There are many factors affecting the number of sold transactions for the Outer Banks. Our weather is a huge factor. We have a wonderful shoulder season here and if the weather is nicer we have more visitors in town touring properties. Unit sales are down from last year 1% however the total volume sold is up 1%. The average sales price is up 2%, around $8,024.
If you are looking to buy a condo it seems now would be the time. Condo sales are trending with their highest level sold since 2005. Single family dwellings that are not attached to another property are on track to make 2016 the second best year since 2005. The market is rebounding at a steady pace!
If you are considering selling your home, NOW is the time to put it on the market! Our residential property inventory is down 11% giving buyers less options to choose from. If your home is in a great location, if it has been maintained, and if it has been updated, don’t expect it to last long in the market!
Kill Devil Hills is seeing a significant increase with new construction homes. Nearly 70 permits have been issued year to date in comparison with Nags Head hovering around 30 permits issued. Kitty Hawk, Southern Shores and Manteo have been issued around 20 permits for new construction year to date.
The month of November was better in Corolla for units sold than last year with a total of 19 units being sold whereas November 2016 only 16 units were sold. Median sales price was down in November to $425,000 as compared to $493,950 from last November.
Duck was also on a better path with 9 units sold for the month of November 2016 and only 7 units in 2015. Median sales price in Duck remained about the same at $444,500.
Southern Shores had a dip in units sold from November of 2015 from 10 to 6. However, the month of October was up considerably with 11 units sold this year and only 4 sold last year. So the average for the last 2 months in Southern Shores has been about the same when you compare 2015 and 2016. A considerable increase in median sales from last year from $360,000 to $399,700.
Kitty Hawk remained the same with 11 units being sold in November 2015 and 2016. Median sales priced decreased slightly in November from $309,000 a year ago to $305,000 this year.
Kill Devil Hills had a slight decrease in sales with only 20 units sold as compared to 24 in 2015. The median sales prices however, increased from $236,000 to $266,075 in 2016!
Nags Head also saw a decline by 8 units but the median sale price increased by 6% to $387,000!
Hatteras Island showed a 2 unit increase from 12 to 14 units being sold and a 2% increase in median sales price at $266,950.
Roanoke Island sold one more unit than last year with a 8% increase in median sales price at $263,667.
Now is a great time to buy or sell a property here on the Outer Banks!