January did not disappoint along the Outer Banks! We had the first real snow accumulation since 2018; most areas reported 6-8 inches! As expected, it was magical! Schools were out for days, and even the adults got in on the sledding, snowman-building, and winter fun! We most likely won’t see snow again for another seven to ten years. Temperatures have stabilized since then, and we are now experiencing a more typical Outer Banks winter.
The busy summer season is on the horizon, and if you have projects you want to complete during the off-season, do not delay! Most handymen and contractors are getting homes ready for the rental season now. If you need recommendations, please don’t hesitate to ask. Just to let you know, if your roof is over 15 years old or your water heater is over 10, please be prepared for your insurance company to require you to replace it. This has become commonplace.
January was slow for real estate sales, but that was expected. We usually see an uptick in sales activity by mid-February. February marks the beginning of the best time of year to sell your Outer Banks property. If you have thought about selling, don’t hesitate to contact me so I can put some numbers together for you. I am also including the data from each town so you can track inventory and sales in your area below. There were 112 residential units sold during January (Dare and Currituck Counties). The sale prices ranged from $169,000 in Powells Point up to $2,200,000 for an 8-bedroom oceanfront in Hatteras. There are currently 176 units under contract. There were 30 vacant lots sold, starting at $50,000 in Hatteras and going up to $1,735,000 for an oceanfront in Corolla. There are a total of 51 vacant lots under contract as of today.
Scams are running rampant in the real estate world these days. If you are not considering selling, it is a good idea to keep an eye on Zillow and Realtor.com to ensure your vacant lot does not show up for sale. Scammers are incredibly sophisticated, and we can not be too careful. I also keep an eye out for these falsely listed properties, but I can not catch all of them.
Mortgage news from our friend Shane Cook at Guaranteed Rate:
When was the last time you saw a Second Home rate quoted at 5.75%? I’m happy to share that our 20% down 5 year ARM for second homes is quoted at 5.75% today. We also have a 7 year ARM at 6% and a 10 year ARM at 6.25%. This applies to conforming and Jumbo loan amounts! These programs are for “pure” second homes, meaning homes that won’t be rented. Over the past couple of years, I’ve seen an emerging trend and that is often times we can find better rates for second homes that won’t be rented in any way. If the home the borrower is purchasing isn’t currently in a rental program and the customer does not intend to rent the home, then they would have access to these lower rates. Reach out for details!
Town by Town Break Down:
4×4 Area:
Currently for sale: 45
Currently pending: none
Sold year to date: 2
Average sale price: $417,500
Average sale vs. list price: 84%
Average days on the market: 157
Corolla:
Currently for sale: 151
Currently pending: 24
Sold year to date: 11
Average sale price: $847,045
Average sale vs. list price: 92%
Average days on the market: 87
Duck:
Currently for sale: 28
Currently pending: 9
Sold year to date: 4
Average sale price: $1,002,500
Average sale vs. list price: 95%
Average days on the market: 65
Southern Shores:
Currently for sale: 28
Currently pending: 12
Sold year to date: 8
Average sale price: $833,625
Average sale vs. list price: 96%
Average days on the market: 38
Martins Point:
Currently for sale: 3
Currently pending: none
Sold year to date: 2
Average sale price: $1,170,000
Average sale vs. list price: 92%
Average days on the market: 22
Kitty Hawk:
Currently for sale: 23
Currently pending: 12
Sold year to date: 7
Average sale price: $836,285
Average sale vs. list price: 94%
Average days on the market: 69
Kill Devil Hills:
Currently for sale: 87
Currently pending: 33
Sold year to date: 22
Average sale price: $568,815
Average sale vs. list price: 97%
Average days on the market: 40
Nags Head:
Currently for sale: 48
Currently pending: 22
Sold year to date: 10
Average sale price: $1,096,115
Average sale vs. list price: 95%
Average days on the market: 53
Hatteras Island:
Currently for sale: 152
Currently pending: 22
Sold year to date: 18
Average sale price: $678,356
Average sale vs. list price: 92%
Average days on the market: 76
Manteo:
Currently for sale: 27
Currently pending: 4
Sold year to date: 10
Average sale price: $485,000
Average sale vs. list price: 86%
Average days on the market: 86
Colington Island:
Currently for sale: 25
Currently pending: 10
Sold year to date: 8
Average sale price: $606,000
Average sale vs. list price: 92%
Average days on the market: 110