Best Buys for July 2015

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June Market Update

This month let’s take a look at what’s happening in each specific location for a closer, more in depth view understanding.

Corolla

Corolla Stats 
Total # of Homes for Sale377
Total # Selling per month17
Months of remaining Inventory22
# of New listings each month45

Corolla has a 22 month supply of inventory.  It’s the weakest market on the Outer Banks right now in terms of supply and demand.  Constant price reductions are needed to get homes sold.  When a home comes on the market priced well, it will sell quickly.

Duck

Duck Stats 
Total # of Homes for Sale154
Total # Selling per month8
Months of remaining Inventory19
# of New listings each month18

One great trend in Duck is that the supply of homes under $300,000 is very diminished.  While the inventory issue is still a problem for Duck, homes will sell very fast when priced for the market.

Southern Shores

Southern Shores Stats 
Total # of Homes for Sale93
Total # Selling per month7
Months of remaining Inventory13
# of New listings each month20

The Southern Shores market is doing quite well.  It has one of the lowest inventory levels of all the towns.  Land sales are fantastic in Southern Shores right now.

Kitty Hawk

Kitty Hawk Stats 
Total # of Homes for Sale77
Total # Selling per month13
Months of remaining Inventory22
# of New listings each month19

Kitty Hawk between the highways is a fast seller right now.  Those homes are a fantastic value and buyers are recognizing that.

Kill Devil Hills

Kill Devil Hills Stats 
Total # of Homes for Sale182
Total # Selling per month19
Months of remaining Inventory9.5
# of New listings each month40

By far the most stable market on the Outer Banks right now is Kill Devil Hills.  Keep in mind the majority of homes selling here are under $300,000.  This area has the best supply and demand situation of all the towns.

Nags Head

Nags Head Stats 
Total # of Homes for Sale190
Total # Selling per month14
Months of remaining Inventory13.5
# of New listings each month25

Nags Head is holding it’s own right now.  The average price there is $350,000 which makes it super affordable for such a great location.

So as you can see, right now selling a home on the Outer Banks comes solely down to price and condition.  Buyers still have too many choices for prices to change any time soon.  The good news is we have steady activity in the marketplace right now and it doesn’t seem to be slowing down.

If you’d like more information about buying
or selling a home on the Outer Banks, just let me know how I can help you.

Best Buys for March 2015

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New Listing!! 124 Marlin Drive, Duck, NC 27949

OBARMLS86752New Listing!!
124 Marlin Drive,
Duck, NC

MLS #: 86752        $325,000

You will love this cute and cozy beach house right in the heart of Duck. This home sits right in the middle of Marlin Drive. Easy access to the beach or the foot/bike path into Town for shopping and restaurants. Enjoy three bedrooms and 2 full baths on the top floor. Along with an open concept kitchen, living and dining area. Relax on the screened porch for shade or sun on the huge, open back deck. The ground floor offers an outside shower, storage and another large bedroom and bathroom. The septic was updated in 2005 to accommodate the additional bedroom. This home has been well cared for and it shows.

Never rented, just used by family and friends.

This is the perfect house to call your own for an incredible price in Duck!

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New Price!! Top Condition Home in a Most Desirable Neighborhood!

197 Schooner Drive Duck NCThis home is in top condition and will make an excellent second home in a most desirable neighborhood!

NOW $724,900!!
MLS# 84094

What a cream puff. Enter on the first floor to 2 large bedrooms, game room and full bathroom. The bunk room is a child’s dream.

With three sets of bunks, plenty of floor play room and very fun decor they are sure to have a fantastic time. You can also enter the home from the second level into a media/tv sitting area. There are 3 bedrooms on the mid level with one full master and another hall bathroom. Each bedroom has deck access.
You can also exit the back of the home to a deck with staircase to the pool area. On the top level you’ll find an open and very bright great room, kitchen, dining room and ship’s watch. The expansive east facing decks offer wonderful sunrises and ocean views! Finishing out the top floor is a lovely master bedroom with full bath and jetted tub. The entire house has been newly painted, fresh carpet, all new furniture and decor, new flooring in the kitchen, new granite countertop island, new HVAC units in 2012, pool liner in 2013, bathroom floors 2011, new stove and microwave 2013, hot tub motor rebuilt 2014, new king mattresses in 2014.

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3 Great NEW Listings on the Outer Banks!!!

9-16-14 new listing posting

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Right in the Heart of Kill Devil Hills!!

803 W Airstrip Road Kill Devil Hills NC 27948

803 W. Airstrip Road
Kill Devil Hills
MLS# 84842          $235,000

The ground floor offers a full bath, bedroom and living room with a kitchenette and laundry area. Perfect for an older child living at home or a mother in law suite. Convert the living room into a game room and office, the possibilities are numerous. Upstairs enjoy a nice open kitchen, dining and living area. Three full bedrooms one with a master bath and two full closets as well as a hall bath and two additional decent sized bedrooms. There’s ample decking on the top floor. Also enjoy a nice quiet street, wooded lot and plenty of paved parking.

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You can’t go wrong with this 4th row deal!

936 Whalehead Drive, Corolla, NC 27927

936 Whalehead Drive
Corolla, NC
MLS# 84585

What a house! This home has it all. HUGE game room on the ground floor with wet bar and refrigerator. Nice sitting area, 2 bedrooms and full bath on the ground floor. Large outdoor pool with all day sun. The second floor has 4 more bedrooms and a tv room. Top floor master bedroom with very large and OPEN living room with dining area, countertop bar and full kitchen. Enjoy a screened porch on the back of the home and volleyball area. Wide open sun decks with lots of seating and very nice ocean view. Solid rental history. A lot of house for the money. You can’t go wrong with this 4th row deal!

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New Price For 738 Cormorant Court!!

738 Cormorant Court New Price

738 Cormorant Court
Corolla, NC

MLS #82055

Nothing is even close to this absolutely charming home tucked into the corner of a quiet cul de sac. Enjoy the surprisingly short walk to the beach through the convenient walkway. You’ll love the hot tub as well as the 11 x 23 private pool.

Perfect for family and friends or as a rental!!
Steady rental income of over $28,000 per year!!

The deck space on two levels of the home is perfect for shade, sun or
just to enjoy a glass of wine after a day of relaxing at the beach.

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Beach Realty Statistics Worksheet – History and Current YTD

Statistics provided for years 2010 through 2013 represent the December year-end figures

Rev. – April 8, 2014

chart

Basically this chart shows us that inventory is up, number of sales are down as is the median sales price.  While it’s pretty early to get too concerned, it’s definitely something to keep an eye on.  In most cycles, being at the “bottom of the market” doesn’t mean we shoot straight up right away.  While I still think recovery is on the horizon, it’s not uncommon to have a blip or two along the way.  Be prepared for a sluggish year.  This is not to say we can’t get homes sold, we just have to be very proactive with our strategy.

Also be aware if you are buying this year, you may see a temporary dip in value.  In long term ownership this is nothing to be concerned about.