Category Archives: Buxton

August 2017 Outer Banks Real Estate Outlook and Current Statistics

August 2017 Outer Banks Real Estate Outlook and Current Statistics

The Outer Banks Association of Realtors released the August 2017 MLS Statistical Report – you can get the full report here.

Real estate sales for August 2017 in the Outer Banks dipped to 156 units, after July’s sales of 178 units. Under contract fell by 1% to 419 units compared to July’s 422 units. The average home price increased by 4% compared to 2016. Over the last 5 years the median home price has increase by 23% with most of the increase over the past two years. Some highlights from this month’s report follows.

Overall Market

Residential inventory decreased by 8% compared to last year, following last month’s 10% drop. Active inventory is 1513 units. The quantity sold increased by 11% following last month’s 13% increase; with volume sold up by 16% following last month’s 18% increase; compared to year to date sales last year.

Lots and land quantity sold increased by 8%. The average sale price for lots fell by 21% and while the median price increased by 3%. Inventory is down by 11% compared to last year.

Commercial unit sales are down by 20% following last month’s decrease of 21%. Only 16 commercial units were sold compared to 20 last year. The average and median sale prices have little relevance with such a small sample and appear skewed from a large sale last year. Commercial inventory is down 16% compared to last year with only 63 units active on the market.

Distressed Property

There were 19 residential short sale units sold, only 1 more than the 18 units sold last month. However, this is down 17% from last year when there were 23 short sales. The average sale price decreased by 11%. The median sale price increased by 7%.

Sales for bank owned properties increased from 54 units to 57 units compared to last year. Bank Owned unit sales increased by 6%. The average sale price for Bank Owned property fell by 15% compared to last year; while the median decreased by 3%.

Overall, the quantity of distressed property sold fell by 1% compared to the same period in 2016. The average price decreased by 12% and the median increased by 3%. Total volume sold is down by 17% compared to last year.

The effect distressed real estate will have on the overall Outer Banks market will continue to diminish as foreclosure and short sale inventory is depleted and the market returns to pre-recessionary levels of distressed real estate. Overall distressed sales account for only 2% of total residential sales.

Residential

Single family unit sales increased by 12% a bit lower than the 14% increase reported last month, with 1,118 units compared to last year 996 units. The volume sold increased 16% with the average sale increase by 4% and the median sale price increased by 1%.

Condos unit sales increased by 16%, following last month’s increase of 18%; compared to last year. August condo unit sales were 140 compared to 120 a year ago. The volume sold increase by 14% following last month’s 15% increase. Median sale prices for condos increased by 8% compared to last year. Average sale prices fell by 1%, compared to last year. Unlike many other markets, the Outer Banks did not see an oversupply of condo construction during the boom years and current demand for condos has been strong in 2017.

Residential land unit sales increased by 5% YOY; a sharp decrease from the 19% increase reported in July. The average sale price fell by 12% while the median increased by 1% compared to last year.

Overall Days on the Market for the all residential properties is down by 23% compared to last year at 151 versus 197. More interesting is for the 643 properties listed and sold since Jan 2017, the average DOM is only 45 days. Outer Banks properties are selling much faster; especially new inventory.

New Construction building permits are down by 23% 170 compared to 220 last years. This follows July’s decrease of 15%. Building permit value decreased by 14%.

Outer Banks Town Statistics

The August 2017 median sale prices for the towns in the Outer Banks and the percent change compared to 2016 appear below:

Aug 2017 Median Price changes in OBX towns from 2016

Aug 2017 data table median prices in OBX town and YTD percent change

Corolla experienced the largest percentage gain of 12% compared to 2016. The next highest YTD increase was Hatteras Island at 7%; this is unchanged from June and July.

The Outer Banks real estate market is on track for a solid sales year. OBXMLS reports 419 units are listed as under contract at the end of August. September is a great time to visit the Outer Banks and view real estate as the crowds have reduced and the weather is the best!

If you have been thinking about an Outer Banks vacation home purchase, second home purchase or permanent home, now is the time to act. Purchasing power will decrease once the anticipated mortgage rates increase. Smart buyers and investors will lock in rates now before the increase.

Buy with Eillu and save more with our buyers rewards plan.

If you have considered selling your Outer Banks home, now may be the best time. The lower inventory levels will allow your property to be seen with less competition. The strong demand will sell your home with fewer days on the market. Our 1.5% listing commission will save you thousands of dollars!

