July 2017 OBX Market Update
July 25, 2017 By Ilona
Here are the highlights:
- Total Sales: Total June sales – 279 Units – the highest monthly number of units sold since October 2005. Total Volume Sold – $427,942,964.
- Under-contract: Units listed as under contract declined by 11% due to the record number of closings in June and the normal seasonal decline; however, with 410 units still listed under contract, the July sales figures should be noteworthy.
- New Construction: As of May 2017, the number of new construction building permits were down 7% from 2016 (112 units vs 121 units). Building permit value was down by 3%. Quite a change from last month.
- Days on the Market: For all residential properties listed in the MLS, the average Days on the Market was up slightly (3%) but down by 24% when compared with June 2016.
- How Sold: In our market, 66% of all loans are conventional loans, 20% are cash, 6% are VA, 4% are FHA, 3% are Jumbo. USDAA and Other account for the remaining loans.
- Distressed Sales: Distressed sales declined by 2% in June and accounted for just 5% of the total.
- Inventories: Residential inventory was down by 13% in June. Lots / Land inventory was down by 16% in June.
*This information is reprinted with permission from the Outer Banks Association of REALTORS
Let’s break it down by area and price range: (Data through July 15)
Corolla
$200,000 – $400,000 $401,000 – $600,000
46 for sale 81 for sale
49 sold YTD 51 sold YTD
7.5 buyers each month 8 buyers each month
6 months of inventory 10 months of inventory
8 U/C currently 16 U/C currently
128 Days on Market 198 Days on Market
$601,000 – $800,000 $801,000 – $1,000,000
53 for sale 27 for sale
20 sold YTD 7 sold YTD
3 buyers each month 1 buyer each month
18 months of inventory 27 months of inventory
5 U/C currently 3 U/C currently
92 Days on Market 137 Days on Market
$1,000,000 – up
66 for sale
16 sold YTD
2 buyers each month
33 months of inventory
4 U/C Currently
102 Days on Market
Duck
$200,000 – $400,000 $401,000 – $600,000
9 for sale 33 for sale
9 sold YTD 26 sold YTD
1.3 buyers per month 4 buyers per month
7 months of inventory 8.25 months of inventory
2 U/C currently 6 U/C Currently
133 Days on Market 120 Days on Market
$601,000 – $800,000 $801,000 – $1,000,000
23 for sale 20 for sale
9 sold YTD 9 sold
1.3 buyer each month 1.3 buyers each month
17 months of inventory 15 months of inventory
4 U/C Currently 2 U/C currently
81 Days on Market 149 Days on Market
$1,000,000 – up
27 for sale
7 sold YTD
1 buyers per month
27 months of inventory
2 U/C currently
186 Days on Market
Southern Shores
$200,000 – $400,000 $401,000 – $600,000
15 for sale 29 for sale
21 sold YTD 18 sold YTD
3 buyers each month 2.7 buyers each month
5 months of inventory 11 months of inventory
4 U/C currently 4 U/C currently
72 Days on Market 94 Days on Market
$601,000 – $800,000 $801,000 – $1,000,000
12 Active 8 Active
4 sold YTD 2 sold YTD
.6 buyers each month .3 buyers each month
20 months of inventory 26 months of inventory
1 U/C currently 1 U/C currently
259 Days on Market 74 Days on Market
$1,000,000 – up
12 Active
1 sold YTD
2 U/C currently
361 Days on Market
2016 Rental Report
May 10, 2016 By Ilona
I recently attended a meeting where a report was given from the Outer Banks Tourism Board. There is a reported decline in bookings of about 8% across the board. What they’re finding is two fold:
- More Americans are traveling abroad/overseas this year as our dollar exchange is good in Europe and some other locations.
- More and more visitors are waiting to reserve their homes until the specials come out, hoping to get deeper discounts.
Apparently some rental companies on the coast of South Carolina are experiencing the same occurrence.
If your home is lacking a few weeks, I would like to extend an offer to promote the house for you on my Facebook Business Pages and Twitter account, where I have nearly 2,000 followers collectively. I can’t guarantee any results, but more exposure certainly can’t hurt. Send an email to my Marketing Assistant Michelle at [email protected] with your house information and a link to it and we will get you in the rotation.
Outer Banks Fall 2015 Market Report
October 21, 2015 By Ilona
With cooler temps each Fall come higher sales numbers. Each year we see about a 25% increase in the number of sales versus the summer months. It’s pretty obvious with the majority of homes being occupied and unable to be viewed.
We also know that most buyers of second/investment homes will consider the purchase for anywhere from 6 months to 24 months before actually writing an offer. So it’s not uncommon for our summertime guests who decide to invest to re-visit in the fall and winter to purchase.
There are two main things I want to focus on in this update. First is the status of things now. Second, is the difference that 10 years and a very big cycle can make.
Status of the market right now:
(This info is for home sales only and compares September 2015 to September 2014)
- The number of homes sold is up 11%
- Average sales price is down 2%
- Median sales price is up 4%
- The number of homes in active inventory is down 11%
The bottom line? More homes are selling, prices remain the same and inventory is just now starting to go down. These are all very good signs for our market. This is an important step in the process to getting back to a normal, growing market. The process will still take a few years, but it’s good to be on the right track.
The reason this is so important is because we all remember still how good it was in 2004 and 2005 when prices were at their peak. We also have to remember these cycles don’t happen overnight. The impact of the market crash was tremendous. It will take a very long time to fully recover from it.
Consider the difference 10 years makes:
(This data compares the calendar year 2004 to 2014 for home sales only)
- We sold 749 FEWER homes in 2014
- We sold $589 million LESS in Volume in 2014
- The average sale is 26% LOWER than it was in 2004
- Median sale price is DOWN 28% from 2004
- Days on Market – are up MORE than 2 months
Those are some pretty major differences. All in all what you need to know is if you’re ready to buy, prices and interest rates are definitely in your favor. If you’re thinking of selling, the market is very active and we can get the job done.
The last few listings I took sold in less than 30 days. When you price it right, it will sell.
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.
This is the perfect house to call your own for an incredible price in Duck!
Contact me for more details!
Great View and Privacy Provided with your Huge Corolla Lot!
March 3, 2015 By Ilona
526 Sandbucket Arch
Corolla, NC
MLS#85193 $695,000
What a home!!! So many updates and upgrades have been done to this great Section C home. Within the last 3 years there was a new kitchen with granite countertops, all new tile flooring on the top level, new carpet in 4 bedrooms, new wood floors in hallway and steps, updated bathrooms with tile shower, pool, and furniture. New for 2014 is the roof, elevator, front deck with Trex material. Move in ready and CLEAN! It’s a great rental home or second home. HUGE lot with excellent privacy it feels like it’s the only home around. Enjoy the ocean views and extremely short walk to direct beach access. The top floor features a HUGE and open living/dining/kitchen area with more than enough room to spread out. In the off season you can relax by the wood burning fireplace.
