Outer Banks Real Estate Insights and News August 2016
Brought to you by the Randy Jones Real Estate Team
Well some schools are back in session but summer is still in full force on the Outer Banks. When reviewing the stats, we usually spend time focusing on the number of listings that sold during the current year compared with the number of listings sold in the previous year. The statistic of note this month is the number of listings that have been placed under contract. The data shows that 1711 listings have been placed under contact this year. This is the highest number of under contacts for the first 7 months of the year in over 10 years.
Time will only tell if this truly is a sign that our market is getting stronger. One reason for hesitancy is that sales (closed transactions) are still very flat, home sales are actually down. So hopefully the under contracts will give us momentum into the fall where sales should really pick up.
Residential Sales
Condominiums - Unit sales are up 21% this year, total volume sold is up 32%, average sale price is up 9% and median sale price is up 10%.
Single Family detached homes - Unit sales are down 5%, total volume sold is down 3%; however, median sale price is up 3%.
Inventory – Residential property inventory is down, 1685 units vs 1859 units.
Land Sales – Unit sales are still up 6%, total volume sold is up 17%, average sale price is up 10% and median sale price is down 7%. Lots / Land inventory is down 13% (927 units vs 1060 units).
Distressed Properties
Short sales – Unit sales are down 58%, total volume sold is down 47%, average sale price is up 26% and median sale price is up 3%.
Bank Owned – Unit sales are down 35%, total volume sold is down 24%, average sale price is up 17% and median sale price is up 14%.
Outer Banks Area Spotlight Villages at Ocean Hill, Corolla
At the end of Route 12, where the ocean and dunes prevail, is where the Villages at Ocean Hill lays its claim on the beautiful, sun-kissed beaches of the northern Outer Banks. A community sitting between the serene coast of Albemarle Sound and the majesty of the Atlantic Ocean, the Villages at Ocean Hill offers opportunities for family fun, sport, recreation and sheer relaxation.
The Villages at Ocean Hill Fitness Center provides a full range of gym equipment. For fitness on the court, VOH features a Sports Court, two Tennis Courts, and a Basketball Court for the use of all renters and owners. Cyclists of all ages and abilities can enjoy the nearly 2-mile stretch of newly paved bike lane which connects VOH to the shops and community of Corolla Light. And nature lovers will love the serenity of the Currituck Banks National Estuarine Reserve, adjacent to the community, for walking and enjoying the sights and sounds of the maritime forest.
There are currently over 20 properties for sale in the community, ranging from $360,000 to $1,200,000. And one large oceanfront estate listed at $4,695,000. We have one home listed for sale, 1264 Stillwind Ct. It's a beautiful home and the location for the price is unbeatable! Ocean Views and just steps to the ocean without the high price tag!
Shopping in Duck is a must do while your on vacation on the Outer Banks. While you are enjoying the shops, you must take some time to enjoy the peace and serenity that awaits on the Boardwalk. Meandering through the sound side of Duck Village, discover the beauty of the maritime forest, the willow swamp and the marsh where you'll find plenty of wildlife. Also a great place to fish and crab or set off in your kayak or paddle board to explore the sound. Looking for a place to watch the sunset? This is it! Gorgeous!