The rental market continues to be strong to provide income from the investment and enjoyment for the family for years to come.

The Outer Banks continues to be named a top beach destination every year. Beach nourishment has recently been completed for a large portion of Dare County beaches and will ensure strong future appreciation for real estate.

Schedule an appointment today to find your vacation rental property, second home or investment property.

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Vacation Destinations Compared – Where is The Perfect Location for Your Vacation Home?

From Maine to Florida where is the best place to buy a vacation home, second home or investment property?

Once the coastal lifestyle gets under your skin it never lets go.  I have spent a lot of time at the beach and on the water.  I was blessed as a child to spend summers at the beach and boating at Delaware beaches and bays.  Later, I lived in New Jersey by the shore and visited all beaches in the state as part of my business.  On various random trips, I have visited other beaches on the west coast and east coast. 

I moved to the Outer Banks almost 20 years ago and never regretted it.  Back then and now, the Outer Banks offered the most bang for the buck.  At the time, I could have moved anywhere.  I visited and researched both east coast and west coast destinations.  The west coast was far too expensive to get anything on the water.  Ditto Long Island.  Other destinations appeared “run down” or tired.  Over development in other locations detracted from why I like living at the beach.

What I have learned is every beach location has its own vibe.  While the Outer Banks has an overall laid back vibe, each town over the 100 plus miles has its own layer on top.  Carova is remote and adventurous spirits gather there.  Corolla and Duck appeal to more affluent travelers and buyers.  Nags Head is for traditionalist.  Kitty Hawk and Kill Devil Hills is centrally located for all the action.  Hatteras retains its fishing heritage.  Each of these distinct layers give each town its own flavor or personality. 

Today, there are more tools and information about destinations than 20 years ago.  These tools are useful to screen locations and eliminate ones that don’t match your needs or criteria.  Use the charts and data I compiled below, to screen vacation locations to zero in on a place that is perfect for your family.  Check out: What to Consider When Buying Your First Vacation Home .

infographic map with cost and areavibe ratings for vacation destinations from Maine to Florida      outer-banks-mustang-reunion-celebration

 

Median Costs for Vacation Homes from Maine to Florida

Owning a vacation home is a large financial commitment.  Every market has a variety of price ranges that homes sell for.  The median cost of homes for 42 popular destinations from Maine to Florida are shown in the chart below.  They are listed from the most expensive to least expensive.

median cost for homes in vacation destinations from Maine to Florida

Cost per Sq Ft for Vacation Homes from Maine to Florida

Of course, the cost of the home you select will depend of what size you need.  The Outer Banks market has everything from 1 bedroom condos up to 14 bedrooms and higher.  You can select a cozy retreat or a mega-house with enough room for the whole extended family.  The cost per square foot is a good indicator of what you will need to spend in each destination.

cost per sq ft in vacation destinations from Maine to Florida

Days on Market for Vacation Homes from Maine to Florida

The days on market is a measurement of the age of a real estate listing. The statistic is defined as the total number of days the listing is on the active market before either an offer is accepted or the agreement between real estate broker and seller ends.  In a buyers’ market, days on market tends to be higher and the reverse is true for a sellers market. 

days on market for homes in vacation destinations from Maine to Florida

Cost of Living at Vacation Destinations from Maine to Florida

Purchasing the vacation home is only the first step.  The cost of living in the area is going to impact how much it costs to maintain the home, utilities, and other services.  The base of 100 for the index is the average and values above 100 are area that are more costly to maintain same standard of living and vice versa.

cost of living for vacation destinations from Maine to Florida

There are a lot of things to consider to find the perfect vacation home, second home or investment property.  Read our 10 Reasons to own a vacation home in the Outer Banks or How to Select the Best Outer Banks Neighborhood for Investment, Retirement or for You and Your Family to Enjoy to learn why I consider this place so very special. 

The Eillu team is standing by and will be happy to answer any questions you may have regarding our real estate market or properties available for sale.  Go on vacation, visit us and schedule an appointment today.  One trip is all it took for me.

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Outer Banks Real Estate Total Sales and Volume at Highest Level Since 2005

May 2017 Outer Banks MLS Market Report

The Outer Banks Association of Realtors released the May 2017 MLS Statistical Report – you can get the full report here

Real estate sales in the Outer Banks continued the strong performance with each month since February having record sales numbers.  This month’s total sales (987 units) and volume (over $339 Million) is the highest level since 2005!  Some highlights from this month’s report follows. 

