The Carteret County real estate market continues to stabilize, leaving buyers and sellers looking ahead to the spring selling season to provide insights into how the rest of the year will unfold.
Buyers are watching rates closely and patiently waiting for new inventory to hit the market. They are more discerning about home prices, less willing to compete and will only jump into a bidding war if the house is move-in ready and suits their needs. If a home has been sitting on the market or has recently experienced a price reduction, buyers are more inclined to negotiate a rate buy down than a reduction in the purchase price. As buyer activity increased in February and more homes hit the market, the average close price for a detached home rose 13.45 percent to $ 586,673.
New listings, pending sales and closed sales all trended upward month-over-month for attached and detached homes. The average days in MLS for single family homes rose from 57 days in January to 68 in February.
While activity in the market is on the rise, buyers are eager for more choices. At the end of the day, Carteret County still has an inventory problem. New listings for both detached and attached homes are the lowest we have seen in a long time.
The source for more inventory lies with potential sellers who are contemplating a move; however, if these sellers need to buy another home, they are between a rock and a hard place. Their home is no longer working for their lifestyle, but facing an interest rate that may be more than three percent higher than their current rate is a hard pill to swallow. The good news for sellers is that we are still primarily in a seller's market. Buyers are paying what sellers are asking.
Buyers are actively looking and the majority of the market still favors sellers. Homes may not sell in the first week-end, or even the first 30 days, but they are selling and prices are staying strong. As we enter Carteret County’s spring market, which traditionally starts this month, there is still much to love about the 2023 real estate market.
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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.
