October 2016 Outer Banks Real Estate Market Report

first-quarter-2016-market-statisticsThe Outer Banks Association of Realtors released the October MLS Statistical Report – you can get the full report here.  Some highlights from this month’s report follows. 

Overall Market

Residential inventory decreased by 9% from compared to October last year while the median sale price increased by 4% and is likely to continue to put increased pressure on prices.  The quantity sold fell by 2% and volume sold increased by 2%. 

Lots and land volume sold increased by 14% with the quantity sold increased by 7%.  The average sale price for land increased by 7% while the median sale price is down by 6%.  Inventory is down by 20% compared to last year.

This is the lowest inventory numbers for land and residential in October in more than 10 years. 

Foreclosures

Short sales fell by 60% with the average sale price increasing by 36% compared to last year.  Bank owned property fell by 28% with an increase of 13% in the average sale price.  Overall the quantity of distressed property fell by 41% with an increase in average sales price of 27% and median sale price at 6%.  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%; condos unit sales increased by 21% compared to last year.  While single family units had no change in the volume sold, condos volume sold increased by 27% and Median sale prices increased by 6%.  Single family average sale price increased by 3% with a median increase of 7%.

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

 

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Town

Median Price

% Change from 2015

Corolla

$428,500

-13%

Duck

$439,000

-1%

Southern Shores

$399,700

11%

Kitty Hawk

$305,000

-1%

Colington

$235,000

-2%

Kill Devil Hills

$267,000

13%

Nags Head

$387,000

6%

Hatteras Island

$265,000

1%

Roanoke Island

$263,000

7%

Currituck Mainland

$238,561

8%

 

Kill Devil Hills had 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 40) 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. 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.

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