Outer Banks Real Estate Market October 2016- How is the Market?

  • Overall – Sales for the month of October show little change in that the number of units sold (1923 vs 1921 units). There has been some improvement in the total sales volume (up 4%) and the median sale price is also up (4%). Overall, inventory is down 13%. See the details below:
  •  Residential Sales
    •  For the year, residential unit sales are down 2% but condominium sales have been exceptional with sales up 21 % (147 vs 121 units) and total volume sold up 27%. Average sale price on condominiums is also up 5%. Single Family detached homes have not done as well with unit sales down by 3% (1256 vs 1289 units); however, average sale price is up 3% so maybe sales are looking up.
    •  Inventory – Residential inventory is down 9% and continues to decline. With only 1621 units listed for sale this is the lowest number of available units since January 2016 and the lowest October inventory in more than 10 years.
  •  Land Sales – Land sales appear to be holding their own with unit sales up 5%, total volume sold is up 14% and average sale price is up 7%. Land inventory is down 20% (852 vs 1064 units) – the lowest inventory in more than 10 years.
  •  Distressed Properties –
    •  Short sales – For the second month in a row, only one short sale listing was sold.
    •  Bank Owned – The number of bank owned listings sold this year is down 28% (64 vs 89 units).

Click here to see the OBX Real Estate Stats for September 2016

 

Outer Banks Real Estate Market October 2016

Outer Banks Real Estate Market by the numbers:

      Year to Date Comparison – Total OBX Property Sales      
  Qty Sold % Chg Volume Sold % Chg Average Sale % Chg Median Sale % Chg Qty Active % Chg
Residential                    
  Current Period 1478    $          546,041,370    $     369,446    $  295,000   1621  
  One Year Ago 1502    $          537,185,144    $     357,646    $  285,000   1780  
Increase / Decrease -24 -2%  $            8.856,226 2%  $     11,800 3%  $   10,000 4% -159 -9%
                     
Lots / Land                    
  Current Period 422    $            55,941,359    $       132,562    $    70,500   852  
  One Year Ago 395    $            48,998,013    $     124,045    $    75,000   1064  
Increase / Decrease 27 7%  $          6,943,346 14%  $     8,517 7%  $     (4,500) -2% -212 -20%
                     
Commercial                    
  Current Period 23    $            15,331,517    $  666,587    $  340,000   74  
  One Year Ago 24    $              8,011,100    $    333,795    $  215,000   94  
Increase / Decrease -1 -4%  $            7,320,417 91%  $  332,792 100%  $  125,000 58% -20 -21%
                     
All Classes                    
  Current Period 1923    $          617,314,246    $     321,016    $  264,000   2547  
  One Year Ago 1921    $          594,194,257    $     309,315    $  247,000   2938  
Increase / Decrease 2 0%  $          23,119,989 4%  $       11,701 4%  $    17,000 7% -391 -13%
      Year to Date Comparison – Residential Property    
  Qty Sold % Chg Volume Sold % Chg Average Sale % Chg Median Sale % Chg
Single Family Detached                
  Current Period 1256    $          491,271,897    $     391,140    $  315,000  
  One Year Ago 1289    $          491,550,491    $     381,342    $  295,000  
Increase / Decrease -33 -3%  $            (278,594) -0%  $       9,798 3%  $   20,000 7%
                 
Condominium                
  Current Period 147    $           37,357,519    $     254,132    $  239,000  
  One Year Ago 121    $            29,308,655    $     242,220    $  225,900  
Increase / Decrease 26 21%  $            8,048,864 27%  $       11,912 5%  $    13,100 6%
                 
All Residential                
  Current Period 1478    $          546,041,370    $     369,446    $  295,000  
  One Year Ago 1502    $          537,185,144    $     357,646    $  285,000  
Increase / Decrease -24 -2%  $            8,856,226 2%  $       11,800 3%  $   10,000 4%
      Year to Date Comparison – Land Sales      
  Qty Sold % Chg Volume Sold % Chg Average Sale % Chg Median Sale % Chg
Land – Residential                
  Current Period 384    $            46,534,715    $       121,184    $    71,500  
  One Year Ago 366    $            45,138,935    $     123,330    $    75,000  
Increase / Decrease 18 5%  $          1,395,780 3%  $     (2,146) -2%  $     (3,500) -5%
                 
