Today I have some really good information to share about the Crystal Coast real estate market. Many of you already know that The Star Team has been collecting data and compiling local market statistics for the last 20 years.
Traditionally, we snail mail and email our quarterly reports that are included in our newsletters and we frequently highlight this data on our weekly radio shows. Each quarter, we’ll be adding this very important data to our real estate videos and blogs.
In addition, we’re making this summary data and the complete report available online at http://www.starteamrealestatereport.com/.
Here are some important statistics from the last year that you need to know now:
• Total unit sales for all properties were up 16.2% from 2016.
• Average selling price was up 6.9% compared to 2016.
• Total dollar sales were up 24.2% compared to 2016.
• Total inventory was down 4.6% compared to 2016.
• Pending contracts for all properties were up 14.4% over 2016.
“You can get the full report right here on this page.”
This is the strongest market we have seen since the peak in 2005. This first chart in the video above illustrates the unit sales trends for all residential properties in Carteret County since the last peak in 2005. As you can see, our market peaked in 2005 and was in steady decline through 2009. Finally, we saw our first overall increase in 2010 and this has continued for eight straight years. Sales have been strong through the end of 2017, and we believe this trend will continue and that the number of total sales will pass our 2005 peak within the next couple of years.
The next chart is for the average sale price for residential properties. This second chart shows the average sale prices for the past 12 years. You can see the average price peaked in 2007, then took a dive for three straight years. Beginning in 2010, we observed fluctuating prices through 2014. Since 2014, the average has been on a steady rise and ended the year close to $300,000. As our inventory continues to decrease, we believe we will continue to see increases in prices as we enter into a more balanced market.
The final chart demonstrates that our inventory has grown from a low of 5.4 months in 2005 to its peak of 21.4 months in 2009. We have seen a steady decline in inventory for the past eight years since that 2009 high. We currently have a 7.6-month supply, which is moving toward a balanced market. We are seeing many areas in residential property that are now in short supply and as a result, prices are increasing. 2017 was a great year for us at The Star Team and 2018 is going to be even better.
If you have any questions for us in the meantime, or if you need any help buying or selling real estate, don’t hesitate to reach out and give us a call or send us an email. We look forward to hearing from you soon.