The following is a summary of the Outer Banks market as a whole, reported by the Outer Banks Association of REALTORS and reprinted with permission.
- Total Existing-Home Sales: Existing home unit sales are up 19% compared to 2016.
- Under-contract – With 473 units in an under-contract status, sales in May should rise dramatically.
- New Construction: New Construction building permits are down 31% compared to last year and total building permit value is down 20%.
- Days on the Market: For all residential properties listed in the MLS, the average Days on the Market was 162 days; however, when looking at only the residential properties listed on the MLS since January 1, 2017 (1157 units), the average days on the market was 50 days.
- All-cash Sales: Nationally, 23% of all home sales are for cash. Locally, we are also selling at the national average.
- Distressed Sales: Bank Owned properties and short sales made up 7% of all residential property sales in in April. So far, this year, short sales are down by 25% and bank owned sales are up 19%.
- Inventories: Housing inventory was down by 15% in April.
What are the clear bright spots in this report? Inventory is down, which is desperately needed. And, those sellers willing to price the home in today’s market are rewarded with a fast sale.
Remember, most buyers will spend 12 to 18 months looking around before purchasing a second home. So they know what a good value is. When it hits the market, they are ready to move! They are also ready to pay close to the asking price.
So what does this mean for your home’s value? The areas of Corolla and Duck are still quite a mess. Southern Shores is doing somewhat better.
The data below that indicates for each price range the following:
- How many homes are for sale in that range
- How many have sold this year
- Divided by 5.5 months = how many buyers are available in that range each month
- Divided by the number for sale = the months of remaining inventory for that price range
- How many homes are under contract, scheduled to close
- The median days on market for homes sold in that price range
Corolla
$200,000 – $400,000 $401,000 – $600,000
41 for sale 81 for sale
30 sold YTD 28 sold YTD
5.5 buyers each month 5 buyers each month
7.5 months of inventory 16 months of inventory
10 U/C currently 19 U/C currently
234 Days on Market 229 Days on Market
$601,000 – $800,000 $801,000 – $1,000,000
60 for sale 29 for sale
10 sold YTD 4 sold YTD
1.8 buyers each month .7 buyers each month
33 months of inventory 41 months of inventory
8 U/C currently 3 U/C currently
90 Days on Market 166 Days on Market
$1,000,000 – up
75 for sale
9 sold YTD
1.6 buyers each month
47 months of inventory
8 U/C Currently
113 Days on Market
Duck
$200,000 – $400,000 $401,000 – $600,000
8 for sale 36 for sale
8 sold YTD 19 sold YTD
1.5 buyers per month 3.5 buyers per month
5 months of inventory 10 months of inventory
2 U/C currently 4 U/C Currently
155 Days on Market 109 Days on Market
$601,000 – $800,000 $801,000 – $1,000,000
30 for sale 21 for sale
6 sold YTD 8 sold
1 buyer each month 1.5 buyers each month
30 months of inventory 14 months of inventory
3 U/C Currently 1 U/C currently
87 Days on Market 149 Days on Market
$1,000,000 – up
32 for sale
3 sold YTD
.5 buyers per month
64 months of inventory
3 U/C currently
178 Days on Market
Southern Shores
$200,000 – $400,000 $401,000 – $600,000
14 for sale 32 for sale
10 sold YTD 11 sold YTD
1.8 buyers each month 2 buyers each month
7.7 months of inventory 16 months of inventory
7 U/C currently 5 U/C currently
105 Days on Market 99 Days on Market
$601,000 – $800,000 $801,000 – $1,000,000
12 Active 6 Active
3 sold YTD 2 sold YTD
.5 buyers each month .36 buyers each month
24 months of inventory 16 months of inventory
1 U/C currently 1 U/C currently
254 Days on Market 115 Days on Market
$1,000,000 – up
12 Active
1 sold YTD
0 U/C currently
547 Days on Market
