Outer Banks Real Estate Market Statistics For January 2016:
For the first month of 2016, the Outer Banks real estate market continues to build on 2015’s record setting year. The hottest price range is still the $400,000 and below which accounted for 65% of all sales in 2015. New construction continues pop up all over the Outer Banks especially in the lower price ranges. One of the most interesting statistic is the one that shows just how much the market has strengthened over the last 6 years. Below is the difference in the percentage of the average list price vs the average sales price:
2015 – 5.07%
2014 – 5.4%
2013 – 6.4%
2012 – 6.6%
2011 – 7.1%
2010 – 7.6%
2009 – 7.8%
A $400,000 house listed in 2009, on average, sold for $368,800 and in 2015 $379,720.
What does this mean for the Outer Banks Market?
1) the market is slowly turning from a buyer’s market to a seller, market, not there yet but things are moving in that direction.
2) As more buyers come into the market sellers do not have to reduce the prices as much to get their property sold.
3) Inventory is down as sales are at an all-time high.
4) Prices are slowly rising over the lows in 2010 and as buyer demand goes up inventory goes down leading to rising sales prices.
Home affordability on the Outer Banks is the best it’s been in 20 years with low mortgage rates and rental income at an all-time high. The FED is set to raise the federal funds rate which will have an impact on mortgage rates so if you are looking to take advantage of the low 4% rates, now is the time to do it. With the stock market uncertainty these days, why not look at an investment that you can use, have someone else help pay for and enjoy the possible tax benefits. On average the out of pocket costs of owning a beach house on the Outer Banks is approximately $400 to $700 a month.
If you are thinking about buying the Spring is the perfect time to come down to look at houses. The weather is great, the tourists are gone and the houses are available to see.
Outer Banks Real Estate by the numbers
|The numbers below were adjusted to reflect residential housing from Corolla to Hatteras. Excluded from the numbers are vacant lots and Commercial properties.Sold Listings 01/01/2016 to 01/31/2016
Sold Listings 01/01/2015 to 12/31/2015
Sold Listings 01/01/2014 to 12/31/2014
Sold Listings 01/01/2013 to 12/31/2013
Sold Listings 01/01/2012 to 12/31/2012
Sold Listings 01/01/2011 to 12/31/2011
Sold Listings 01/01/2010 to 12/31/2010
Sold Listings 01/01/2009 to 12/31/2009
Sold Listings 01/01/2008 to 12/31/2008
Sold Listings 01/01/2007 to 12/31/2007
Sold Listings -1/01/2006 to 12/31/2006
*** All information obtained from the Outer Banks Association of Realtors***