Outer Banks Real Estate Market For November 2017

Outer Banks Real Estate Market For November 2017

The Outer Banks real estate market is heating up! The last 7 offers that our office has presented have all been in multiple offer situations. Don't wait! If you are a serious buyer please come down to the Outer Banks sooner rather than later to find your dream home. 

Single family home prices are up 5% the past 12 months. Condo prices are up 28%!  Residential inventory is down 5% and land inventory is down 10%. The forces of supply and demand are once again driving prices. Here are the statistics for the Outer Banks as of November 2017:

Sales: Total November sales - 206 units (November 2016 - 167 units).

Under-contract: Units listed as under contract decreased by 6% (390 vs 413 Units) from October 2017; however, they are up 5% from November 2016.

• Average Home Price: The average price for a single-family detached home in November was $401,024, up slightly (4%) from November 2016. The average price for a condominium in November was down 1% from November 2016.

Median Home Price: The median price for a single-family detached home in November 2017 was $325,000, up 5% from November 2016. The median price for a condominium was $287,440, up 28% from November 2016.

Inventories: Residential inventory was down by 5%, Lots / Land inventory was down 10%.

New Construction: As of October 2017, the number of new construction building permits were down 14% from 2016 (250 units vs 292 units). Total building permit value for 2017 was down 5% from 2016.

Days on the Market: For all residential units listed in the MLS, the average Days on the Market (Y-OY) was down by 44% (143 vs 254). It should also be noted that for the 1062 units that were listed and sold in 2017 the average days on the market was just 53 days.

Based on information from the Outer Banks Association of REALTORS® MLS for the period November 2016 through November 2017. Information contained herein is deemed reliable but not guaranteed and may not reflect all real estate activity in the market.

Steven Donald Headshot
Phone: 252-489-0982
Dated: December 20th 2017
Views: 299
About Steven: Steve Donald and At The Beach Realty //// At the Beach Realty is a local firm located in Kitty ...

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