Monday Market Update 12/06/21

Here is a quick market update for Sunset Beach, NC.

The mortgage rates this week:

• 30 yr fixed 3.18% ~ slightly down from last week
• 15 yr fixed 2.52% ~ slightly up from last week

Home prices are starting to slow per Realtor.com. Since May of 2020, the housing market has been booming! The pandemic might have had a bad impact on some areas, but not Real Estate sales. It has started showing signs of slowing down now that inflation has skyrocketed to 6.2%, which is the highest in 20 years!

Here in Sunset Beach, I have noticed some slowing in sales, but we are still in a very hot market ~ especially with vacation rentals and single-family homes under $500K. Inventory is still VERY low and we are still seeing crazy high offers in this seller's market! We are seeing median listing prices of around $260K. The sale price to the original listing price is around 99% so be prepared to pay full price or maybe a little more on your dream home! The absorption rate is at only 1.2 months, which is less than it was in December 2020, when it was at 1.9 months. Houses are selling very quickly! They are only staying on the market for around 25 days, as opposed to 55 days in December 2020! 

We have lots of building in Sunset Beach! Contact me today to schedule a showing!

• Byrd Watch in Sea Trail Plantation. Homes are starting in the $400K range. 
• The new Eastwood Townhouses in Sea Trail Plantation are also being built now. These are starting in the mid $400K range. 
• Cape Side also has lots of new builds going up now. 
• The Sanctuary is well on its way now. Lot's of progress lately. 

There are currently 54 mainland properties and 5 island properties for sale in Sunset Beach. 

• Sea Trail - 5 (2 Townhomes and 3 Single-Family homes)
• Seaside Station - 7 Manufactured homes
• Sandpiper Bay - 1 Condo
• Twin Lakes - 1 
• Cape Side - 13 
• Thistle Downs - 5 
• Seaside Village - 3 
• Village Park - 2