are heading toward a normalizing market. This is great news for buyers who have a bit more control in this market. While sellers are less excited, it's important to counsel sellers that it may take a bit more time for their homes to sell. Sellers are learning patience as buyers set the market, and at the moment they aren't rushing into any decisions.
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. I’m here to help.
