Category Archives: Outer Banks

January 2018 Outer Banks Real Estate Market Report

Jan 2018 real estate statistic report

The Outer Banks Association of Realtors released the January 2018 MLS Statistical Report – you can get the full report here

While 2017 was a great year for real estate on the Outer Banks, we predict that 2018 will exceed expectations.   The stock market is currently taking a beating and interest rates increases will likely hamper the real estate market. 

Jan 2018 has the highest volume and unit sales since 2006! It is the best January numbers since 2006 for unit sales and volume sales; this was when the market was really hot before the down turn. 

Days on market are also down to 170 days, the lowest for January since 2006.  Unfortunately, inventory levels are at the lowest levels since 2005 for all categories – residential, land and commercial.  

Real estate unit sales in the Outer Banks for January 2018 were 152 units; an increase of 8% compared to January 2017 from 141 units.  Recorded volume for the month was $53,636,122; a 9% increase from last January.

Some highlights from this month’s report follows. 

Overall Market

Inventory was considered low for most of 2017.  Residential inventory is down 6% compared to last January.  Inventory was down 5% compared to the end of 2017.

Lots and land quantity sold increased by 21% in January; up from 16% in December report.   The average sale price for lots is up by 43% compared to last year after last month’s report showed prices down by 14%. More lots were sold this year (35) with volume up 72%. the median price increased by 29%. Land inventory is down by 13% after ending last year down by 11%.

There were no Commercial unit sales and commercial inventory is down 18% compared to last year.  Commercial inventory includes 58 units active on the market compared to 71 the same time last year.

Distressed Property

Distressed sales are down by a whopping 71% compared to last January.  There was only 1 short sale and only 3 bank owned sales in January 2018.  Short sales are down by 80% and bank owned by 67%.

Since there was only one short sale sold, the average and median comparison to last year is not worthwhile.  The small number of bank owned sales also makes the comparison suspect but suggest all sales were in the same range of the reported median price $199k to $200k the reported average price.  The average sale price is up 71% from last year and the median is up from 45% last year. 

In all of  2017, there were 28 residential short sale units sold, compared to 31 at the end of 2016. 

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.  This months unit and volume sales suggest we have returned to levels that existed before the down turn.

Residential

Single Family

For the month ending in January 2018, single family units sold increased by 1% (to 100 units) following a 12% increase at the end of last year.  In January, the dollar volume increased by 13% with the average sale price up 12% and the median price up 4% – suggesting one or more expensive sales to skew the average.

The average single family home price increased to $449,754.  The average sale price for a single family home in the Outer Banks was is $405,273 in December 2017 up from $391,538 for Dec 2016.  Median sale prices were $321,500 for January 2018.

Condos

Condominium sales in the Outer Banks increased by 18% (13 unit sales) compared to last year and following last month’s  9% year over year increase.  The associated dollar volume fell by 10% compared to January 2017.

January 2018 average condo price sold was $207,222 compared to $272,102 and 24% decrease from January 2017.  The median condo values were 33% lower at $189,900 compared to $284,500 in January of 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.  The data suggests there were an unusual number of lower priced condos sold during the month rather than a fundamental decrease in values.

Lots and Land

Over 2017, residential land unit sales increased by 14%.  January 2018 continued this trend with sales up by 21% (35 units) compared to last year.  The volume sold increased by 72% with the average sale price up by 43% to $144,135. In January 2018, the median land sale price increased by 29% to $110,000.  Residential lots average price was reported in December 2017 at $111,967 with the median at $75,000.

Market Highlights

Outer Banks properties “days on market” are at historical lows for the area and homes are selling much faster; especially new inventory. 

New Construction building permits finished 2017 below 2016 levels with 281 units compared to 292 last year.  Low inventory, fewer new homes being built and increasing interest rates will put upward pressure on prices. 

Outer Banks Town Statistics

For January 2018, the median sale prices for the towns in the Outer Banks and the percent change compared to year end 2017 appear below:

Median price change for Outer Banks homes Jan 2018

Median price change table for Outer Banks homes Jan 2018

Southern Shores experienced the largest percentage gain of 31% followed closely by Duck at 23%.

The Outer Banks real estate market had an excellent year in 2017.  From client interest over the past few weeks, 2018 is on track for another solid sales year.  Median values are beginning the year lower compared to the end of last year.

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. 

The Outer Banks rental market continues to be strong to provide income from the investment and enjoyment for the family for years to come. Buy now to position the home for the 2018 rental season.

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

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!

Schedule an appointment today to find your vacation rental property, second home or investment property or to receive your custom market analysis if you are considering selling your home.

New Homes in Outer Banks


Best of the Eillu Blog

We’re proud of the blog articles we produce.  We try to include a little something for everyone.  We understand not everyone is in the market, right now, to buy or sell real estate.  That’s okay.  We like to keep you informed about the Outer Banks, current events and the sights and attractions that draw people to the area.  Our most popular posts are highlighted below.

