October 15, 2017
END OF Q3 MARKET UPDATE FOR THE CRYSTAL COAST OF NC
Dear Advantage Coastal Properties Clients, Customers and Friends,
Hard to believe we’re smack dab in the middle of fall! Our weather says otherwise, but we’re not complaining. The fishermen showing up at The Point, and all those boats out in Bogue Sound tell us the spot are running - we’re definitely in the fall season! This is the BEST season on the island, come enjoy it if you can.
Attached you’ll find a summary of Real Estate Sales and Active Inventory for Emerald Isle, The remainder of the Island, and the Coastal Mainland. These are the results from the first three quarters of 2017.
Not much has changed since the last update, and the news remains good! We continue to see shrinking inventories and increased cumulative sales, compared to 2016 and the previous 9 years! All good signs.
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.
Fall is a great time to walk on the beach, and we’ve included some early morning photos from The Point of Emerald Isle to get you motivated for your next visit. If you’ve not visited the Point recently, you need to, the dune growth is astounding.
Enjoy the newsletter and think of US when you think of your connection to Crystal Coast real estate!
Ed and Mac Nelson
Key Points by Area
Active Inventory remains about the same as last month, with 7 months of active inventory on the market (167 units) - compared to almost 10 months of active inventory last year at this time. This level remains at a 9 year low. Buyers do not have the all the choices they had in the past - but there are some great properties on the market for those of you who were waiting for fall to come take a look.
Sales continue to be higher than last year, cumulatively - with 213 units sold compared to 190 in 2016. This is 12% above last year at the end of the third quarter. We’ve exceeded the total year figures already for 2009-2014 - and are on the way to exceeding 2015-2016 sales levels. The storms in September slowed down buyers and also delayed some sales due to issues with insurance and delayed closes. Some of this will be made up in October.
Inventory of “ocean side with view” properties continues to be quite low, and availability of properties priced $500k and under is significantly low. We are also very low on ocean front properties - We Need Listings!!
Lot Sales in Emerald Isle are strong, with 40 lots selling year to date compared with 32 last year. Although we are seeing more lots move under contract, there is still quite a bit of inventory to work through.
APSI - Atlantic Beach, Pine Knoll Shores, Salter Path and Indian Beach
Active Inventory is right on last year’s volume, but average Months of Inventory are down to 8.8 months compared to 11 a year ago, due to the increase in sales.
Sales - Sales are up 25% over last year, with a total of 292 properties sold compared to 233 a year ago. APSI sales are 1-2 units away from exceeding the TOTAL year figures for the past 9 years! Additionally, pended properties that will close this year are well above last year’s figures. This should be a banner year for APSI!
Lot Sales are down, with 20 sold so far this year, compared to 31 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. The months of active inventory has declined in most price ranges, and as with Emerald Isle, we are seeing numbers we’ve not seen in a decade.
Active Inventory is down 12% from last year with 168 properties on the market compared to 190 a year ago. The inventory is down in almost every price range.
Sales inched ahead of last year at the end of the third quarter with 235 units selling compared to 232 in 2016 - and 25 properties were newly pended compared to 20 last year. Putting the Coastal mainland in the position to exceed or equal last year’s sales by year end. Sales are flat at this point, but inventories are down, bringing the months of active inventory available down to 6.4 months, compared to 7.4 a year ago.
Lot Sales continue to be slightly ahead of last year with 63 sold compared to 62 a year ago. Lot inventory remains high.
Wrapping it Up
Why the increase in sales?
The WORD is OUT about our lovely slice of paradise - TV shows about the area are bringing more folks from other areas here to see it for themselves.
Interest rates remain low - and prices are still much better than many areas of the country
What is not to LOVE about our area?
Reality TV shows continue to be drawn to our area, there are several shows filming at the Crystal Coast this fall; Island Life, Beachfront Bargain Hunt, and others will be coming out with new shows about our lovely Crystal Coast, so be watching next spring! 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.
We have Buyer Clients that are looking for specific types of properties - and they are having difficulty finding inventory to choose from. If you’re considering selling, it is a good time to find out what your property is worth. We are also seeing some properties that meet specific criteria 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 / oceanfront, and sound front! as well as other areas of Emerald Isle. It is a great time to list your property!
Advantage Coastal Properties has (6) agents 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 fall and come to visit OFTEN - We remain always thankful and appreciative.
Mac and Ed Nelson