The 2015 Outer Banks Market Report

We saw a lot of very positive signs in 2015 that continue to lead us on the path to recovery.  While we still have an oversupply of inventory on the market, keeping prices down, we have a double digit increase in number of sales.

The other interesting trend is showing more homes in the higher price ranges are selling and fewer homes offered in the under $300,000 price range.  That is showing our median sales price to be up, even though individual home prices aren’t rising at this point.

It’s virtually impossible for our home values to go up when inventory is still at a 15 month supply.  However, it’s a great step forward.  We saw a 20% increase in number of sales for 2012, then it steadied for 2 years until another big increase in sales for 2015.

Mortgage brokers are expecting a surge in activity the first part of 2016 to beat the Fed’s promise of rising interest rates.  We certainly have a year round market on the OBX and see great activity all year long.  The two spikes in activity happen in March/April and September/October.  No need to wait though, we can get your home sold any time of year.

Here is the breakdown of where we ended up for 2015:

  • Residential number of sales were up 11%
  • Average sales price was down 2%
  • Land sales numbers were down 5%
  • Average sales price was up 7%
  • Inventory was down 8%, being the lowest since 2007
  • Foreclosed home sales were down 37%

Next month I’ll provide a break down of each location individually so you can see how it compares year over year.

If you have any questions or would like additional information please let me know.

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2015 Mid Year Outer Banks Market Report

We now have 6 months worth of data in and the results are pretty much what we expected for the real estate market performance.  Here are the bullet points:

  • Up in NUMBER of sales by 9%
  • Down in average sale PRICE by 8%
  • Numerous homes in each market are selling in less than 100 days
  • Of the homes selling quickly, it’s just a few % points of asking price
  • Distress inventory is less than 5%
  • Active inventory on the OBX remains over 3,000 listings
  • 10% of active inventory is under contract, which means 90% is NOT

Here’s a quick breakdown by marketplace:

NOTE:  The days reported INCLUDES the time it took to close the transaction, which is generally 35 to 50 days.

Ilona Matteson's July 2015 Outer Banks Real Estate Market

The good news is, if you price it right, it will sell!  Buyers are looking and ready for the best values and aren’t afraid to take action.

If you’d like more information about buying or selling on the Outer Banks, please contact me right away!

Contact Me Today!

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Renting Possibilities with a Short Walk to the Beach in Corolla!!

OBARMLS79437
This well cared for Ocean Sands home has everything you’re looking for. From the expansive top floor deck that wraps 3 sides of the house, to the 6 bedrooms, game room, private pool, ample bathrooms, dining room, open concept kitchen, comfortable family room and it’s cheery, bright decor! You can walk to the beach in minutes. Corolla has some of the most beautiful beaches in North Carolina.

Close to shopping and restaurants and the perfect area for your entire family to gather. Excellent rental income as well. Due to limited availability by current owners this home is not rented at its max.

Vacation? Investment ? Full-time Home? Grebe Court is it!!

New Price for 634 Grebe Court!!634 Grebe Court
$499,000!!

This home has been well cared for & has just been remodeled; looks better than ever! Check the location on this great beach home. Backs up to the Green Conservation Area for privacy as well as situated on a nice cul-de-sac.  This is your classic beach rental home with proof of up to $44,000 in rental income potential.

Single Family Home
6 Bedrooms        4 Bathrooms
Interior: 2,350 sqft
Lot: 6,300 sqft

This Ocean View Can be Yours in Corolla!!

Ready for Summer Fun on the Outer Banks!

Great Price AND Available to Lease for Summer Fun!

Actual ocean views, nice deck space, screened porch, sunny and bright interior, top floor bedroom, easy flow floor plan, awesome community amenities, hot tub, bright open kitchen, ground floor entrance, cul de sac location, laminate wood floors and a fantastic price round out the benefits of the “Sunflower” beach cottage. MLS# 77980

Contact me today for available dates or more information!

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10 Glorious and Unspoiled Acres spanning from Oceanfront to Sound!!

1885 Ocean Pearl Road, Corolla, NC 27927

10 glorious and unspoiled acres, spanning from oceanfront to sound in Swan Island Estates. Swan Island Estates is a wonderful community of large lots that lend themselves to premium homes. Enjoy the sunrise over the ocean and breathtaking sunsets over the sound. Create the ultimate vacation rental machine or a stunning 2nd home. With a lot this size, the possibilities are endless. Take advantage of this unbelievable pricing to invest in one of the most unique properties on the Outer Banks.

$575,00   1885 Ocean Pearl Road, Corolla    MLS #: 79185

New Price on Conveniently located lot on Carotake Hwy!

Great visibility and only minutes from the bridge.

MLS#74541                 $39,000

Property Map

Contact Me About This Property

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Outer Banks Summer Rental Season is Getting HOTTER!

New Price for 634 Grebe Court!!634 Grebe Court
$499,000!!

This home has been well cared for & has just been remodeled; looks better than ever! Check the location on this great beach home. Backs up to the Green Conservation Area for privacy as well as situated on a nice cul-de-sac.  This is your classic beach rental home with proof of up to $44,000 in rental income potential.

Single Family Home
6 Bedrooms        4 Bathrooms
Interior: 2,350 sqft
Lot: 6,300 sqft

634 Grebe Court – New Price for this Prime Investment Property!

New Price for 634 Grebe Court!!634 Grebe Court
Was $519,000 –
NOW $499,000!!

This home has been well cared for & has just been remodeled; looks better than ever! Check the location on this great beach home. Backs up to the Green Conservation Area for privacy as well as situated on a nice cul-de-sac.

Single Family Home
6 Bedrooms        4 Bathrooms
Interior: 2,350 sqft
Lot: 6,300 sqft