2015 Agent of the Year

2015 Agent of the Year

From left to right: Beth Urch, Sales Manager, Ilona Matteson, and Jimbo Ward, President.

Ilona Matteson, associate broker for Beach Realty & Construction / Kitty Hawk Rentals was named the company’s agent of the year for 2015.  Ilona also earned agent of the year honors in 2012.

Ilona was licensed in the late 1990’s and became sales manager for Beach Realty in 2002.  In 2006, she moved to Richmond, VA and was affiliated with a national coaching company where she excelled as a one-on-one coach for real estate professionals.  The allure of the Outer Banks brought her back to the beach and she resumed her career in real estate sales.  She quickly became a top producer and attributes her success to hard work, discipline and in-depth knowledge of the local market.  Along with her successful career in real estate sales, Ilona also offers training and coaching to the sales team at Beach Realty & Construction.

You can reach Ilona Matteson in the Duck office of Beach Realty & Construction/ Kitty Hawk Rentals at (252) 261-6600 or email [email protected].


Beach Realty & Construction/Kitty Hawk Rentals is a full-service real estate company offering an attractive and ethical environment for licensed real estate professionals to realize a successful career.  For more information about joining the Beach Realty sales team contact Sales Manager, Beth Urch at (252) 261-3815 or [email protected].  

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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Currituck County’s PRELIMINARY Updated Flood Maps

The following information is copied with permission from the Outer Banks Association of REALTORS(R) .

Currituck County’s PRELIMINARY updated flood maps have been released. Information pdf on how to access the site. The link will take you to the flood map FRIS page, click on ok and then select the County (Currituck).In the upper right corner you will see “effective”. Go there and select “preliminary”. You will be able to look at the new proposed maps that will hopefully be adopted within the next year.

If you zoom in, you will start to see aerial views. By clicking on the map in a particular area you will get the information on the right side of the screen or you can search by using magnifying glass on menu at top left. Most of our county is seeing a significant change to elevations being lowered and many homes will come out of the flood zones or be classified into a lower zone (VE to AE for an example According to the NC Floodplain Mapping Office, the preliminary maps show that Currituck County has 11.5 square miles of V Zone (89.5% decrease from current maps) and 249.5 square miles of A Zone (24.75% increase):

  • ‪Under current mapping, there are 1,097 buildings in the V Zone; new maps show 126 buildings in the V Zone;
  • ‪Current maps show 7,020 buildings in the A Zone; new maps show 2,767 buildings the A Zone.

There are oceanfront V Zone properties that are coming completely out of the special flood hazard area – being changed to an X Zone!

Please keep in mind that these are only preliminary maps. They will have to undergo a 90-day appeal process, a public meeting process and final FEMA approval. This entire process could take up to 18 months. In the meantime –  good news overall for homeowners in the special flood hazard area!

November Outer Banks Market Report       

It’s still 70 degrees here in Corolla today!  Almost mid November and it’s very warm.  Also SMOKING HOT is real estate market activity!  Pending sales are up 56% from last year.  That means there are more properties under contract right now than this same time last year.

However, most importantly to note, prices are NOT up.  In fact in some markets, like Corolla, they have still declined.  Other areas remain virtually unchanged.  So we are selling more houses for the same or less money.  That’s not a terrible thing, because it means we are stabilizing.  That’s a good sign, since it’s a necessary part of a recovery.

Let’s remember, the majority of home sales on the Outer Banks are to buyers who don’t live here.  That means it is a discretionary purchase, which will cause our recovery to naturally be slower than those year round markets.  This is nothing new.  The same thing happened when the real estate market crashed in the late 80’s.  It was almost 1999 before things recovered.

Distressed property sales are down 30% from last year.  So the truth is those sales are no longer a factor and are certainly not what’s holding back prices.  The main issue is STILL supply and demand.  We have a whopping 16 months worth of inventory on the market right now.

That means if nothing new came on the market it would take 16 months to sell out what’s currently for sale.  A normal market is considered to be a 4 to 6 month supply.  Since we are selling more than last year and this “16 months” is the lowest absorption rate we’ve seen in many years, I would say this is another great sign that we are getting close to the end of the stagnant time.

The important thing to remember is, prices won’t immediately start to go up either.  Appreciation takes time.  So if your home is worth 15% to 20% less than what you would prefer to sell it for in today’s market, you could still be another 6 or more years away from getting your preferred price.  And we don’t know what an interest rate hike could do to that time frame either.  That kind of increase in value will take time, as it should, or we will only be setting ourselves up for another crash.  Which I’m sure, nobody wants to experience again this soon if at all!

That being said, if you want to buy a great house, it may not last long.  Especially if the home is priced right.  If you want to sell your home, price it aggressively and the buyers will show up!

 

Best Buys for July 2015

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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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New Price!! Spend your Lazy Summer Days on Your Sun Deck in Corolla!

new price grebe point

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Best Buys for June 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 April 2015

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