2015 Mid Year Outer Banks Market Report
July 9, 2015 By Ilona
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.
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!
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New Price!! Spend your Lazy Summer Days on Your Sun Deck in Corolla!
July 7, 2015 By Ilona
Contact Me About Any of These Properties!
June Market Update
June 4, 2015 By Ilona
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 Sale | 377 |
| Total # Selling per month | 17 |
| Months of remaining Inventory | 22 |
| # of New listings each month | 45 |
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 Sale | 154 |
| Total # Selling per month | 8 |
| Months of remaining Inventory | 19 |
| # of New listings each month | 18 |
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 Sale | 93 |
| Total # Selling per month | 7 |
| Months of remaining Inventory | 13 |
| # of New listings each month | 20 |
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 Sale | 77 |
| Total # Selling per month | 13 |
| Months of remaining Inventory | 22 |
| # of New listings each month | 19 |
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 Sale | 182 |
| Total # Selling per month | 19 |
| Months of remaining Inventory | 9.5 |
| # of New listings each month | 40 |
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 Sale | 190 |
| Total # Selling per month | 14 |
| Months of remaining Inventory | 13.5 |
| # of New listings each month | 25 |
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.
March Outer Banks Market Update
March 20, 2015 By Ilona
An interesting trend is popping up for the year so far. We have sold more homes, granted marginally, but for less volume. So, that means either we are selling fewer high end homes or prices are still going down.
My thoughts are, a little bit of both.
Let’s look at the stats:
- 2014 – 16 homes sold over $750,000
- 2015 – 10 homes sold over $750,000
- 2014 – 58 homes sold under $200,000
- 2015 – 49 homes sold under $200,000
This tells us two things. Fewer high end homes are selling and fewer homes are available for sale under $200,000. The lower end price range is a no brainer. They will always sell regardless of the economy and market. It’s the beach, for less than $200,000! The bright spot is that those homes are seeing a bump in value. As things stabilize that price range will always be the first to jump. Great sign of improvement there.
However, high end home sales do indicate trends. To be fair, there was a $5,000,000 home sale in January of 2014 which is clearly skewing the numbers. Even so, there were 6 fewer high end homes that sold so far this year. And, there are more of them for sale than in 2014. So, that indicates a slow down in that market. I’m not quite sure of the cause, would love to hear your thoughts on this.
That covers the first challenge. The second challenge is that home prices above $300,000 are still dropping, even if just slightly. Consider these stats:
From Nags Head to Corolla:
- In the last 30 days – 205 homes had a price reduction
- In the last 30 days – 249 new homes came on the market
- In the last 30 days – 127 homes sold
Those are some sobering stats. My goal is never to be Debbie Downer, yet always look at true reality. Most homes are STILL having to adjust their price at least once in order to sell and there are still two times the number of homes coming on the market each month as are selling. It doesn’t take an economics major to tell you that is still a recipe for lower prices.
Same moral of the story as every month…if you want to sell, there is no financial gain to waiting it out short term. If you want to buy in the under $300,000 range, you’re going to face some competition among other buyers looking for the best deals. Let me know how I can help!
New Listing! 3104 Columbia Avenue Kill Devil Hills, NC 27948
March 18, 2015 By Ilona
New Listing!!
3104 Columbia Avenue
Kill Devil Hills, NC
MLS# 87201 $240,000
This charming beach box is located in a prime area in Kill Devil Hills. The garage was converted to a work area/laundry room/game area and additional bedroom with private bathroom. Take the interior stairs up to an open great room with kitchen and dining area. Two additional bedrooms are on the south side of the top floor with a hall bath. A large master bedroom and bath with walk in closet are on the north side. The fenced in back yard makes this a great choice for buyers with dogs or small kids. Plenty of room to play. Maintenance free vinyl siding is a plus!
Contact me for more details!
Fall in Love with this Cozy Beach House in the Heart of Duck!
March 5, 2015 By Ilona
New 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.
