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

Yes, You Can Expect More With Eillu!