The spring market is here!
Interest rates began their steep upward climb last May, with the real estate market feeling the slowdown acutely by fall. Heading into the New Year, expectations were conservative with the prediction that the spring selling season would be calmer than in years past with slower appreciation and longer days on market.
Sellers who jumped into the market are reaping the rewards with the return of multiple offers and more seller-friendly terms. New listings were down, lowering the number of available options for buyers to view and place offers. For perspective, inventory year-to-date is lower with 78 closed sales in March 2023 compared to 94 in 2022. Interestingly enough, new listings in single family homes rose from 83 listings in February to 98 in March showcasing more inventory is hitting the market. Pending homes were also down year-over-year; however, they rose 24 percent month-over-month. Sellers are advised to continue to price their properties thoughtfully to elicit strong offers as properties are still falling out of contract due to inspection items or issues arising from buyer financing.
Buyers are not down and out in this market. They know the game and are coming prepared. The average sales price was up 15 percent from $518,524 last year to $605,388, and average days in MLS increased from 45 last year to 59 days for single family homes. Even though bidding wars have subsided from last spring, they are on the rise again for turnkey homes that are new to the market. Buyers may not have as many homes to view, but they do have the option of balancing the pros and cons of jumping into a competitive situation. Or, they can take a different approach by targeting properties that are either overpriced, have been sitting on the market or have fallen out of contract by negotiating more buyer-friendly terms. Either way, buyers understand that appreciation is down and days in MLS are up. They are doing their research and crafting thoughtful offers. They are also keenly aware of Carteret County’s seasonality with the knowledge that more homes will hit the market month-over-month as we head into summer.
Time will tell how the rest of the year shapes up, but based on the current activity, April's numbers are forecasted to be strong.
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.
