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Where does our Outer Banks market stand as we near the end of spring?
In short, things are still moving briskly—the number of vacationers moving to our area is rising every day, which makes it an opportune time to buy or sell.
How do the numbers from last April compare to the numbers from April 2018?
First off, inventory is up 11% in unit sales—for residential sales, it’s up 9%. Lot sales, meanwhile, are up 3%, and the median sales price also increased slightly.
The number of vacationers moving to our area is rising every day, which makes it an opportune time to buy or sell.
In Hatteras Island and the southern beaches of the Outer Banks, the number of sales rose 10%, and the median sales price rose from $305,000 to $342,000. This is evidence of a stronger market, and we’re gaining some appreciation we lost during the economic downturn of 2007 to 2014.
If you’d like to know more about our market or you’re thinking of buying or selling soon, don’t hesitate to give me a call or email me. I’d love to help you.
I recently had the pleasure and privilege to head on up to Hatteras and cross the new Bonner Bridge.
This upgraded bridge has greatly improved the flow of traffic, meaning your travels to the Outer Banks will now be smoother and safer than ever.
If you’re thinking of purchasing property in our area, this new bridge is just one more benefit of living here in the Outer Banks.
Why would you want to buy a house on the beach during this time of year? Though people think the market typically cools off in the winter months, that’s not the case here.
The soft, silken sand of the Outer Banks can wash away the stress of daily life.
The weather has been remarkable, but I’ll let you see that for yourself in today’s video.
The soft, silken sand of the Outer Banks can wash away the stress of daily life, so why wait to jump into the market?
Reach out to us and we’ll be more than happy to get you started on your home buying journey. We look forward to hearing from you soon.
We’ve entered into yet another new year, which makes now the perfect time to discuss the state of our market. I know that looking at data isn’t always the most thrilling thing, but our team is committed to bringing you the most up-to-date information possible. Better yet, we’ve condensed the latest market trends down for you into a simple, straightforward update.
Cited below for your convenience are timestamps that will direct you to various points in the video. Feel free to watch the full message or use these timestamps to browse specific topics at your leisure:
1:34 - How has market activity changed year over year?
2:40 - What does the change in activity mean for our market?
3:47 - Why is it important to review these statistics?
4:11 - How did statistics concerning vacant lots change year over year?
4:36 - How prevalent were distressed sales in 2018?
4:59 - How prevalent were new construction sales in 2018?
5:18 - How to contact us to ask questions, get more information, or request your own copy of this data
I’ve got a very exciting announcement to make today: We have recently acquired Jim Perry and Company Realtors on the northern beaches! I’ve known Jim since 1999, but it was thanks to discussions we shared just earlier this year that we came to reach this decision. Now that we’ve acquired his business in Kill Devil Hills, I want to introduce to you some of the great staff here, who are all staying on board with us as well.
Ed and Sandy have been with Jim for 17 and 18 years, respectively. We’re very excited to have them stay on and continue their great service going forward. I also got a chance to quickly say hi to Jim while he was on the phone.
We’re very excited about this new acquisition and to help serve everyone with their real estate needs on the northern beaches. If you have any real estate needs, whether they be residential or commercial properties, we’re here to help.
We’re very excited about this new acquisition.
If you have any questions, comments, or concerns about our new venture, don’t hesitate to give me a call or send me an email today. I look forward to hearing from you soon.
I’ve received a lot of questions about what’s causing changes in our market, so I’ve done some research for you to find out what’s happening. I went over our latest numbers in this video, but here are some additional factors that you should pay attention to:
1. Storms. We’ve had back-to-back storms, and most buyers don’t want to search for homes during bad weather. This change in our traffic has led to fewer sales.
There’s been a 17% decrease in under-contract homes in September and it’s continued to drop.
2. Rising interest rates. Increases in interest rates negatively affect the purchasing power of buyers.
3. High prices. Months ago, the market was fantastic and indicating that prices would be increasing in the future. However, we may have overpriced our homes to a point where buyers are waiting. There’s been a 17% decrease in under-contract homes in September, and it’s continued to drop in October.
If you’re looking to buy or sell a home, have any questions, or need further information, email me anytime at John@ColonyRealtyCorp.com. I look forward to hearing from you.
In today’s Facebook Live discussion, I’ll be answering a range of questions about the advantages of buying a second home in the Outer Banks of North Carolina and what it takes to do so.
For your convenience, I’ve provided timestamps below so you can navigate the conversation in the video above at your leisure:
Our job as Realtors is to give you the information you need to make an educated, informed decision about how to proceed in our market.
Hopefully you found this information helpful and can now consider purchasing a second home or vacation rental in the Outer Banks with knowledge on your side.
If you have any questions or would like to speak with me in more detail about purchasing a home in our area, you’re always encouraged to reach out to Colony Realty. I’d be glad to respond to your inquiries as quickly as possible.
How is this fall looking for potential homebuyers and sellers? Let’s take a look.
Firstly, the market seems to be stalling out a bit—something that’s happening not just here, but throughout the country. Interest rate rises and a few big storms factor into this, but we’re hoping for a market increase in November, where numbers have historically been high.
If you’re thinking of buying, it’s still a good time. We haven’t rebounded to pre-recession prices, but there is at least some stability for home sellers and buyers.
In the video, I mention an MLS reporting for the Outer Banks area; if you'd like that information, click here.
Here are the numbers I’ve found:
Under-contract listings are down by 17%, and the absorption rate (weeks it takes to sell current inventory at the present rate of sales) is up by 36%. Right now, we have about eight months’ worth of inventory.
We haven’t rebounded to pre-recession prices, but there is at least some stability for home sellers and buyers.
We specialize in helping you buy or sell property and ensuring you have the guidance needed for making an informed and educated decision. Contact us at any time and we’ll be more than happy to lend you our expertise. We look forward to hearing from you.