OBX Real Estate News: January Happy New Year to you and yours! I hope the start of the new year is going great for you and your family is healthy! Cheers to 2025, and best wishes for a wonderful year! We have been having a cold snap here on the Outer Banks, which is unusual for us. Typically, cold weather only lasts a day or two, but we are on the trend of cold temperatures for about 2 weeks. Hopefully, that means fewer bugs and weeds come summer! I am so grateful for my continued real estate success in 2024! Thanks to my dear and loyal clients, I closed 31 transactions at 28 million in total sales volume. It is an enormous privilege and honor to do what I have loved daily for 25 years; helping my dear clients. Real estate is my passion, and even if you are not currently buying or selling, please consider me a resource on the Outer Banks. I am always here for you if you have any questions or need help with anything. I love hearing from you! Aside from constructing the new Kitty Hawk Fire Station, the commercial real estate building boom seems to be calming down. We saw tremendous commercial construction over the past two years along the Outer Banks. From two new car washes to more Sugar Kingdoms, not much commercial land remains undeveloped. Construction is set to begin on the new Alligator River Bridge early this year. The 450 million dollar, 3.2 mile, two lane high rise bridge is expected to be completed in the fall of 2029. This is much needed as an estimated 4,000+ boats travel through this waterway each year, making the old draw bridge an impractical and archaic option. In real estate news, the end-of-the-year reports are now coming in and look good. Comparing 2024 to 2023, total home sales were down by just 3% from 2022. On a positive note, single-family home sales were up by 2%! Sale prices were also up by 5% for all residential sales. Condo sales comprised a tiny portion of the market and were down by 16%. Land sales were also down by 21%. Remember, there is not as much vacant land available, and we regularly see older, smaller homes being removed to make way for new construction. Residential inventory was up by 44%, which is not so great. Inventory Inventory varies significantly from town to town, so I am breaking it down for you by town below: Four Wheel Drive Area:For Sale: 39 homes (down by 6)Under contract 3 homes (no change)Sold since January 2024: 38 Average sale price: $894,755Average days on the market: 67Average sale to original listing price: 94% Corolla:For sale: 140 units (down by 2)Under contract: 14 (down by 10)Sold since January 2024: 253Average sale price: $1,133,632Average days on the market: 55Average sale to list price: 95% Duck:For sale: 29 units (up by 21)Under contract: 5 (up by 2)Sold past year: 93Average sale price: $1,149,242Average days on the market 39Average sold to list price: 95% Southern Shores:For sale: 25 homes (down by 4)Under contract: 10 (down by 3)Sold past year: 85 homesAverage sale price $1,036,894Average days on the market: 36Average sale price vs. original listing price: 95% Kitty Hawk:For sale: 19 units (down by 2)Under contract 7 (down by 3)Sold past year: 92Average sale price $629,170Average days on the market 38Average sold price compared to the list: 95% Martins Point:For sale: 2 homes (down by 2)Under contract 2 (no change)Sold past year: 13 homesAverage sale price: $1,406,607Average days on the market: 56Average sold to listing price: 92% Kill Devil Hills:For sale: 88 (down by 3)Under contract: 31 (down by 5)Sold past year: 272Average sale price: $591,177Average days on the market 61Average sold vs. listing price: 95% Nags Head:For sale: 57 (down by 3)Under contract: 10 (down by 9)Sold in the past year: 144Average sale price: $983,069Average days on the market: 50Average sold vs. listing price: 95% Manteo:For sale: 26 (down by 5)Under contract: 10 (up by 1)Sold in the past year: 68Average sale price: $577,292Average days on the market: 48Average sold vs. listing price: 96% Hatteras Island:For sale: 128 units (down by 14)Under contract 25 (down by 6)Sold past year: 227Average sold price: $650,897Average days on the market: 75Average sold vs. listing price: 93% Colington Areas:For sale: 22 (down by 2)Under contract 11 (up by 4)Sold past year: 91Average sale price: $510,116Average days on the market: 55Average sold vs. listing price: 94%If you have any questions about the current market and how it impacts your investment, please don’t hesitate to ask! |
