Moving toward a Balanced Market for Buyers vs Sellers
The current months of inventory in Carteret County is 5.53, which indicates a balanced (abet shifting) market. This suggests that the supply of homes is fairly aligned with demand, providing a stable environment for both buyers and sellers. A balanced market typically allows for more negotiation opportunities than a seller's market, without the oversupply that characterizes a buyer's market. But this is changing... read on to the end for success strategies!
While the number of new listings remains pretty consistent, the total number of listings is increasing. That means that more houses are on the market than there are buyers to buy them. Starting Oversupply
Maybe part of the reason inventory is increasing is that listings are coming on the market without regard to the widening gap between list price and sold price. Houses are continuing to sell for less when comparted to listing price. Widening gap between list and sales price
The Absorption Rate, in Months chart shows how long the current inventory of properties would last at the current rate of sales. If no new properties were added to the market, and sales continued at a steady pace, the Absorption rate indicates the number of months required to sell all the properties on the market. Increasing absorption rate indicates over supply
Steady Days on Market and increasing Absorption rate indicates that some houses are selling very quickly while others are taking quite a long time. Indicates this market rewards educated buyers AND sellers.
Success Strategy
For sellers, look at the sold and pending stats. What are buyers paying for homes like yours? If you have something special then adjust the price accordingly (ie. water feature, detached garage, etc). Buyers are still buying but it's not 2021 anymore.
For buyers, look at the sold and pending stats. What are buyers paying for homes like you are interested in? If there is something special you should expect to pay more (ie. water feature, detached garage, etc). Be smart when negoting but understand it's still a sellers market and sellers are not giving houses away.
Bottom line, be smart when pricing.