November 2016 Outer Banks Real Estate Market Report

eillu nov 2016 outer banks mls sales reportThe Outer Banks Association of Realtors released the October MLS Statistical Report – you can get the full report here.  While unit sales are slightly below last year, volume sold and average prices are up 1% and 2% respectively.  Some highlights from this month’s report follows. 

Overall Market

Residential inventory decreased by 11% from November last year while the median sale price increased by 3% and is likely to continue to put increased pressure on prices.  The quantity sold fell by 2% and volume sold shows no change. 

Lots and land volume sold increased by 8% with the quantity sold increased by 6%.  The average sale price for land increased by 2% while the median sale price is down by 2%.  Inventory is down by 21% compared to last year.

Foreclosures

Short sales are down by 60%, same as October but the average sale price has increased by 32% compared to last year.  Bank owned property fell by 26% with an increase of 2% in the average sale price and a 10% increase in the median price. 

Overall the quantity of distressed property fell by 40% with an increase in average sales price of 20% and median sale price at 4%.  The reduction of distressed property inventory should continue and lead to modest appreciation levels and a healthier real estate market.

Residential

While single family units sold fell by 3%; the same as October.  Condos unit sales increased by 24% up from 21% last month.  Single family units decrease by 2% in the volume sold, condos volume sold increased by 32% and Median sale prices increased by 6%, same as October.  Single family average sale price increased by 1% with a median increase of 6%.

Condo sales for 2016 are trending at the highest level since 2005 and could surpass it should the trend continue into December.  Current condo sales of 164 units are not far behind the record condo sales of 178 units set in 2005.

The 2016 median sale prices for the towns in the Outer Banks and the percent change compared to 2015 appear below:

November 2016 Outer Banks Real Estate Market Report

 

 

 

 

 

 

 

Town

Median Price

% Change from 2015

Corolla

$425,000

-14%

Duck

$444,500

1%

Southern Shores

$399,700

11%

Kitty Hawk

$305,000

-1%

Colington

$234,500

-2%

Kill Devil Hills

$266,075

13%

Nags Head

$387,000

6%

Hatteras Island

$266,950

2%

Roanoke Island

$263,667

8%

Currituck Mainland

$238,561

8%

 

Kill Devil Hills continues to have the largest percentage gain of 13% compared to 2015.  OBAR also included charts for new construction permits in the recently released reports.  KDH has the greatest number of permits (over 60 – up from 40 in October) and the greatest value especially when adding both incorporated areas and unincorporated areas.

Now is the ideal time to invest in Outer Banks real estate.  Prices are relatively low compared to market conditions in 2007, financing is readily available and mortgage rates are at historical lows.  The rental market is strong to provide income from the investment for years to come. Purchasing today provides plenty of time to be ready for the 2017 rental season.  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 Outer Banks Market Report

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