Best restaurants in the Outer Banks for watching sunsets

best OBX sunsets

Who doesn’t appreciate a gorgeous sunset?  The Outer Banks has some of the best sunsets in the world.  What better way to enjoy the sunsets then to combine it with dinner or drinks at these fine eating establishments.  These 6 restaurants are some of our favorites and range from fancy to casual.  So, if you are hungry check out these restaurants from the north in Duck all the way south to Nags Head for a great meal with a wonderful view.

 

4 best places to watch the sunset on the Outer Banks

outer-banks-sunsets

If you are not looking to enjoy a meal but still want to enjoy the sunset, you are in luck.  There are several places to catch the sunset without trespassing on private property.

H2obx waterpark making a splash in the Outer Banks

H2OBX waterpark

The H2OBX waterpark has been the talk of the town and excitement is building up anticipating the new season.  There are 30 water slides, an adventure lagoon and river,  wave pools and cabanas.  The water park will offer another attraction for the area and is sure to bring additional tourism and development to the area.

Choose Eillu for Savings – lower listing commission and buyer rewards

Listing commission reduced to 1.5%

The standard commission in the Outer Banks is typically 6%; split between the Buyer’s Agent and Listing Agent.  The average sale price in the Outer Banks is $410,819, or over $24,500 in agent commissions for the sale of their Outer Banks property.  Eillu’s listing fee is only 1.5% with a $15k cap.  Buyers who use an Eillu Associate will receive buyer rewards – or 25% of the Buyer’s Agents fee credited at closing (up to $5k).

Impact of new flood maps for Dare and Currituck County, NC

ocean front homes and flood insurance

Once the preliminary Outer Banks flood maps are adopted, thousands of homes will no longer be designated as lying in a flood zone.  Specifically, 15,970 buildings in Dare County are categorized as a lower risk compared to the current effective map.  County wide the number of properties in the V zone was reduced by 3,720 down to 1,731. This will reduce new construction costs, as well as reducing development standards on remodels.  Many homeowners will have a lower flood insurance premium or no longer be required to carry flood insurance.

 

7 Reasons Why Your Home is Not Selling

7 reasons home is not selling

If your house has been sitting on the market for months with little activity than there may be one or more things holding it back from selling. No matter the market, it’s very important to position your home to sell.  So why isn’t your home selling? This blog lists seven reasons that might be preventing your home from selling!

The Outer Banks is full of family friendly events, activities and attractions for all ages.  If you are ready to purchase your very own vacation home, permanent residence or investment property, let Eillu show you real estate so you can enjoy all the Outer Banks has to offer and create memories to last a lifetime.

New Homes in Outer Banks


Carova, NC: Is This Remote Beach Community the Location for Your Next Vacation Home?

 

Pros and Cons of living in or owning a vacation home in Carova NC

Carova, NC is the northern, most remote town or village in the Outer Banks at the Virginia and North Carolina border.  Located in Currituck County, it is only accessible through the unpaved beach.  To the North, the Sandbridge area of Virginia Beach is not accessible from the Carova beach area due to an ocean to sound fence that was installed years ago. A few families do have the key.  So, you must have a 4 wheel drive vehicle to own a home or vacation in Carova.  Before driving on the beach, lower the air pressure in your tires to about 20lbs.  You can re-inflate your tires back in Corolla. 

Advantages of Carova

This beach area is one of the most pristine beaches on the east coast.  If you are seeking a place to get away from it all, with few distractions, and lots of privacy – Carova is the place to be.  This is the biggest advantage to the Carova area.

Some of the unincorporated areas or communities in Corova are known as Seagull, Penny’s Hill, Swan Beach, North Swan Beach, Carova Beach and Ocean Beach. Residents, visitors and any service providers can only reach the area using 4 wheel drive vehicles.  Depending on the tide or area storms, the drive on the beach can be quite challenging!

What this area of OBX is most known for are the wild horses.  The wild horses were relocated here from Corolla many years ago because this area was less populated and provided a safer spot for the horses to be able to roam freely without the threat of getting hit by vehicles.  The horses are descendants of Spanish Mustangs believed to have been shipwrecked in the 1500s. 

You will find over 11 miles of wide open beaches in Carova.  There are a few interior dirt/sand roads and a scattering of homes leading to the sound side of the island.  There are also some canals that lead to the Currituck Sound.  Many of these homes are modest in size while nestling into the simple landscape of live oaks, cedars and native grasses.

What you won’t find here are retail stores, restaurants, gas stations or even a grocery store.  There are no hotels or motels located here, but there are some really large rental homes (23+ Br), typically used as wedding or event homes, that some argue should be considered and regulated like a motel. 

Carova also has smaller cottages available for rentals with 2 or 3 bedrooms.  These smaller homes can be the perfect second home or retirement home to get away from it all.

