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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