Market Update-May 2018

The winter weather has been the worst it’s been in years, but it has not slowed down the Outer Banks real estate market. 2018 has picked up right where 2017’s record breaking year left off. The housing market has seen strong sales and appreciation across all price ranges along with blistering lot sales. With 4 months in the books the average sold price for single family homes, condominium’s, and townhouses is up 3% over 2017 (which was up 5% from 2016). The average days on market from the time a property is listed to closing is only 82!! Lot sales have gone crazy with prices up 25% from last year. To say we are in a new construction boom is an understatement. Since I started selling real estate in 2003 I have never seen so many new houses being built. With inventory very low and high buyer demand I foresee prices continuing to move up in the months ahead. 

The big news this year has been on the mortgage front. The bad news is mortgage rates are starting to inch up from 4% at the beginning of the year to around 4.5 to 4.65% for a 30yr conventional loan. As the year goes on my lenders are telling me rates are projected to get close to 5%. The good news is that lenders are loosening up requirements and are now offering loans up to $650,000 with only 10% down and loans over that up to $1M with 15% down with no Private Mortgage Insurance to qualified buyers. That is huge for anyone looking to get into a beach house with a minimal down payment. 

If you are in the market to buy now is the time!!! With rental property you can close on a house in the next few months and still get almost 70 to 80% of the years rental income with only 6 months of expenses. The average out of pocket expense to own a rental property is approx. $500 to $1000 a month. The rental income takes care of paying for the utilities, taxes, insurance, management fees, and part of your mortgage. With over 7 million people a year coming to the Outer Banks to vacation rental demand for houses is very high. For those looking for a 2nd home buying now gives you the opportunity to make the home yours, so you can come down and enjoy it for the rest of the year. Prices and interest rates are going up and that effects home affordability. Contact me today to get the process started. I can provide detailed cash flow analysis for rental houses, work with to get you qualified, help guide you through the buying and closing process. Put my 14yrs of experience with buyers and sellers to work for you!

 

 

Disclaimer: This representation is based in whole or in part on data supplied by, and to the Subscribers of the Outer Banks Association of REALTORS® Multiple Listing Service.  Information contained herein is deemed reliable but not guaranteed.  Data maintained by the OBAR MLS is for its own use and may not reflect all real estate activity in the market. Data provided from 2003 to 2018


Outer Banks Real Estate Statistics


For those of you that love numbers this page on the website is dedicated to you!!
Check back each month for the latest stats on the Outer Banks Real Estate Market.
Due to recent additions of areas outside of the Outer Banks being added to the 
OBAR MLS the information below has been adjusted to reflect only data from
the Outer Banks. The areas reflected in the numbers include the towns of Corolla,
Duck, Southern Shores, Kitty Hawk, Kill Devil Hills, Nags Head, Pirates Cove,
Rodanthe, Waves, Salvo, Avon, Buxton, Frisco, and Hatteras. The stats are for
residential properties including condo's and townhomes.Land and Commercial are not included.   

Sold Listings 1/01/2018 to 5/31/2018

# of Sold Listings Avg Days On Market Median Price Avg Price Max Price Min Price
660 142 $345,000  $449,447 $5,100,000 $64,900

 

Sold Listings 01/01/2017 to 12/31/2017

# of Sold Listings Avg Days On Market Median Price Avg Price Max Price Min Price
1544 163 $342,700  $424,263 $3,250,000 $42,000

 

Sold Listings 01/01/2016 to 12/31/2016

# of Sold Listings Avg Days On Market Median Price Avg Price Max Price Min Price
1415 210 $325,000  $403,155 $2,825,000 $62,000

 

Sold Listings 01/01/2015 to 12/31/2015

# of Sold Listings Avg Days On Market Median Price Avg Price Max Price Min Price
1350 225 $325,000  $412,791 $4.900,000 $30,500

 

Sold Listings 01/01/2014 to 12/31/2014

# of Sold Listings Avg Days On Market Median Price Avg Price Max Price Min Price
1194 218 $319,500  $420,884 $5,000,000 $54,900

 

Sold Listings 01/01/2013 to 12/31/2013

# of Sold Listings Avg Days On Market Median Price Avg Price Max Price Min Price
1163 236 $321,000  $402,890 $3,175,000 $23,000

 

Sold Listings 01/01/2012 to 12/31/2012

# of Sold Listings Avg Days On Market Median Price Avg Price Max Price Min Price
1209 230 $330,000  $420,245 $3,750,000 $55,000 

 

Sold Listings 01/01/2011 to 12/31/2011

# of Sold Listings Avg Days On Market Median Price Avg Price Max Price Min Price
1075 238 $315,000  $411,915 $2,820,000  $32,000 

 

Sold Listings 01/01/2010 to 12/31/2010

# of Sold  Listings Avg Days On Market Median Price Avg Price Max Price Min Price
1108 217 $335,000 $407,068 $3,650,000 $49,000

 

Sold Listings 01/01/2009 to 12/31/2009
 

# of Sold  Listings Avg Days On Market Median Price Avg Price Max Price Min Price
874 208 $340,000 $426,875 $3,100,000 $77,500


 Sold Listings 01/01/2008 to 12/31/2008
 

 # of Sold Listings Avg Days On Market Median Price Avg Price Max Price Min Price
802 210 $385,000 $483,712 $3,675,000 $92,450

 

Sold Listings 01/01/2007 to 12/31/2007
 

# of Sold Listings Avg Days On Market Median Price Avg Price Max Price Min Price
958 192 $405,00 $527,007 $4,500,000 $115,000

 

 

Sold Listings -1/01/2006 to 12/31/2006
 

# of Sold Listings Avg Days On Market Median Price Avg Price Max Price Min Price
982 163 $434,000 $556,090 $3,940,000 $129,000
 
 

Disclaimer: This representation is based in whole or in part on data supplied by, and to the Subscribers of the Outer Banks Association of REALTORS® Multiple Listing Service.  Information contained herein is deemed reliable but not guaranteed.  Data maintained by the OBAR MLS is for its own use and may not reflect all real estate activity in the market. Data provided from 2003 to 2018