There are several nature reserves- the Currituck Banks Reserve, the Currituck Banks North Carolina National Estuarine Research Reserve and the Currituck National Wildlife Refuge.  The preserve status ensures the land will remain undeveloped in the future.

The area is still very secluded and is likely to remain so.  There are only a few permanent residents that live year round (around 180 or so) and approximately 1,000 vacation homes (second homes and rental homes) in the area.  Many of the vacation homes are available for weekly rentals.  There is a fire/EMS station and a refuse station servicing the area.

The small population of the area allows the residents to know each other and socialize.  In the event of adversity, folks tend to rally and support each other.  Perhaps due to the rugged nature of the area, the residents are a close knit group of neighbors.

Some residents of Carova have vehicles positioned on Knotts Island to shorten the driving distance to Virginia.  This way, they can take the boat from Carova and use the vehicle to go the rest of the way to Virginia. 

Disadvantages of Carova

New home construction costs higher

Oceanfront lots in Carova are generally large and cost between $300k to $400k.  However, the cost to construct a new home will be much higher compared to locations with a paved road.  This applies across the board for all trades.  Generally, fewer tradesmen will service the area since it requires 4 wheel drive vehicle and is at times not accessible due to high surf. 

Keep in mind any heavy equipment used to construct the home also has to be 4 wheel drive or moved/ trailered on a 4 wheel drive.  This can significantly impact the final cost of construction.

Maintenance cost higher

Similar to new construction costs being higher, maintenance costs for homes in Carova will tend to be higher.  This would apply to emergency plumbing services (already expensive), to painting, appliance repair etc.  There are fewer companies equipped and positioned to service the relatively small community.

Fewer Vacation Rental companies service the area

There are also fewer Property Management Companies that serve the area for vacation rental services.  The ones that do service the area can add a premium to their fees due to their higher costs and less competition.  Employees will need to use 4 wheel drive vehicles to reach the homes.  This would apply to maintenance workers, cleaners and pool technicians. 

Vacation Rental Services more costly

The homes located in Carova are spread out over a large area.  Since there are no stores or even gas stations in the area, any parts needed for repairs can require a second trip to the area; further increasing the costs.  Each service provider tends to use their own transportation.

Drinking Water Quality

There is no city water or sewer, so each property must have its own well dug and their own septic system.  The quality of the water from individual wells can vary depending on the location and the depth.  There is also a prevalence of iron in Outer Banks well water which can stain fabrics or even your car or home when used in landscaping.

Interior “roads” can disguise deep holes that fill with rain water after storms.

There are no real “engineered roads” in the area.  They are dirt/sand paths that were established long ago.  Some are at the lowest point and tend to fill with rainwater quickly.

As reported in the Virginia Pilot newspaper, “Sandfiddler Road and Sandpiper Road – two primary routes there – become nearly impassable after hard rains, when more than 50 large potholes fill deep enough to reach the door handles on a large truck”.

Storm surges can make it impossible to get in or out of communities

In the event of a nor’easter, tropical storm or hurricane, the only way out of the area is to drive on the beach which will typically be impassible for the duration of the storm.  This could be quite dangerous should there be a medical emergency.  While EMS services do have use of a helicopter, poor weather conditions can eliminate this alternative until the storm passes.

Vehicle maintenance higher

The conditions on the interior roads, wears out brakes and bearings and the constant driving on the sandy and salty beach corrodes the under-carriage of residents 4 wheel drive vehicles.  This means higher cost to repair and maintain and more frequent replacement for vehicles.

Insurance Cost

The federal government designated much of the off-road area as a COBRA zone.  This means federal flood insurance is not available and restricts certain infrastructure from being built.

Pay attention to the flood insurance maps when selecting your Carova property.  If a property has been incorrectly mapped as being located in the floodplain, but is actually located on high ground above the base elevation, then you may be able to get a LOMA.  A Letter of Map Amendment is an official document that amends the NFIP Map.  Unless the property is located in a X flood zone or a LOMA, the cost to insure privately can be very expensive.

Commute can be challenging

Anyone who lives in Carova and expects to commute to a job in Corolla or further south or west will need to have a very understanding company or boss.  There are times where the beach and driving conditions make it impassable.  Having a position where you can work from home will go a long way toward a less stressful life – where commuting is not necessarily always an option.

The same logic also applies if you have children who need to attend school.  While some families have used boats to shorten the commute, weather conditions may not allow you that choice.  The Currituck County schools are located on the mainland and require over an hour bus ride each way for children.

The Outer Banks is a beautiful place to relocate, retire or invest in a vacation home.  For some folks, Carova is the perfect location and exactly matches their dreams.  Other folks may prefer modern conveniences and roads.  The Outer Banks has a community to match all your lifestyle preferences.

