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.