We had a mild August for weather, not for real estate sales. With interest rates still very low and activity increasing, we fully expect a great fall market.
Here are the main highlights:
- Condition – Buyers are becoming more and more selective about the condition of the homes they buy. Their expectation is to have the updates and upgrades already done. Updates = recent roof, windows, doors, siding, paint, HVAC. Upgrades include granite counters, stainless appliances, tile or hardwood floors, cabinets in kitchen and bath. It’s clear, do the updates/upgrades or drop the price.
- Homes listed and sold since January 2017 are going in only 45 days. Many with multiple offers. Buyers have been watching the market for years. They know when a house comes on the market at the right price and they are ready to act.
- Residential inventory is down by 8%. This is a nice continuation of what is needed to stabilize the market in Duck and Corolla. Because those areas are primarily second homes, the inventory has been stuck very high. That has been putting more pressure on lowering prices. We are slowly getting there, yet still a year or two away.
- Distress sales made up 2% of all sales for our local market. That makes these sales a complete non-issue as that is a normal amount for any market.
- So far this year 18 more homes have sold in Corolla than last year (an increase of 10%). In Duck there were 34 more homes sold this year, up 38%. Overall the entire market is up by 11% (1310 homes sold 2017 vs 1176 in 2016)
If you have any questions about buying or selling on the Outer Banks, please contact me.
