Outer Banks Real Estate Market August 2017
September 22, 2017 Company News, Real Estate NewsIt’s been a great summer on the Outer Banks, particularly in the real estate market. August saw residential sales increase across the board, with some markets experiencing rises of up to 16%. In total, property sales have generated $552,104,149 in the twelve months leading up to the end of August, a figure which represents a year on year increase of over 10%. This represents a prevailing atmosphere of optimism and confidence in the property market, which is helping to make the Outer Banks one of the most active and exciting markets in North Carolina. Residential Property Statistics
- The number of single-family detached houses sold rose by 12% year on year from 996 to 1118.
- The average selling price for a single-family detached house rose by 4% from last year.
- The number of residential lots sold increased by 8% year on year, from 327 to 354.
- The average selling price for a residential lot fell by 3%.
- The number of condominiums sold increased by 16% year on year, from 121 to 140.
- The average selling price for a condominium fell by 1%.
- The total number of residential properties sold rose by 11% year on year, from 1176 to 1310.
- The average selling price for residential properties rose by 4%.
- The number of commercial properties sold fell by 20% year on year, from 20 to 16.
- The average selling price for a commercial property fell by 30%.
- The number of residential short sales (a sale in which the amount received does not cover the credit secured against the property) fell by 17% year on year, from 23 to 19.
- The number of residential bank-owned properties, including properties which have been reclaimed, fell by 1% year on year, from 57 to 54.
- In all, distressed properties like these made up 2% of the market.
- The total number of properties sold in all classes – including all residential and commercial properties – rose by 10% year on year, from 1523 to 1680.
- The average price of all units sold rose by 1%.
- Based on the figures for August, the most in-demand properties on the Outer Banks are single-family detached houses and condominiums.