 For more information on the Outer Banks and on Outer Banks real estate contact Eillu, or call 252-491-9999.   We are experts on the Outer Banks and are ready to help with your Outer Banks real estate needs.  Let us help you find the perfect Outer Banks location and the perfect home of your dreams.

New Homes in Outer Banks


10 Sensational Reasons You’ll Love Relocating to the Outer Banks, North Carolina

10 Reason to relocate to OBX

The Outer Banks, North Carolina is one of the best places to relocate to and to live. The area consists of beautiful beaches, sounds, and nature, a vast history, key attractions, and more. The barrier island community has a lot to offer, so consider relocating to this area of North Carolina! Check out the list below for 10 of the many reasons to love the area.

  • The beaches. The Outer Banks is commonly known for its beautiful beaches. From Carova to the north, Kitty Hawk and Kill Devil Hills toward the center, and Hatteras Island and Ocracoke Island to the south, the Outer Banks has great beaches to enjoy. Have beach days during the summer and go for walks as the sun rises in the fall. The Outer Banks attracts millions of visitors every year, especially for its beaches for swimming, surfing, and relaxing.

 

  • There is a variety of lighthouses such as the Currituck Beach Lighthouse in Corolla, the Roanoke Marshes Lighthouse in Manteo, and the Cape Hatteras Lighthouse on Hatteras Island. These lighthouses have all played unique roles in the history of the area and are popular sites to visit. They are beautiful to see and fun to visit.

 

  • Small-town communities. The Outer Banks has many small communities and neighborhoods located throughout it. You can get to know your neighbors well and be a part of a supportive and friendly community by living in the Outer Banks. There are many community events and festivals to enjoy throughout the year too.

 

  • Outdoor activities. The sounds, such as Currituck Sound and Pamlico Sound, along the Outer Banks are beautiful sites to see. The Outer Banks has the best sunsets on the sound and is a fun place for boating as well. Many people also enjoy trying watersports, such as jet skiing, paddleboarding, and kayaking, on the sounds. Other outdoor activities include walking along nature trails, seeing wild horses in Carova, dolphin watching, biking in neighborhoods, and climbing Jockey’s Ridge State Park.

 

  • The Outer Banks has a range of job opportunities available, mostly in the tourism, hospitality, real estate, construction, and fishing industries.  

 

  • Art and festivals. There are many art galleries and art and music festivals to see throughout the area. You can visit galleries to see unique local art and listen to live music during festivals such as the Shallowbag Shag Beach Music Festival in Manteo and the Duck Jazz Festival in Duck.

 

  • Historic sites. Kitty Hawk is known throughout the world for being First in Flight after the Wright Brothers made the first successful flight in Kitty Hawk more than 100 years ago. The first English-born child in the Americas, Virginia Dare, was born in Roanoke Island. The Outer Banks is full of a rich history, and millions of people come annually to see these key sites in our nation’s history.

 

  • The Outer Banks is a great fishing location throughout the year. There are many types of fishing to try from surf fishing and charter fishing to pier fishing and kayak fishing.

 

  • Low real estate taxes. The area has very low real estate property taxes, and this is a great incentive to find property along the Outer Banks.

 

  • The Outer Banks is home to some of the best schools in the state. From Kitty Hawk Elementary School and First Flight High School to Manteo Elementary School and Cape Hatteras Secondary School, there are many educational opportunities on the Outer Banks.

The Outer Banks is an exciting place to relocate to for an enjoyable and beautiful environment. For more information on relocating to the Outer Banks and on Outer Banks real estate, contact Eillu. We are experts on the Outer Banks and are ready to help with your Outer Banks real estate needs.

OBX relocation guide


National Flood Insurance Program (NFIP) Renewal to Operate Extended Two Weeks

National Flood Insurance Program (NFIP) Renewal to Operated Extended Two Weeks

NFIP Renewal Extended

The National Flood Insurance Program’s authorization to operate was to expire on Dec 8th 2017 after being extended back in September 2017.  As reported in a prior post, the extension in September was needed due to the circumstances and uncertainty related to the recent hurricanes and storms at the time. 

The history of the program and causes for the $24.6 billion of debt (before claims for this seasons’ storms are included) were examined in that post.  Proposed solutions were also discussed in the prior post.

The President signed legislation passed by the House and Congress to extend the NFIP authorization for an additional two weeks.  Congress now has until Dec 22, 2017 to reauthorize the NFIP.  The NFIP has been extended 17 times and lapsed 4 times between 2008 and 2012.  It is time to quit kicking the can down the road and find a long term solution.

While one can remain hopeful that Congress can reform and modernize the program to include more mitigation activities and create a better solution for repeatedly flooded properties, it seems unlikely that those provisions will be decided before Dec 22.

Flood insurance is vital coverage for millions of families and property owners.  Valid flood insurance claims from the impacts of the most recent storms; Harvey, Irma and Maria would still be honored in the even the NFIP authorization lapses. 

