November Outer Banks Market Report       

It’s still 70 degrees here in Corolla today!  Almost mid November and it’s very warm.  Also SMOKING HOT is real estate market activity!  Pending sales are up 56% from last year.  That means there are more properties under contract right now than this same time last year.

However, most importantly to note, prices are NOT up.  In fact in some markets, like Corolla, they have still declined.  Other areas remain virtually unchanged.  So we are selling more houses for the same or less money.  That’s not a terrible thing, because it means we are stabilizing.  That’s a good sign, since it’s a necessary part of a recovery.

Let’s remember, the majority of home sales on the Outer Banks are to buyers who don’t live here.  That means it is a discretionary purchase, which will cause our recovery to naturally be slower than those year round markets.  This is nothing new.  The same thing happened when the real estate market crashed in the late 80’s.  It was almost 1999 before things recovered.

Distressed property sales are down 30% from last year.  So the truth is those sales are no longer a factor and are certainly not what’s holding back prices.  The main issue is STILL supply and demand.  We have a whopping 16 months worth of inventory on the market right now.

That means if nothing new came on the market it would take 16 months to sell out what’s currently for sale.  A normal market is considered to be a 4 to 6 month supply.  Since we are selling more than last year and this “16 months” is the lowest absorption rate we’ve seen in many years, I would say this is another great sign that we are getting close to the end of the stagnant time.

The important thing to remember is, prices won’t immediately start to go up either.  Appreciation takes time.  So if your home is worth 15% to 20% less than what you would prefer to sell it for in today’s market, you could still be another 6 or more years away from getting your preferred price.  And we don’t know what an interest rate hike could do to that time frame either.  That kind of increase in value will take time, as it should, or we will only be setting ourselves up for another crash.  Which I’m sure, nobody wants to experience again this soon if at all!

That being said, if you want to buy a great house, it may not last long.  Especially if the home is priced right.  If you want to sell your home, price it aggressively and the buyers will show up!

 

Best Buys for July 2015

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Best Buys for June 2015

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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.

Best Buys for April 2015

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Best Buys for March 2015

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Best Buys on the Outer Banks for February 2015

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Best Buys for January, 2015

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What do YOU want for Christmas this year?

936 Whalehead new price

936 Whalehead Drive
Corolla, NC 27927

MLS# 84585    Was $674,900

NOW $625,000!!

And just in time for the Holidays – a gift that will keep on giving year after year after year. Go ahead, you know you want to!!

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New Price for 756 Mariner Drive, Corolla, NC!!!!

New Price for 375 Mariner

756 Mariner Dr.
Corolla, NC

Was $399,900 NOW $375,000
MLS# 82451

This home is so bright and beautifully decorated. You’ll enjoy the short walk to the beach, unobstructed ocean views, ample deck space on both levels, three separate living rooms/dens, wide open kitchen, fireplace, 5 spacious bedrooms and great memories for your family to make.

Contact me for more details!

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