The first quarter market for single-family homes on the Outer Banks roared into like a lion. And, it continues to fire on all cylinders. And the first three months of this year shined extremely bright.
According to the table below (derived from OBAR MLS data ranging from 01/01/10 – 03/31/17), you can plainly see the trend of surging sales. On top of the whopping 28.6% increase in the number of sales over last year, this was accomplished in average inventory that was 9.3% leaner than 2015, thus reducing the absorption time by 29.5%!! Sellers are getting closer to what they’re asking, and in less time.
A trend you will not see in the table is the astounding number of homes that are selling in a month. In first quarter 2017, there were 16 properties that sold in 31 days or less; versus 3 last year and only 2 in 2015. These homes also sold closer to their asking prices by roughly one percentage point. On average, that would put about $4,000 extra dollars in the seller’s pocket. And, not paying 6 additional months of mortgage interest, insurance and taxes is a huge savings… all of which are key factors when determining list/ask prices.
Keep in mind that this is a broad (all Outer Banks) view of the market. Some market segments are hotter than the average and some areas are a little cooler, but overall the trend is positive. Prices aren’t spiraling out of control, but the trend of an appreciating market sparks buyer confidence. Both buyers and sellers are still winners in every transaction.
If you would like to know where your property stands, contact us today for more specific statistics. We are full-service real estate professionals and someone is here 7 days a week to assist you.
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