April 23, 2020
Market Update March End 2020 and Beyond For the Crystal Coast
Dear Advantage Coastal Properties Clients, Customers and Friends,
In an effort to keep everyone informed, who is interested in Coastal Carolina real estate, and Carteret county specifically, we thought you would appreciate a March Month End Real Estate update!
We know this is a very unusual year so far, and felt we should get a feel for where the market was at the end of March so we can then compare it as the year goes on to help you understand it, whether you're considering selling or buying, or are just interested in better understanding our market!
We have all seen some of the real estate forecasts given what has happened to the economy in the past couple weeks, but being resort real estate we do not always follow suit with the rest of the real estate market, and forecasts are not always accurate. So, we'll review the numbers, and continue to do so on a monthly basis so we can all get a feel for how this is impacting our area.
We have a bit of a different take on where we are and where we are headed this year. Knowing that we do NOT have a crystal ball by any means, and that we tend to
be optimistic about the future of real estate, the stats for March month end hold good news we can share!
The spread sheets are attached, but to summarize, Emerald Isle properties sold year to date March 2020 month end, were 36% above 2019! And 2019 was a good year. We ended March in Emerald Isle with 17 properties under contract to close in future months, compared with 19 under contract in 2019. Year to date, 61 properties sold in 2020 by the end of March compared to 45 in 2019. Inventories are up, but 2019 was artificially low due to the impact of Florence at the end of 2018. Months of inventory is quite low in all segments of the market with the exception of the 1 mil and above segment.
We have definitely seen a slow down in April, when we would normally be selling quite a bit of property and listing even more. BUT Real Estate Agents are continuing to show and put properties under contract! Online buyers are active, and once they narrow down their choices, they are coming to town to look, and some are making their offers. So our April month end will be lower, but there is activity to note.
The rest of the island was also above 2019 at the end of March, with year to date properties sold up 24%. This section of the island also has an increase in inventory over 2019, again to be expected due to the storm's impact on 2019.
In many segments of our island market, we really need more inventory, and we feel that there will be / and already is, pent up demand as restrictions start to be lifted. Is this a good time to be on the market? YES it is! Buyers are looking online, and coming to town, and if you are NOT on the market, you are NOT being viewed.
Moving off the island, the coastal mainland also saw an increase in March year to date of properties sold, up 33% from 2019.
What is our take on this? It is obvious that we were moving toward a very busy 2020 before much of the economy was shut down, and there is strong evidence that we'll move back into fast forward as restrictions come off.
If you have any questions, please reach out to us. Our office is OPEN and we are working with buyer and seller clients. From 3D Matterports to Videos, to additional photography, we are trying to give the on line buyers as much to look at as possible. We are also providing virtual tours for buyers, and making special videos when requested to help them view more specifics about properties.
We're here, give us a call if you have any questions.
Mac and Ed Nelson