Overall Market

Residential inventory decreased by 11% compared to last year, following last month’s 15% drop.  The average sale price increased by 4% and the median sale price also increased by 4%.  The continued lack of inventory is likely to to put increased pressure on prices.  The quantity sold increased by 18% with volume sold up by 23% compared to last year.

Lots and land quantity sold fell by 6% following last month 10% drop.  The average sale price increased by 7% and the median price increased by 8%. Inventory is down by 14% compared to last year.

Commercial unit sales are down by 7% following last month’s decrease of 27%. Only 13 commercial units were sold compared to 14 last year.  The average and median sale prices have little relevance with such a small sample and appear skewed from a large sale last year.  Commercial inventory is down 8% compared to last year.

Residential

Single family unit sales increased by 19%, or 690 units compared to last year 579 units.  The volume sold increased 23% with the average sale increase by 3% and the median sale price decreased by 1%. 

Condos unit sales increased by 36% compared to last year; 80 units versus 59 last year. The volume sold increase by 41% with median prices increased by a healthy 12%, with the average sale price increasing at 4% compared to last year.

Residential land unit sales fell by 6% following last month’s 13% drop.  The average sale price up by 8% and the median prices up by 9%.

Overall Days on the Market for the all properties is 135 following last months reported 162 days.  However, when looking at only properties listed since Jan 1, 2017, the average Days on the Market is only 57 days.  This is another sign of how the local market has picked up this year.

New Construction building permits are down by 32% compared to last year with permit value down by 47%.

Distressed Property

There were 13 residential short sale units sold which is down 7% from than last year.  The average sale price decreased by 3%.  The median sale price increased by 8%. 

Sales for bank owned properties increased from 34 units to 40 units compared to last year. Bank Owned unit sales increased by 18%.  The average sale price for Bank Owned property fell by 13% compared to last year; while the median increased by 12%. 

Overall, the quantity of distressed property sold increased by 10% compared to the same period in 2016.  The average price decreased by 6% and the median increased by 10%. 

The effect distressed real estate will have on the overall Outer Banks market will continue to diminish as foreclosure and short sale inventory is depleted and the market returns to pre-recessionary levels of distressed real estate.

Outer Banks Town Statistics

The May 2017 median sale prices for the towns in the Outer Banks and the percent change compared to 2016 appear below:

May 2017 Outer Banks Town Sales Statistics

May 2017 Outer Banks Town Sales data table

Corolla experienced the largest percentage gain of 12% compared to 2016.  The next highest YTD increase was Hatteras Island at 8%. 

The Outer Banks real estate market is heating up.  Activity from January to May has been very robust with no signs of slowing down.  OBXMLS reports 461 units are under contract suggesting June sales will also be strong.  This reflects a normal seasonal adjustment from 473 units under contract reported in April.

If you have been thinking about a vacation home purchase, second home purchase or permanent home, now is the time to act.  Purchasing power will decrease once the anticipated mortgage rates increase.  Smart buyers and investors will lock in rates now before the increase. 

Buy with Eillu and save more with our buyers rewards plan.

If you have considered selling your Outer Banks home, now may be the best time.  The lower inventory levels will allow your property to be seen with less competition.  The strong demand will sell your home with fewer days on the market.  Our 1.5% listing commission will save you thousands of dollars!

The rental market continues to be strong to provide income from the investment and enjoyment for the family for years to come.

The Outer Banks continues to be named a top beach destination every year.  Beach nourishment for a large portion of Dare County beaches will ensure strong future appreciation. 

For more information on buying Outer Banks Real Estate, or selling Outer Banks Real Estate or to learn more about the Outer Banks in general, please check out our blog.

Eillu listing commission 1.5%             Eillu buyers rewards CTA


2017 Duck Outer Banks Beach Nourishment

 

Eillu Outer Banks Real Estate Logo

2017 Duck Outer Banks Beach Nourishment

Eillu Real Estate aerial photo beach Southern Shores, Duck NC

Beach Nourishment is coming to the Outer Banks in a huge wave this summer.  While this will give us all More Beach To Love, there will be some inconvenience while the work is being performed. 

Click here to learn about impact on property values.

See the current UPDATED Map for schedule of work below.


Duck, NC quick facts beach nourishment

beach nourishment key for Outer Banks projects


2017 Outer Banks Beach Nourishment Projects: Click on Town Name for a Current Detail Map of work in progress.

Duck       Southern Shores      Kitty Hawk    

Kill Devil Hills    Buxton

 

 

Contact Eillu  for all your Outer Banks Real Estate questions.

