Monday Market Report 12/13/21

• The average rate for a 30-year fixed mortgage is 3.25%, which is up 7 basis points over the last seven days.
• The national average 15-year fixed refinance rate is 2.51%, which is up 2 basis points over the last week. 

Market Trends for Sunset Beach Mainland

• Market Snapshot

  • Total Properties listed: 65
  • Average list Price: $280,286.29
  • Median list Price: $274,900.00

Market Trends for Sunset Beach Island

• Market Snapshot

  • Total Properties listed: 10
  • Average list Price: $823,760.00
  • Median list Price: $699,900.00

NOVEMBER 2021 STATISTICS FOR THE SUNSET BEACH AREA:

• Average List Price: $365,356
• Average Sales Price: $376,837
• List to Sales Price Ratio: 99.12%

In October, Brunswick County's residential real estate market saw its first significant drop in monthly sales volume and an increase in inventory for the year. BCAR CEO Cynthia Walsh said, “While our market remains ahead of last year’s record pace, sales volume was down slightly in October compared to 2020. Even though some national experts think the market may be in the early stages of a cool-down, Brunswick County’s market remains consistent. Prices are up, and homes are selling quickly. We expect our market to remain strong moving into Winter.”

Here is Sunset Beach, we are still seeing a HOT local market with homes selling for almost 100% of the list price. That's awesome news since we are late in the season and things are starting to slow a bit. Mortgage rates also appear to be holding steady around the country, even amid future uncertainties. Inflation could cause a change in mortgage rates in the near future, but as of now, they are holding steady. The pandemic variant could directly impact the path that rates will take. But, we all thought that when Covid-19 firsts hit, the market would tank. Hardly anybody thought the housing market work become so HOT during a pandemic. The 30-year fixed-rate mortgages have gone up considerably since this time last year when the average was only 2.71%. 

Some good news! The average Homeowner's Equity has gained on average $57K in the Third Quarter of 2021! Home price growth is reaching the highest level in more than 4 decades and that's causing equity gains to push to record highs! Since the 3rd quarter of 2020, homeowners with mortgages have seen their equity grow by around $3.2 Trillion, which is a jump of 31.1% year over year. Homeowners with negative equity also continue to fall. Negative equity has decreased by 5.7% from the second to the third quarter. This is great news for homeowners that were hardest hit by the pandemic!

We are certainly noticing that local builders are making room in existing communities to find vacant lots for new builds! There are a record-high amount of vacant lot shortages around the country, even though buyer demand is at an all-time high. We have noticed this in the Sunset Beach area with Riptide Builders adding their new phase "Byrd Watch" in Sea Trail and the new luxury townhouses in Eastwood Bluff! About a quarter of new single-family homes are being built in established neighborhoods according to the National Association of Home Builders. Builders are saying that nearly 19% of new homes are being built in older neighborhoods.

Here's an interesting fact! Single women homebuyers outnumber single men. Single women homebuyers make up about 19% of the market. Married couples are at 60%, while single men are only at 9%. That's a ratio of 2-1 in a single population!