The Outer Banks real estate market continues to be active with double digit increases in both residential units and sales for the year! Compared to the 1st and 2nd quarters of this year, the 3rd quarter saw the smallest increase year over year (Q3 2017 compared to Q3 2016) with sales volume up 6% and units down slightly. However, year to date, residential sales increased 10% in units and 15% in sales volume over last year which are both terrific increases.

  • Average Sales Price of all residential properties is $395,848, a 5% increase over last year
  • Single family leads the way with a 10% increase in units and 16% in sales volume
  • Condos & townhouses are up 4% in units, 3% in dollars
  • Land sales are up 7% in units but down 15% in volume and the average sales price has decreased 22% to $109,264

Great news! Our Average Days on Market for all residential sales is 155, down from 201 last year. However, for the 743 residential properties listed and sold from January 1 – September 30th, the Average DOM is 46.

Why the difference? Sellers are pricing their property more in line with the market and the inventory is down. Buyers have less to choose from and when they do and a house that meets all their criteria they are making a decision faster as they know the property may not be available for long!

See the full market report here: OBX Market Report Q3 2017

Albemarle Real Estate Market Report | Q3 2017

The market analysis of the Albemarle area is based on closed transactions in the Albemarle Area Association of Realtors Multiple Listing Service, from January 1 – September 30, 2017, and compares them to sales that took place during the same period last year.

  • Sales in Elizabeth City have not seen an increase year over year. Sold units are down 2% and sales volume is basically at. However, the Average Sales Price of $150,000 is a slight increase and the homes are selling in a shorter period of me (134 compared to 162)
  • Camden County sales volume increased 10% and both the Average Sale ($241,729) and Median Sale ($236,900) improved year over year
  • Moyock continues to have the highest Average Sales Price ($278,131) Both Berte & Gates County experienced significant increases in sold units and dollars.
  • Land sales increased double digits in both units (+36%) and sales volume (+50%). The $63,453 Average Sales Price of all land sold in the MLS represented a 10% increase year over year.

See the full market report here: Albemarle Market Report Q3 2017