June 5, 2017
Dear Advantage Coastal Properties Clients, Customers and Friends,
Here we go! The Summer Season is here!!
Memorial Day had record breaking crowds, and the summer is getting into full swing. Sales continue to be strong and inventories continue to be lower than last year. We, and other agents in town, continue to be very busy showing property and helping people achieve their dream of owning a coastal property.
The market continues to progress toward a Sellers’ Market and sales are at a strong pace for resort real estate. Investors are evaluating and buying, and we are seeing more 2nd home and full time living buyers as well. We continue to actively seek listings in all price ranges to feed the buyers who are looking.
As always if you have any questions about your property’s value or the market in general, or you are looking for your special coastal property, give our office a call. We are here to help and appreciate your patronage and support.
Key Points by Area
There are some changes in town, best put in Frank Rush’s monthly newsletter to which we are including a link. New restaurants, future growth plans for the town, and we are seeing a banner year (again) for rentals! All positive trends for Emerald Isle. Frank Rush's Monthly Newsletter
Active Inventory continues to be lower than last year with 174 residential properties on the market compared to 223 last year at this time, a reduction of 22%.
Sales Continue to be higher than last year with 30 residential properties sold in May compared to 19 in 2016. Further, 124 residential properties have sold year to date compared with 92 last year., a 35% increase in sales. Of particular interest is the months of inventory, with the price ranges $500k and under showing a substantial reduction on months of inventory. The average Months of Inventory in Emerald Isle is down to 7 months compared to 12 months last year at this time. Finally, total properties under contract to sell are up 26% over last year, yet another positive sign for our market.
Lot Sales in Emerald Isle are strong, although the sample size is small with 25 lots selling year to date compared with 12 last year. However there are 103 lots on the market. We are not seeing lot sales in general pick up as quickly as house sales.
We have Buyer Clients that are looking for specific types of properties - and they are having difficulty finding inventory to choose from and some properties that meet specific criteria are selling almost as quickly as they hit the market. This is not true in all areas of the market but the market does continue to improve. Shortages of homes available are occurring in both condos and houses with ocean views / ocean front, as well as other areas of Emerald Isle. It is a great time to list your property!
APSI - Atlantic Beach, Pine Knoll Shores, Salter Path and Indian Beach
Active Inventory is not much different than a year ago, at a mere 2% less. But average Months of Inventory are down to 10 months compared to 13 a year ago, due to the increase in sales.
Sales - Sales are up 28% over last year, with a total of 152 properties sold compared to 119 a year ago. In addition, properties under contract to sell are up 22% over last year, indicating that we should see this trend continue.
Lot Sales are slightly down, with 14 sold so far this year, compared to 19 last year.
As with Emerald Isle, this market continues to strengthen and there are some price ranges where inventory is quite slim and we’ve having a more difficult time helping Buyers find that perfect home.
Active Inventory is significantly down from last year with 185 properties on the market compared to 223 a year ago.The most significant price range that has seen a decrease in available inventory is under $200k.
Sales are slightly down year to year with 108 properties sold compared to 113 a year ago. However there were 35 properties that went under contract to sell compared with 26 a year ago which should indicate a strong June/July ahead.
Lot Sales are a little behind last year at 32 compared to 37 - with 234 lots on the market. We are not seeing lots bounce back at as quick a pace as houses.
Summer is a great time to come see what our area has to offer. Don’t forget to check out the Emerald Fest and Swan Fest Concert Series - great music and a nice way to wind down the evening. The Crystal Coast continues to come out on top, from the tax rate, to the weather, ease of access, and prices - the Crystal Coast was a well kept secret that is OUT now.
Advantage Coastal Properties has (8) agents and is helping our clients buy and sell on the island and on the Coastal Mainland from Swansboro to Beaufort and all points in between. If you know of anyone who could benefit from our expertise, please pass our information along. Remember to “like” us on facebook so you can stay abreast of what is happening in the area, and see all our new listings!
As always, we appreciate YOU and are here to help in anyway we can. We hope you have a wonderful summer and come to visit OFTEN - we will be updating you again in a few weeks, with mid year statistics - until then we remain always thankful and appreciative.
Mac and Ed Nelson