However, new policies and existing policies would not be able to be issued or renewed.  As a result, property owners who are required to have flood insurance as a condition to their mortgage would find it difficult to comply.  There are few private insurers for flood Insurance.  This would also impact issuance of new mortgages where there is a flood risk. 

Flood insurance is required for a mortgage in the 100-year floodplain, but without access to the NFIP, buyers simply couldn’t get a mortgage or vital protection from the No. 1 cause of loss of property and life: flooding. 

The National Association of Realtors’ estimate that the impact from a lapse to the NFIP would delay or cancel 40,000 home sale closings per month across the United States.  This would be a serious disruption to the real estate markets.

Read this detail explanation of the flood map updates for Dare and Currituck County on the Outer Banks. The preliminary flood map, released June 2016, shows 15,970 buildings in Dare County that are categorized as a lower risk compared to the prior effective map. 

County wide the number of properties in the V zone was reduced by 3,720 down to 1,731. This will reduce new construction costs, as well as reducing development standards on remodels.  Many homeowners will have a lower flood insurance premium or no longer be required to carry flood insurance.

The NFIP encourages communities to implement flood plain management policies and provides affordable insurance based on flooding risk as determined by the flood insurance rate maps.  Flood maps are revised every 10 years. 

Outer Banks communities have been pro-active in managing the flood plains to minimize damage due to flooding.  In recognition of the effort, many residents in these communities receive a discount on the flood insurance premiums by reducing the risk.  

Southern Shores for example, has a rating of class 6 in the community rating program and qualifies for a 20% discount on flood rates.

If you are buying or selling real estate, you can rely on the information and advice from the Eillu team.  Subscribe to our blog to stay up to date with Outer Banks area and real estate news.

Eillu free custom market analysis


November 2017 Outer Banks Real Estate Outlook and Current Statistics

November 2017 OBX Real Estate Outlook and Current Statistics

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

Real estate sales in the Outer Banks for November 2017 were 206 units; an increase compared to Nov 2016 from 167 units. 

Under contract units decreased by 6% to 390 compared to 413 in October 2017.  Compared to Nov 2016 units under contract are up by 5%. 

The average home price increased by 4% compared to Nov 2016.  The average single family home in the Outer Banks is $401,024.  Over the same time period, the average price of condos has fallen by 1%. 

The median single family home price is $325,000, this has increased by 5% in 2017 compared to Nov 2016.  The median price of condos is $287,440, they have increased by 28% in from Nov 2016.  

Some highlights from this month’s report follows. 

Overall Market

Residential inventory decreased by 5% in November with lots/land down by 10% and commercial inventory down by 24%.   The inventory trend has continued downward for most of this past year. 

Active residential inventory is 1452 units.  The quantity sold increased by 12% compared to Nov 2016; with volume sold up by 16%.  The median sale price increased by 6%.   

Lots and land quantity sold increased by 13% from last year.  The average sale price for lots fell by 14% while the median price increased by 3%. Land inventory is down by 10% compared to last year.

Commercial unit sales are down by 23%.  Only 20 commercial units were sold compared to 26 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 24% compared to last year with only 65 units active on the market compared to 85 units last year.

Distressed Property

Distressed sales remain nearly the same as November 2016 with 102 units sold. There were 28 residential short sale units sold, which is exactly the same as this time last year.  Average price for short sales fell by 4% but the median price increased by  8% from one year ago. 

Sales for bank owned properties increased by 1% from 73 units to 74 this year. The average sale price for Bank Owned property fell by 2% compared to last year; while the median decreased by 4%. 

Overall, the quantity of distressed property sold increased by 1% compared to the same period in 2016.  The average price decreased by 3% and the median increased by 6%.  Total volume sold is up by 1% with 102 units compared to 101 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.  

Residential

Single family unit sales increased by 14%, with 1563 units compared to last year 1374 units.  The volume sold increased 17% with the average sale price and median sale price both increased by 3%. 

Condos unit sales increased by 9% compared to last year.  November condo unit sales were 179 compared to 164 a year ago.  The volume sold increase by 10%.  Median sale prices for condos increased by 9% compared to last year.  Average sale prices are up 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 11% in November.  The average sale price fell by 7% while the median price was up slightly at 1% compared to last year.

Overall Days on the Market for the all residential properties is down by 44% in November.  Days on the market is 143 versus 254.  Upon closer inspection, for the 1062 units sold since Jan. 2017 the average days on the market is a startling 53 days.  Outer Banks properties are selling much faster; especially new inventory.

New Construction building permits are down by 14% with 250 units compared to 292 last year.  Building permit value decreased by 5%.

Outer Banks Town Statistics

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

Nov 2017 Median price change for OBX towns

nov 2017 median price change obx towns table

Corolla experienced the largest percentage gain of 12% compared to 2016. The next highest YTD increase was Hatteras Island at 11%. 