Eillu relocation guide to Outer Banks


Eillu Outer Banks Real Estate Logo

252-491-9999                                  www.Eillu.com

 


Outer Banks Beach Nourishment – More Beach to Love and Increasing Property Values

Buxton Frisco NC aerial of beach

Regardless of your opinion about beach nourishment, the Outer Banks has embarked on a large project to nourish the Dare County Beaches in 2017.  Beach nourishment is basically placing sand obtained from the ocean onto the eroding beach to buffer the effects of storms and continued erosion.  The scope of the project covers much of Dare County and should improve results compared to a piece by piece approach.

In 2011, Nags Head was the first town to spearhead a beach nourishment project within the town, which generated a lot of controversy.  Business owners (especially ones reliant on tourism) tend to support these projects for obvious reasons.  Younger or older residents who have grown up in Dare County tend to be against beach nourishment as a waste of money, since it is not a cure but a temporary fix.  Other folks, tend to support nourishment with reservations. 

One extreme feels the beach nourishment projects are costly and unable to stop the natural migration to the west while the other side feels we must do something to preserve the beaches and our way of life.

Impact on Property Values

No one will argue that the conditions of our beaches are of primary importance to continued tourism for the area.  If the quality of the beach decreases, then the property values of oceanfront homes will also decrease.  If the beach is maintained then the property values will remain steady or also increase.  Property values have a direct impact on tax revenues and the economic viability of the Outer Banks.

The correlation with property values is not just limited to the oceanfront homes but, to some extent, applies to the entire Outer Banks.  A preliminary Study conducted to measure the economic benefits of beach nourishment cite, pre-nourishment “in Dare County, N.C., of 1997 and 1998 shows there is a positive effect on Outer Banks properties within 2,270 feet of the beach.  Previous studies showed that added value estimates range from $200 to $1,000 per household for an additional foot of beach width, depending on proximity.”

Another study, shows the gains in property values (in 1983 dollars) for Surfside Beach and Garden City, SC:

value of beach nourishment at different distance to beach

So, according to this study an oceanfront home may increase in value by $27k to over $41k; while homes ¾ mile from the beach also increased in value by over $12k in 1983 dollars.  The study cited the cumulative values for the homes at various distances contributed $63,779,417 with a benefit/cost ratio of 1.96. 

If we adjust the 1983 dollars above for inflation, where $100 in 1983 is equivalent to $245.51 in 2017; it would suggest oceanfront homes would increase by up to $101,263 and the homes ¾ mile away would increase by $29,964 in 2017 dollars.  The cumulative increase would be $156,584,846. Furthermore, the economic benefits, added storm protection and other ripple effects extend beyond the local area to the region and the state. 

The beach nourishment contract for Duck, Kitty Hawk, Kill Devil Hills was awarded to Great Lakes Dredge and Dock Company totaled $38,596,850.  Southern Shores portion was added to the project subsequently at a cost of $800k.  Weeks Marine has the contract for Buxton at a cost of $25 million.

The 2017 Summaries of Dare County Beach Nourishment Projects are shown below: 

2017 Summary of Dare County Beach Nourishment Projects

Current Status of Beach Nourishment Projects

The updated map showing progress and work areas are included on the infographic for each town.  To view current status, click on the town below:

Duck

Southern Shores

Kitty Hawk

Kill Devil Hills

Buxton

Video of Progress on Beach Nourishment

View the latest video on the project and stay up to date on beach closures as changes are frequently announced and the schedule can change expectantly due to conditions and equipment availability.

Conclusion

As the most recent Outer Banks MLS statistics show, The Outer Banks real estate market is heating up.  Activity from January to May has been very robust with no signs of slowing down.  OBXMLS last reports 473 units are under contract suggesting May and June sales will also be strong.

If you have considered buying a vacation home, second home or permanent home, now is the time to act.  Purchasing power will decrease once the anticipated mortgage rates increase.  Smart buyers and investors will lock in rates now before the increase. Beach nourishment should increase appreciation potential for those who act early.

Buy with Eillu and save more with our buyers rewards plan.

If you have considered selling your Outer Banks home, now may be the best time.  The lower inventory levels will allow your property to be seen with less competition.  The strong demand will sell your home with fewer days on the market.  Our 1.5% listing commission will save you thousands of dollars!

