When looking at the real estate market from March, it may seem like the Outer Banks market isn’t doing well. But you need to look deeper into the numbers and there is shows the market is actually making a comeback. The number of properties which were listed, and now under a sales contract is up 7%, this means the April market numbers should be reflecting an increase. Land and lot sales are up 19% over last year and the number listed lots now under a sales contract is up 27% over last year! There’s going to be a lot of building going on soon.
The calls have been coming in and there has been a lot of activity – Summer is NOT that far off and if you’re thinking about enjoying the summer on the Outer Banks, you better get going! It really is a great time to buy on the Outer Banks – cheap money, great homes and more coming on the market every day. Call me (252.255.6518) to see what your next home will look like!!
Here is the recap for March Real Estate Market on the Outer Banks
YTD Sales – Units
Overall – Down 12% (403 units vs 486 units)
Residential – Down 18% (308 units vs 377 units)
Land – Up 19% (118 units vs 99 units)
Commercial – Down 60% (4 unit vs 10 units)
YTD Under Contract
Overall – Up 7% (607 units vs 569 units)
Residential – Up 2% (444 units vs 436 units)
Land – Up 27% (154 units vs 121 units)
Commercial – Down 25% (9 units vs 12 units)
Year to Date Comparison –
|
||||||||
| Single Family Detached |
Qty Sold |
% Chg |
Volume Sold |
% Chg |
Average Sale |
% Chg |
Median Sale |
% Chg |
|
|
|
|
|
|
|
|
|
|
| Current Period |
270 |
$102,212,050 |
$378,563 |
$290,500 |
||||
| One year Ago |
329 |
$137,573,186 |
$418,155 |
$307,500 |
||||
| Increase / (Decrease) |
-59 |
-18% |
($35,361,136) |
-26% |
($39,592) |
-9% |
($17,000) |
-6% |
| Condominium |
|
|
|
|
|
|
|
|
| Current Period |
20 |
$3,569,660 |
$178,463 |
$140,000 |
||||
| One Year Ago |
33 |
$7,618,650 |
$230,868 |
$217,000 |
||||
| Increase / (Decrease) |
-13 |
-39% |
($4,048,990) |
-53% |
($52,405) |
-23% |
($77,000) |
-35% |
| All Residential |
|
|
|
|
|
|
|
|
| Current Period |
308 |
$107,384,177 |
$348,649 |
$265,000 |
||||
| One Year Ago |
377 |
$146,865,736 |
$389,564 |
$287,000 |
||||
| Increase / (Decrease) |
-69 |
-18% |
($39,481,559) |
-27% |
($40,915) |
-11% |
($22,000) |
-8% |
Home prices are on an upward trend in some areas on the Outer Banks.
The median price home in Duck is up 11% over last year at $585,000.
The median price home in Corolla is up ever so slightly over last year at $513,000.
The median price home in Southern Shores is up 6% from last year at $424,500.
The median price home on Hatteras Island is up 25% over last year at $365,500.
Year to Date Sales Data, a review of the year-to-date data more homes were sold in the $100K to $299K range; however, homes that were in the less than $199K sold faster with an average DOM of 167 days.
Price Range Number of Listings Average Days on Market
$1 – $99,999 77 261
$100K – $199K 254 242
$200K – $299K 396 231
$300K – $399K 308 224
$400K – $499K 225 262
$500K – $599K 171 321
$600K – $699K 100 289
$700K – $799K 71 245
$800K-$899K 60 230
$900K-$999K 40 184
>$1M 138 318
To read the full report – Click Here