All Land                
  Current Period 422    $            55,941,359    $       132,562    $    70,500  
  One Year Ago 395    $            48,998,013    $     124,045    $    75,000  
Increase / Decrease 27 7%  $            6,943,346 14%  $     8,517 7%  $     (4,500) -6%
      Year to Date Comparison – Distressed Properties  
  Qty Sold % Chg Volume Sold % Chg Average Sale % Chg Median Sale % Chg
Residential – Short Sale                
  Current Period 25    $            12,333,400    $    493,336    $  300,000  
  One Year Ago 63    $            22,873,007    $     363,063    $  295,000  
Increase / Decrease -38 -60%  $             (10,539,607) -46%  $       130,273 36%  $   5,000 2%
                 
Residential – Bank Owned                
  Current Period 64    $            16,754,080    $     261,782    $  203,537  
  One Year Ago 89    $            20,659,430    $     232,128    $  182,000  
Increase / Decrease -25 -28%  $          (3,905,350) -19%  $       29,654 13%  $  21,537 12%
                 
All Residential – Distressed                
  Current Period 89    $            29,087,480    $     755,118    $  503,537  
  One Year Ago 152    $            43,532,437    $     595,191    $  477,000  
Increase / Decrease -63 -41%  $          (14,444,957) -33%  $     159,927 27%  $    26,537 6%
          Corolla Real Estate Sales          
            Units Sold            
  Jan Feb Mar April May June July Aug Sept Oct Nov Dec YTD
2012 12 13 26 14 22 20 12 15 9 19 29 12 204
2013 11 11 17 23 19 14 12 16 5 19 16 16 179
2014 9 9 12 17 16 19 12 15 20 13 11 24 177
2015 17 14 17 21 18 30 16 17 19 10 16 21 216
2016 18 11  14  25  26  25  17  21  19  19     194
                           
                           
          Duck Real Estate Sales          
            Units Sold            
  Jan Feb Mar April May June July Aug Sept Oct Nov Dec YTD
2012 11 8 9 6 8 7 9 8 10 12 6 6 100
2013 5 7 8 6 14 13 7 6 8 8 6 7 95
2014 5 6 9 9 17 11 4 6 3 9 4 13 96
2015 8 6 7 10 12 10 7 8 11 2 7 12 100
2016 6 4  12 8  10  15  6  4  6  7     77
                           
                           
          Southern Shores Real Estate Sales      
            Units Sold            
  Jan Feb Mar April May June July Aug Sept Oct Nov Dec YTD
2012 10 5 9 6 7 6 9 7 9 5 12 5 90
2013 4 6 9 6 4 6 9 6 8 3 3 13 74
2014 8 3 7 10 20 4 4 7 7 7 10 7 97
2015 9 4 5 10 11 6 11 8 6 4 10 13 97
2016 6 2  4  9  7  7  8  5  5  11     64
                           
                           
          Kitty Hawk Real Estate Sales        
            Units Sold            
  Jan Feb Mar April May June July Aug Sept Oct Nov Dec YTD
2012 8 7 6 7 10 8 7 8 7 8 7 5 88
2013 5 6 7 10 10 9 11 6 4 7 9 10 94
2014 4 2 8 11 15 6 9 10 5 11 5 7 93
2015 5 6 9 5 19 6 12 10 5 5 11 8 101
2016 7 6  8  8  6  12  7 6  9  8      77
                           
                           
          Colington Real Estate Sales        
            Units Sold            
  Jan Feb Mar April May June July Aug Sept Oct Nov Dec YTD
2012 1 7 13 10 12 8 2 11 6 2 3 9 84
2013 5 7 7 8 4 12 4 8 8 6 4 4 77
2014 6 2 4 13 8 2 8 3 10 11 6 11 84
2015 5 5 6 11 12 13 9 16 7 14 9 7 114
2016 11 7  8  11  10  7  8  9  14  12     98
                           
                           
          Kill Devil Hills Real Estate Sales        
            Units Sold            
  Jan Feb Mar April May June July Aug Sept Oct Nov Dec YTD
2012 7 12 24 24 25 23 18 15 23 20 13 19 223
2013 14 14 21 40 30 23 26 16 21 14 19 19 257
2014 16 14 21 21 26 26 19 16 26 21 22 20 248
2015 10 23 26 21 31 30 25 26 21 27 24 16 280
2016 12 17  22  23  34  31  20  30  21  27     237
                           
                           
          Nags Head Real Estate Sales        
            Units Sold            
  Jan Feb Mar April May June July Aug Sept Oct Nov Dec YTD
2012 10 11 17 17 22 19 12 12 14 12 18 20 184
2013 10 5 10 16 20 11 20 20 22 7 17 15 173
2014 14 7 8 18 22 12 12 15 23 18 16 15 180
2015 11 12 14 20 32 18 8 14 14 19 16 19 197
2016 12 12  23  22  22  14  16  9  20  13     164
                           
