Last quarter I gave you a detailed report about the improving real estate trends in Beaufort and surrounding counties. I’m pleased to again report that residential sales are still improving.  Closings are up 17 percent for the last 12 months with 439 closings as of the end of November 2013, compared to 375 closings the same period 2012. The average selling price fell from $156,588 to $142,739 during this period. This represents an excellent time for buyers to be investing in real estate.

A large portion of the county’s population and even larger portion of the tax base resides in single-family homes in various subdivisions. The county’s largest subdivision is Cypress Landing in Chocowinity. Cypress Landing is a waterfront and golfing community and has approximately 510 homes. At the time of this writing, there were 50 homes for sale in the subdivision. The most expensive listing is $999,999 and the least is $179,900. The average listing price is $396,484 and the average days-on-the-market is 389. In the last 12 months, there have been 19 homes sold in Cypress Landing compared to 14 the previous 12 months — an increase of 36 percent. The average selling price was $346,132 as compared to $379,929 the year prior. Another favorable trend was a drop in the days on market prior to closing from 287 to 251.

Smallwood, located in the city limits of Washington, is the second-largest subdivision in the county with approximately 353 homes. There are currently 17 homes listed in Smallwood with an average list price of $219,947. The most expensive listing in the subdivision is $399,500 and the least is $148,400. In the past 12 months, there have been 16 homes sold at an average price of $194,556. The average days-on-the-market is 219. The most expensive home sold in Smallwood was $459,000 and the least expensive was $73,000.

Pamlico Plantation, east of Washington and on Broad Creek, is a waterfront community and is the third largest subdivision in the county with 141 homes. There are currently 19 homes for sale in Pamlico Plantation. The average listing price is $330,632. The highest priced listing is $673,500 and the lowest is $199,900. The average days-on-the-market is 325. In the past 12 months there have been 16 residential closings at an average of $259,500. The most expensive property sold was $475,000 and the least was $125,000 during this period. This is an increase from the previous period in which there were 13 closings averaging $243,154.

There is no better time than the present to be investing in real estate in eastern North Carolina. Prices continue to be very affordable and interest rates remain low, around 4 percent. There is still a healthy inventory of fine properties from which to choose. My advice to buyers is to make a buying decision before rates go up. This could save hundreds of dollars per month. My advice to sellers is to position your listing to where it is the best perceived value relative to the other comparable listings on the market. A Realtor can assist you with this.

 

Tom Atkins is general manager and broker in charge at The Rich Company. He can be reached at 252-644-1205 or tom@therichcompany.com.