According to a recent article in Money Magazine (May 2015) for more than a decade the housing market has been in flux, in between that “just right” rate of growth that offers opportunities for both buyers and sellers, but by certain standards we may be getting closer. According to National Association of REALTORS® home prices nationwide are expected to rise 4.9% on average this year. At the same time inventory is expected to loosen up with 1.9M units on the market this year vs the market saturated 4M we saw in the late 2000’s.
Being in a resort and second home market we do see these trends hit our beaches last, as no one needs a vacation/second/rental home, although the investors still want them, and are always in search of a deal. The following are the details for the First Quarter Sales for the Outer Banks:
Outer Banks Real Estate Hot Markets:
Corolla SOLD 48 units – 38 on the Ocean side and 10 on the west side of Hwy 12. The average list price was $609,304 – the average SOLD price was $569,753 – capturing 93.50% of asking price.
Duck SOLD 21 units – 19 on the ocean side and 2 on the west side of Duck Road. The average list price was $453,537 – the average SOLD price was $418,409 – capturing 92.25% of asking price.
Southern Shores SOLD 18 units – 1 on the ocean side and 17 on the west side of Ocean Trail. The average list price was $383,694 – the average SOLD price was $360,322 – capturing 93.90% of asking price.
Kitty Hawk SOLD 20 units – 1 on the oceanfront, 5 in between the highways and 14 on the west side of the bypass. The average list price was $335,105 – the average SOLD price was $315,450 – capturing 94.13% of asking price.
Kill Devil Hills SOLD 58 units – 4 on the Oceanside, 16 between the highways and 37 on the west side. The average list price was $264,042 – the average SOLD price was $252,311 – capturing 95.55% of asking price.
Colington Island SOLD 15 units – 10 in the Harbor and 5 on the island. The average list price was $269,866 – the average SOLD price was $258,166 – capturing 95.66% of asking price.
Nags Head SOLD 37 units – 30 in Nags Head – 9 Oceanside, 12 Between the highways and 9 on the west side of the bypass and 7 in South Nags Head – 6 on the Oceanside and 1 on the west side of Old Oregon Inlet – the average list price was $505,894 – the average SOLD price of $472,839 – capturing 93.46% of asking price.
So as you can see, the vacation market of Corolla is the hot one in regards to numbers although the year round market and smaller home rentals of Colington and Kill Devil Hills are hot in the percent of list to sell.
Outer Banks Blue Real Estate Sales’ Stats
1872 Active Residential Listings as of 7/1/15
272 Pending Residential Listing as of 7/1/15
167 SOLD between 06/01 – 06/30/15
If you desire any specifics as to your home or neighborhood please contact Kim Endre. Just call us at (252) 255-0482 x316 or email her at email@example.com.