Outer Banks Real Estate Sales Update

As an Outer Banks real estate agent for 31 year I’ve heard these questions almost every day, “How is the market?,” “What is selling?,” “How is my neighborhood doing?,” etc.

To answer these questions we put together an Inventory Matching Market Analysis for the market my team works from which includes Corolla through South Nags Head, Colington Island and Colington Harbour and Lower Currituck County:

Single Family, Condos & Townhomes
Inventory Matching 12-2-15 through 12-2-16
Price Range # Ave/Month %
$100,000 – $149,999 46 3.8333 3.9519%
$150,000 -$199,999 110 9.1667 9.4502%
$200,000 – $249,999 159 13.2500 13.6598%
$250,000 – $299,999 199 16.5833 17.0962%
$300,000-$349,999 142 11.8333 12.1993%
$350,000-$399,999 120 10.0000 10.3093%
$400,000-$449,999 79 6.5833 6.7869%
$450,000-$499,999 76 6.3333 6.5292%
$500,000-$549,999 49 4.0833 4.2096%
$550-000-$599,999 37 3.0833 3.1787%
$600,000-$649,999 12 1.0000 1.0309%
$650,000-$699,999 19 1.5833 1.6323%
$700,000-$749,999 14 1.1667 1.2027%
$750,000-$799,999 14 1.1667 1.2027%
$800,000-$849,999 10 0.8333 0.8591%
$850,000-$899,999 9 0.7500 0.7732%
$900,000-$949,999 11 0.9167 0.9450%
$950,000-$999,999 7 0.5833 0.6014%
$1,000,000-$1,099,999 7 0.5833 0.6014%
$1,100,000-$1,199,999 3 0.2500 0.2577%
$1,200,000-$1,299,999 7 0.5833 0.6014%
$1,300,000 – $1,399,999 7 0.58 0.6014%
$1,400,000 – $1,499,999 3 0.25 0.2577%
$1,500,000 – $1,599,999 3 0.25 0.2577%
$1,600,000 – $1,699,999 4 0.33 0.3436%
$1,700,000 – $1,799,999 4 0.33 0.3436%
$1,800,000 – $1,899,999 1 0.08 0.0859%
$1,900,000 – $1,999,999 3 0.25 0.2577%
$2,000,000 – + 9 0.75 0.7732%
TOTAL 1164 97.00 98.9691%

Current Inventory 12/20/2012  = 957 Homes for sale (a 10 month absorption rate).
Average Sales price = $410,000.
67% of sales were between $200,000 and $500,000.
Southern Shores North = 421 Homes Sold (36%) (Average Sales price = $559,000).
Corolla Sales = 238 Homes Sold (20%).

We had 1164 sales the past year, with +/- 1 – 5% of the previous two years. 957 homes currently for sale. A 10 month absorption rate or 10 month supply.

BUYERS VERSUS SELLERS MARKET:  The National Association of REALTORS chief economist suggest that when there is a six month supply of active listings (unsold inventory) the market is neutral or balanced with any equal number of buyers and sellers.  My experience indicates that a five to eight month supply is the range for a generally balanced market; that a seller’s market is when there is a three month or less supply; and that a buyer’s market exists when there is a twelve month or great supply.  Prices generally react faster in a seller’s market than in a buyer’s market since the individual home owner will raise their price quickly but will resist lowering their price.   This is a basic function of the human trait of “greed”.

Our average sales price is $410,000 and our market “sweet spot,” the price range where 65% to 75% of the sales occur, is between $200,000 to $500,000. 67% of all sales fall in this price range.

Our most productive range is between $250,000 and $299,999 where 17% (1 in 6) of all homes are selling.  This market overlaps year round/2nd home purchases.

For Southern Shores, Duck and Corolla the average sales price is $559,000. 20% of all sales are in Corolla.

I hope this information is helpful! Maybe a little more information than the answer.  But as my old friend Ed Rabbel would say, “it’s picking up.” He was a garbage man!

The Best Real Estate MarketFor more detailed information on the current state of the Outer Banks real estate market, please feel free to call Danny or Danielle Fenyak at (252) 256-1818 or email him at dfenyak@outerbanksblue.com.