The Outer Banks real estate market is on track for a solid sales year.  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.  The rental market continues to be strong to provide income from the investment and enjoyment for the family for years to come. Buy now to position the home for the 2018 rental season.

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

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!

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

MLS Monthly Outer Banks Market Report


Feeling Pinched by Insurance?

Insurance Companies Requesting Rate Increase of 68.7% for Coastal Currituck and Dare

NC Homeowner Insurance Companies Request Rate Increase of 68.7% for Coastal Currituck and Dare.

The NC Rate Bureau, on behalf of insurance companies, has filed a notice to the NC Department of Insurance requesting a rate increase.  While the rate increase averages 18.7% across the state, it is a whopping 68.7% for the Outer Banks or coastal Dare and Currituck counties. 

The last insurance rate increase in coastal OBX was in 2012 where rates were increased 7% after negotiation.  A rate increase request in 2014 was declined.

As reported on WRAL.com, Willo Kelly, who represents Outer Banks realtors, homebuilders, and the coastal advocacy group, NC 20, said rates near the coast are already double or triple the rates in the Piedmont, and she’s afraid working people will be driven out of their homes by such a large increase.

Kelly pointed out that coastal property owners have wind and flood insurance policies in addition to the standard homeowners’ policy. “So, when you add all of your insurance up, it can be more than your mortgage payment,” she said.

Rep. Bob Muller agrees the rate increase in unwarranted.  “We’ve been paying high premiums ever since [Fran] with no great substantial losses, so we think we’ve paid our share of that,” said Muller. “We want the commission to look at that and see if the increase really is warranted to be that high.”

It is up to the NC Department of Insurance to negotiate a rate within 50 days.  If the Department of Insurance and the Rate Bureau can’t come to agreement, then there is a hearing with the Insurance Commission.  Any ruling by the Insurance Commissioner, Mike Causey,  could then be appealed with the courts.

The public is encouraged to email public comments by Dec. 29, 2017.  Send  to  2017HomeInsurance@ncdoi.gov. Written public comments can be mailed to Tricia Ford by Dec. 29, 2017, and addressed to 1201 Mail Service Center, Raleigh, NC 27699-1201.

Eillu is committed to keeping you informed and helping protect your Outer Banks real estate interests.  Contact an Eillu Agent to discuss your real estate questions or call 252-491-9999.

Eillu free custom market analysis

 

 


Challenge Your Team with a Powerful Team Building Retreat to Corolla

Corolla adventure park

There is nothing like getting the team away from the office.  Folks let down their hair and relax a bit dressed in casual clothes instead of business suits.  This can foster communication across typical department boundaries. 

During warm weather, pack your flip flops and bathing suits and head to Corolla for a memorable and rewarding team event.  Even in the off season with cooler temperatures, Corolla offers a unique environment for team building activities.

Corolla is a premier Vacation destination.  It seems, the Outer Banks and Corolla are always named in the top 10 beach destinations. 

This year is no different when the Huffington Post named Corolla 4th place and says “This wide, unspoiled Outer Banks beach has an added attraction: herds of wild Mustangs (descended from horses that escaped from Spanish explorers in the 1500s) that roam freely.”  Since the number 1 spot is in Hawaii and a bit further to travel; Corolla is centrally located to the Eastern Coast and a simple “drive to” destination for your business or corporate group.

A team building event must have an objective and can’t be all play.  No matter what your objectives, we have activities to energize your group and keep the creative juices flowing. 

Corolla Adventure Parksunset at corolla adventure park, which opened last season, is an ideal activity to challenge your team.  Situated on the beautiful Albermarle Sound, the rope course has 9 obstacle circuits 12-15 feet in the air with 60 different obstacles and zip lines.  There is something for every skill level to test your teams’ mental and physical limits.  The views are sensational and will create a lasting memory.  Call ahead and check the website for winter and holiday hours.  

view of corolla adventure park

There are discounts for groups available in March, April, May, September, October and November.  This is the ideal time to visit Corolla in the Outer Banks.  Summer crowds, typically consisting of families, are back in school.  Rates for accommodations are reduced and there is a wide range of accommodations and activities to choose from. 

Corolla is known for large vacation homes, with fabulous amenities to satisfy every desire of your group.  Some homes have 12 or more bedrooms; but there are condos and smaller homes available as well.  Many have private pools (some heated), hot tubs, outdoor grilling entertainment areas, theater rooms, multiple kitchens, game rooms, volleyball or basketball courts for a quick pick up game. 

You can select a vacation home on the oceanfront or the soundfront and anywhere in between (the barrier island is not very wide).  Larger groups can also reserve multiple homes that are side by side. 

The island takes on a slower vibe after Labor Day and before Memorial Day.  The locals are more laid back and friendly; the will engage in conversation to elaborate on the history and what makes the Outer Banks such a special place. 

