September 2016 Outer Banks Real Estate Market Report

Eillu-sept-2016-outer-banks-market-reportThe Outer Banks Association of Realtors released the September MLS Statistical Report – you can get the full report here.  Some highlights from this month’s report follows.  Over all the report is somewhat flat with a few bright spots with condos and land sales. 

Overall Market

Residential inventory decreased by 10% from last year while the median sale price increased by 5% and is likely to continue to put increased pressure on prices.  The quantity sold fell by 1% and volume sold increased by 1%.  Lots and land volume sold increased by 13% with the quantity sold increased by 6%.  The average sale price for land increased by 7% while the median sale price is down by 2%.  Inventory is down by 16% compared to last year.

Foreclosures

Short sales fell by 61% with the average sale price increasing by 38%.  Bank owned property fell by 32% with an increase of 17% in the average sale price.  Overall the quantity of distressed property fell by 44% with an increase in average sales price of 30% and median sale price at 8%.  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 26% compared to last year.  Median sale prices in both categories increased by 8%. 

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

median-sale-prices-for-the-towns-in-the-Outer-Banks-and-the-percent-change-compared-to-2015

Town

Median Price

% Change from 2015

Corolla

$453,482

-8%

Duck

$472,000

7%

Southern Shores

$370,000

3%

Kitty Hawk

$305,000

-1%

Colington

$234,000

-2%

Kill Devil Hills

$269,000

14%

Nags Head

$383,500

6%

Hatteras Island

$265,000

1%

Roanoke Island

$265,000

8%

Currituck Mainland

$239,500

8%

 

Kill Devil Hills had the largest percentage gain of 14% compared to 2015.  OBAR also included charts for new construction permits in the recently released reports.  KDH has the greatest number of permits and the greatest value when adding both incorporated areas and unincorporated areas.

Fall 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 continues to be 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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