The rental market continues to be strong to provide income from the investment and enjoyment for the family for years to come. Beach nourishment in the Outer Banks will protect your real estate investment and ensure the Outer Banks continues to be named a top beach destination every year.  For more information on buying Outer Banks Real Estate, or selling Outer Banks Real Estate or to learn more about the Outer Banks in general, please check out our blog or Contact Us.

Eillu buyers rewards CTA


2017 Kill Devil Hills Outer Banks Beach Nourishment

 

Eillu Outer Banks Real Estate Logo

2017 Kill Devil Hills Outer Banks Beach Nourishment

Eillu Real Estate aerial photo beach Southern Shores, Duck NC

Beach Nourishment is coming to the Outer Banks in a huge wave this summer.  While this will give us all More Beach To Love, there will be some inconvenience while the work is being performed. 

Click here to learn about impact on property values.

See the current UPDATED Map for schedule of work below.


kill devil hills, NC quick facts beach nourishment

beach nourishment key for Outer Banks projects


2017 Outer Banks Beach Nourishment Projects: Click on Town Name for a Current Detail Map of work in progress.

Duck       Southern Shores      Kitty Hawk    

Kill Devil Hills    Buxton

 

 

Contact Eillu  for all your Outer Banks Real Estate questions.

Eillu relocation guide to Outer Banks


Eillu Outer Banks Real Estate Logo

252-491-9999                                  www.Eillu.com

 


2017 Kitty Hawk Outer Banks Beach Nourishment

 

Eillu Outer Banks Real Estate Logo

2017 Kitty Hawk Outer Banks Beach Nourishment

Eillu Real Estate aerial photo beach Southern Shores, Duck NC

Beach Nourishment is coming to the Outer Banks in a huge wave this summer.  While this will give us all More Beach To Love, there will be some inconvenience while the work is being performed. 

Click here to learn about impact on property values.

See the current UPDATED Map for schedule of work below.


kitty hawk quick facts beach nourishment

beach nourishment key for Outer Banks projects


2017 Outer Banks Beach Nourishment Projects: Click on Town Name for a Current Detail Map of work in progress.

Duck       Southern Shores      Kitty Hawk    

Kill Devil Hills    Buxton

 

 

Contact Eillu  for all your Outer Banks Real Estate questions.

Eillu relocation guide to Outer Banks


Eillu Outer Banks Real Estate Logo

252-491-9999                                  www.Eillu.com

 


2017 Southern Shores Outer Banks Beach Nourishment

 

Eillu Outer Banks Real Estate Logo

2017 Southern Shores Outer Banks Beach Nourishment

Eillu Real Estate aerial photo beach Southern Shores, Duck NC

Beach Nourishment is coming to the Outer Banks in a huge wave this summer.  While this will give us all More Beach To Love, there will be some inconvenience while the work is being performed. 

Click here to learn about impact on property values.

See the current UPDATED Map for schedule of work below.


Southern Shores, NC quick facts beach nourishment

beach nourishment key for Outer Banks projects


2017 Outer Banks Beach Nourishment Projects: Click on Town Name for a Current Detail Map of work in progress.

Duck       Southern Shores      Kitty Hawk    

Kill Devil Hills    Buxton

 

 

Contact Eillu  for all your Outer Banks Real Estate questions.

Eillu relocation guide to Outer Banks


Eillu Outer Banks Real Estate Logo

252-491-9999                                  www.Eillu.com

 


2017 Buxton Outer Banks Beach Nourishment

 

Eillu Outer Banks Real Estate Logo

2017 Buxton Outer Banks Beach Nourishment

Buxton Frisco NC aerial of beach

Beach Nourishment is coming to the Outer Banks in a huge wave this summer.  While this will give us all More Beach To Love, there will be some inconvenience while the work is being performed. 

Click here to learn about impact on property values.

See the current UPDATED Map for schedule of work below.


Buxton, NC quick facts beach nourishment

beach nourishment key for Outer Banks projects


2017 Outer Banks Beach Nourishment Projects: Click on Town Name for a Current Detail Map of work in progress.

Duck       Southern Shores      Kitty Hawk    

Kill Devil Hills    Buxton

 

 

Contact Eillu  for all your Outer Banks Real Estate questions.

Eillu relocation guide to Outer Banks


Eillu Outer Banks Real Estate Logo

252-491-9999                                  www.Eillu.com

 


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