There is a vibrant restaurant scene, more like a metropolitan area.  Of course, crabs, oysters or any of our wonderful seafood is abundant and available to take out and cook at your rental home.  A personal chief could even come to the rental home and make a traditional seafood boil or another specialty dish. 

A best kept secret is how long our season is.  Ocean temperatures stay warm well into the fall making a day on the beach such a pleasant experience.  Your team can rent surfboards, stand up paddleboards or kayaks and receive expert instruction and a guided tour of the sound and estuary.  The abundant birds and wild life are experienced in a close, personal way when quietly paddling a kayak in and around the sound. 

For those who want power or excitement, jet skis and motor boats are available for rental, as well.  No visit to the area known for “First in Flight” is complete without seeing it from the air.  Corolla Parasailing can take groups of 12 on an adventure with a unique perspective from the air.  Fly above the Currituck Lighthouse and the quaint Soundside shops in Duck to appreciate the gorgeous view.  No matter what water activity your group would like to experience, Corolla has it.

Of course, no visit to Corolla is complete without going to the top of the Currituck Lighthouse and seeing the magnificent coast laid out in front of you in all its glory.  Wait! You also have to see the wild horses roaming freely on the beach and taking a dip in the ocean – because they can. 

I also didn’t get to mention the top notch golf courses like the Currituck Club as well as several others a short drive away. 

Fishing and crabbing is a favorite activity of residents and visitors alike.  Either from a boat, pier or surf; the Outer Banks is a fishermen’s paradise.

So, what are you waiting for?  Plan your retreat today because winter will soon be over.  Start with the lovely vacation rental homes that Corolla is known for.  These accommodations are great for a group for a team building retreat no one will soon forget. Explore available rentals and start planning your trip.   

If you find yourself, like some many others, wanting to come back to the Outer Banks with your very own vacation home, let the experts at Eillu guide your through your purchase.

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2017 Christmas Events and Activities on the Outer Banks

2017 Outer Banks Christmas Activities and Events

Christmas-time brings a variety of fun events, activities, and celebrations to the Outer Banks. If you are visiting anywhere from Corolla to Hatteras over the holidays season, don’t miss out on these local OBX favorites!

Experience Elizabethan Gardens

Spend a magical evening at the Elizabethan Gardens Winter Lights exploring the beautiful gardens illuminated by thousands of lights, sitting by the open-air fire pits sipping hot chocolate, listening to the live musical performances or shopping in the gift shop. Event is held Tuesday through Saturday in December and Friday and Saturday in January 2018 from 6pm-9pm at the Elizabethan Gardens in Manteo.

A special Thank You Santa night is December 27, 2017.  So, bring your letters for Santa to say “Thank You”.  Entry tickets are $11 for adults, $9 for youth, $6 for kids 5 and under.

See the Local Christmas Lights

Spend a night out exploring the Christmas lights in our community. Observe the lights from your car, or some homes are set up for you to get out of your vehicle and explore the displays.

The Poulos Family house is the most famous Outer Banks “Christmas House”.  It was featured on The Today Show and HGTV.  The display takes up to 12 weeks to set up and costs over $3,500 in electric bills per month. 

This is a display that begs you to get out of your car and explore.  Most times the friendly owner is nearby and eager for conversation and holiday greetings. There are many different stations or themes setup; moving trains, and the most stuffed animals you have ever seen all tucked into the garage.  You can find the Poulous House at the end of Ocean Acres Drive in Nags Head (622 W Ocean Acres Drive KDH).  The display is turned on at 6:00pm daily until December 31st.

Visit the Whalehead Club

Plan your visit to the Whalehead Club during their Christmas Candlelight Tour. Held on December 8th, 15th and 16th from  6 to 7pm, you will tour the historic 1920’s mansion belonging to the Knights.  It is decorated with period trimmings and filled with live music, with festive Christmas carols. The tour includes a live performance on the famous original and custom Steinway piano. Refreshments include hot chocolate, cider and homemade Christmas cookies.  Tickets are $20 and event space is limited so register in advance 252-453-9040.

Attend the 114th Annual Wright Brothers Celebration

Celebrate the Wright Brothers achievement of flight at the 114 year anniversary of the first flight.   This day-long event on December 17th begins at 9:00am at the Wright Brothers Memorial in Kill Devil Hills.  It includes ceremonies, an aviation flyover at 11:00am, tours of exhibits at the visitor center, and more. Don’t miss this exciting celebration!

Manteo New Year New World Celebration

This first annual street fair party will ring in the New Year on December 31st.  It is sponsored by Poor Richard’s and Bluegrass Island.  The streets downtown will close to traffic so everyone can gather for live music, family friendly activities and even an early ball drop for the kids.  Downtown restaurants and bars will be open and local food vendors on hand to provide special treats.  The dramatic fireworks show, expected to be the largest in the state, will be a show stopper and a highlight of the evening.   

