Real estate conditions on the Outer Banks are improving. Both average sales prices and median sales prices are higher than they were for the first quarter of 2017. According to the Outer Banks Association’s MLS system average prices are up 7% over last year and median prices are up 1%. Another indicator pointing towards appreciation is the sold price per square foot. You can see that trend in this report. It’s interesting that these indicators point towards appreciation even though the number of transactions has decreased. This winter’s unusually cold and snowy weather resulted in an 8% decrease in residential sales. Part of this decrease may also be due to the decreasing inventory. There are fewer homes on the market now than there have been in many years. It’s likely our appreciation is a result of more demand than supply of Outer Banks homes.
Like most of our surrounding metropolitan markets, well priced properties are selling fast. If you are buying and you see something you like then it’s a good idea to move quick. If your home is on the market and it is not getting showings then it may be time for a quick market analysis to see if anything similar has sold recently and at what price. That will give you a better feel for an asking price.
After taking a break from completing monthly reports, Scott Team Realty has made some improvements on our how we are displaying Outer Banks market information. Here’s a link to the entire report. We’re hoping you enjoy these changes. We’re also looking into offering buyers and sellers custom monthly market reports. More on that in our blog over the next few months. If you want to see the history of the Outer Banks real estate market, then check out our market info page here.
The Outer Banks real estate market is still changing. It will be interesting to see over the next year or so how increasing interest rates the new tax laws affect this vacation rental market. We look forward to providing you with a front row view to what’s happening here.