It was an eventful month with the announcement of the National Association of Realtors® settlement of the on-going litigation in the Sitzer-Burnett case.
As we navigate potential changes to our real estate market together, the Carteret County Association of Realtors® will continue to communicate with its members as more information becomes available.
While we as Realtors® wait for additional updates, the Carteret County real estate market didn't skip a beat this month as we head into the spring selling season. New listings jumped month-over-month from 182 to 208 properties which was also an increase of 10.1 percent from this time last year. Active listings at month's end also increased, while the year-over-year numbers rose by 36.8 percent showcasing that inventory is slowly building.
The average close price for a residential home in Carteret County is $584,021 as we continue the ascent in prices that historically reached their peak in June and take a downward trajectory through December. Notably, the prices both month-over-month and year-over-year represent a more normalized price increase versus the Covid increases we saw. The average days in MLS slightly increased from 59 days in February to 66 days. Our market statistics show that buyers are out there and eager for the new inventory as they placed properties quickly under contract.
As we head into the warmer months, sellers have resigned themselves to the elevated interest rates. In many cases, these sellers have chosen to downsize. The goal for these sellers is to sell their home and use the equity in their home to either purchase the next with their current equity or to obtain a significantly smaller loan. Regardless of their plans, buyers are happy to see additional inventory.
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.
