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.
Author:Steven Donald Phone: 252-489-0982 Dated: December 20th 2017 Views: 306 About Steven: Steve Donald and At The Beach Realty ////
At the Beach Realty is a local firm located in Kitty ...
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Since 1996 I have been proudly selling real estate on the Outer Banks of North Carolina. I can think of no other career than to help people realize their dream of home ownership on these beautiful barrier islands. I represent buyers and sellers, whether you are a first time buyer, seasoned investor or somewhere in between. You can count on myself and my team to be with you every step of the way. Honesty and Integrity are the core values of our company.
The Outer Banks real estate market is sizzling! The temperature i
"Michelle sent us listing for months before we came to nc to look. We made a list of favorites from nags head to corolla. Michelle helped us decide on corolla based on our needs and the amenities of corolla. We spent a week looking and ended up finding a house in crown point. Michelle arranged for a home inspection which identified some issues and helped us negotiate a price reduction. Additionally she gave us an excellent recommendation for a contractor who we used for several remodeling projects. She was a pleasure to work with and I would gladly recommend her to anyone needing a realtor in OBX."