                           
          Hatteras Island Real Estate Sales      
            Units Sold            
  Jan Feb Mar April May June July Aug Sept Oct Nov Dec YTD
2012 14 19 27 22 25 15 18 15 17 12 19 14 217
2013 12 10 18 25 17 18 16 17 16 14 10 14 187
2014 11 14 13 12 22 22 13 15 19 20 18 27 208
2015 13 13 18 19 25 17 26 18 22 26 12 15 224
2016 10 14  16  23  26  26  27  25  18  13     198
                           
                           
          Roanoke Island Real Estate Sales      
            Units Sold            
  Jan Feb Mar April May June July Aug Sept Oct Nov Dec YTD
2012 4 7 7 2 5 7 10 9 17 15 7 7 98
2013 4 8 9 9 10 8 19 10 6 10 6 2 101
2014 11 8 7 13 11 8 14 14 11 9 6 5 117
2015 2 2 10 10 3 19 11 8 16 15 10 13 119
2016 6 7  9  11  11  20  18  21  13  13     132
                           
                           
        Currituck Mainland Real Estate Sales        
            Units Sold            
  Jan Feb Mar April May June July Aug Sept Oct Nov Dec YTD
2012 14 13 17 13 16 19 17 12 19 19 9 7 175
2013 10 7 17 11 20 21 18 19 14 14 11 13 166
2014 9 10 10 15 19 23 14 14 11 11 9 9 155
2015 8 8 16 15 25 22 27 10 9 18 16 10 184
2016 16 10  14  9  14  17  17  14  17  12     140
   Corolla Real Estate Values  
Year  Median Sales Price Percent Change
2012  $               500,000.00 -5%
2013  $               480,000.00 -4%
2014  $               470,000.00 -2%
2015  $               493,950.00 5%
2016  $               428,500.00 -13%
   2016 numbers reflect year to date values
     
     
   Duck Real Estate Values  
Year  Median Sales Price Percent Change
2012  $               479,500.00 -18%
2013  $               499,900.00 4%
2014  $               511,250.00 2%
2015  $               442,000.00 -14%
2016  $               439,000.00 -1%
   2016 numbers reflect year to date values
     
     
   Southern Shores Real Estate Values  
Year  Median Sales Price Percent Change
2012  $               400,000.00 -6%
2013  $               420,000.00 5%
2014  $               430,000.00 2%
2015  $               360,000.00 -16%
2016  $               399,700.00 11%
   2016 numbers reflect year to date values
     
     
   Kitty Hawk Real Estate Values  
Year  Median Sales Price Percent Change
2012  $               291,500.00 11%
2013  $               262,000.00 -10%
2014  $               285,000.00 9%
2015  $               309,000.00 8%
2016  $               305,000.00 -1%
   2016 numbers reflect year to date values
     
     
   Colington Real Estate Values  
Year  Median Sales Price Percent Change
2012  $               204,500.00 11%
2013  $               215,000.00 5%
2014  $               214,000.00 0%
2015  $               239,000.00 12%
2016  $               235,000.00 -2%
   2016 numbers reflect year to date values
     
     
   Town of Kill Devil Hills  Real   Estate Values  
Year  Median Sales Price Percent Change
2012  $               215,000.00 2%
2013  $               214,500.00 0%
2014  $               239,000.00 11%
2015  $               236,000.00 -1%
2016  $               267,000.00 13%
   2016 numbers reflect year to date values
     
     
   Town of Nags Head Real Estate Values  
Year  Median Sales Price Percent Change
2012  $               342,500.00 7%
2013  $               335,000.00 -2%
2014  $               350,000.00 4%
2015  $               363,500.00 4%
2016  $               387,000.00 6%
   2016 numbers reflect year to date values
     
     
   Hatteras Island Real Estate Values  
Year  Median Sales Price Percent Change
2012  $               292,500.00 2%
2013  $               285,000.00 -3%
2014  $               263,775.00 -9%
2015  $               262,250.00 -1%
2016  $               265,000.00 1%
   2016 numbers reflect year to date values
     
     
   Roanoke Island Real Estate Values  
Year  Median Sales Price Percent Change
2012  $               258,000.00 3%
2013  $               222,000.00 -14%
2014  $               260,000.00 17%
2015  $               245,100.00 -6%
2016  $               263,000.00 7%
   2016 numbers reflect year to date values
     
     
   Currituck Mainland Real Estate Values  
Year  Median Sales Price Percent Change
2012  $               180,000.00 1%
2013  $               197,000.00 9%
2014  $               210,000.00 7%
2015  $               221,200.00 5%
2016  $               238,561.00 8%
   2016 numbers reflect year to date values