OBX Real Estate Market Recap | 2017

This report recaps closed sales reported in the MLS from January 1 to December 31 and compares them to sales during the same period last year. According to statistics from the Outer Banks Association of REALTORS (OBAR) multiple listing service, 2017 was a very good year over all for Outer Banks real estate. Both residential and land sales were up double digits in units compared to 2016. However, inventory continues to decline meaning there are fewer properties on the market.

Coldwell Banker Seaside Realty is the #1 firm on the Outer Banks* in both units sold and sales volume! We had a record breaking year and experienced 30% increase in both sales volume and units sold compared to 2016. We are thrilled to have sold the most real estate on the Outer Banks!

 

Here are a few highlights for Dare & Currituck County (total residential sales):

  • Sales increased 9% in units and 14% in sales volume
  • The average sales price of $396,650 represents a 5% increase over last year
  • The median sales price is now $320,000 (+7%)
  • Average Days on Market for all residential properties sold in 2017 (1,878) was 149 compared to 205 last year. Homes are selling faster!
  • Average Days on Market for residential properties listed and sold in 2017 (1,142) was an astonishing 56 days.

Waterfront Facts:

  • 132 oceanfront homes sold in 2017, a 27% increase over last year. Prices ranged from $179,900 for a house in Rodanthe to $3,250,00 for a 7-bedroom home in Duck.
  • 42 oceanfront condos sold with an average sales price of $347,842
  • 89 soundfront homes sold in 2017, a 6% decrease over last year. 4 sold for over $1 million, including the highest sale of $1,225,000 for a 6-bedroom investment home in Duck.
  • 107 canalfront homes sold (down 7%) with an average sales price of $331,687

More MLS Fun Facts:

  • Duck has the highest average sales price: $671,842
  • Kill Devil Hills had the highest units sold with 340 (including Colington Harbour)
  • 3 bed/3 bath Croatan Surf Club condo sold for $825,000, which was the highest priced condo sold in 2017.

*As reported by the Outer Banks Association of Realtors for the period of 1/1/17 – 12/31/17 as of 1/8/18.

See full market report here: Q4 OBX Market Report


Ready to get started searching for your beach home?

Search my Coldwell Banker website for full property details. Start by entering your search criteria and register to receive automatic notifications when a new property meeting your criteria hits the market.

To get started visit: www.BradBeachamOBX.com