Hatteras Village Christmas Parade

On December 9th, venture down to Hatteras Island for the Annual Christmas Parade. Beginning at 2pm at Teach’s Lair Marina, the parade will run up NC-12 to the Hatterasman Drive-In. Cheer on the different floats, fire trucks, bands, horses, and Coast Guard Vehicles all dressed up for the Holidays. The Hatteras Community Building is hosting an after-parade reception with cookies and cocoa for the announcement of this year’s prizes sponsored by the Hatteras Village Civic Association.

With all of these exciting events and more, the Outer Banks is becoming a destination for the holiday season.  Spend the holidays with family and enjoy the reduced crowds of the off-season. 

If you are ready to purchase your very own vacation home, permanent residence or investment property, let Eillu show you real estate so you can enjoy the Outer Banks for many seasons to come.  

MLS Monthly Outer Banks Market Report


October 2017 Outer Banks Real Estate Market Outlook and Current Statistics

Oct 17 MLS market report - OBX in fall

Overall, single family detached home sales are up 13% and condo sales are up 12% for 2017.

The Outer Banks Association of Realtors released the October 2017 MLS Statistical Report – you can get the full report here.  This months report was delayed and did not include the same detail as the regular reports.  We expect the full report to be available for November 2017.

Real estate sales for October 2017 in the Outer Banks reached 165 units compared to 146 units for the same period in 2016.  Under contract units increased by 30% to 251 units compared to September.  

The median single family home price has increase by 2% in October; while condos have increased by 6% compared to last month. Some highlights from this month’s report follows.

Overall Market

Residential inventory decreased by 8% in October following last month’s 10% decrease; both compared to last year. The inventory trend has continued downward for the past few months. Active residential inventory is 1497 units while last year there were 1621 units.

The quantity sold increased by 11% following last month’s 11% increase; with volume sold up by 16% following the same increase for the last 2 months.

Lots and land quantity sold increased by 6% after last month’s increase of 6%. The average sale price for lots fell by 19% and while the median price increased by 4%. Land inventory is down by 11% compared to last year.

Commercial unit sales are down by 24% following last month’s decrease of 24%. Only 16 commercial units were sold compared to 21 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 14% compared to last year with only 64 units active on the market compared to 74 units last year.

Distressed Property

Due to the shortened and delayed report from OBAR, details for distressed sales were not reported.  Overall short sale inventory remained steady at 1% of the active listings. 

Residential

Single family unit sales increased by 13%, the same as reported last month, with 1275 units compared to last year 1130 units. The volume sold increased 17% with the average sale price increase by 4% and the median sale price increased by 2%.

Condos unit sales increased by 12% following last month’s 12% increase compared to last year. October condo unit sales were 151 compared to 135 a year ago. The volume sold increase by 10% following last month’s 10% increase. Median sale prices for condos increased by 5% 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 8% in October. Considering all land, October had a 10% increase.  This follows several months of increases for lots and land sales.

The average sale price for residential land fell by 9% while the median price increased by 5% compared to last year.  Considering all land, the average sale price fell by 17% while the median price increased by 8%.

Overall Days on the Market for the all residential properties is down to 147 days compared to 162 days this time last year.   The MLS reported than DOM for lots and land sales was also dramatically lower but did not provide specific statistics for comparison.  Outer Banks properties are selling much faster; especially new inventory.

Outer Banks Town Statistics

The October 2017 median sale prices for the towns in the Outer Banks and the percent change compared to 2016 was not provided in the delayed report. 

The Outer Banks real estate market is on track for a solid sales year. OBXMLS reports 251 under contract compared to 192 units reported last month.

National Real Estate Trends

The Wall Street Journal reports purchases of newly built single-family homes rose 6.2% to a seasonally adjusted annual rate of 685k in October from the previous month. Economists had expected sales to fall 6.4% in October to a 624k annual rate so the increase was quite unexpected.  Compared to a year earlier, sales of newly constructed homes increased by 18.7%.  October’s increase for new home sales follows Septembers 14.2% increase.  Click here to view new homes available in the Outer Banks of NC.

November is almost over but the holidays are a great time to visit the Outer Banks and purchase real estate. There are wonderful community events and a small town friendly atmosphere that you won’t experience any where else.  Purchasing at the end of the year provides for some significant tax benefits and provides adequate time to prepare for the summer season.

The crowds are reduced and it is easy to view vacation rental homes or investment properties available for sale.  Even after winter weather sets in, it is warmer with the gulf stream influence and the abundant warm water that surrounds the island.  

If you are lucky, you may get to experience the magic of snow in OBX; it doesn’t last long but makes the island and beach look like something out of a fairy tale.

If you have been thinking about an Outer Banks vacation home purchase, second home purchase or permanent home, now is the time to act. Buy with Eillu and save more with our buyers rewards plan. Schedule an appointment today to find your vacation rental property, second home or investment property.

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!

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