Coastal Carolina Vacations and Sales, Winter 2024 Sales Newsletter

REAL ESTATE NEWSLETTER Coastal Carolina VACATIONS AND SALES WINTER 2024

OBXCarolina.com

COASTALCAROLINAOBX.COM

What’s in a Name?

Vanessa Watson 252.202.8181

Looking at a map of the Outer Banks, you’ll see many unique names of towns and probably wonder where they all came from. Believe it or not, there are stories behind several of the towns themselves that made the names what they are today.

While the histories vary between fact and fable, one thing is for sure—they certainly make the Outer Banks a very special and interesting place to visit! Discover their origins on the next page…

vwatson@obxcarolina.com

FEATURED COMMUNITY

rnance@obxcarolina.com

Randy Nance 252.202.3374

PINE ISLAND, COROLLA

Connie Burke 252.573.9564

cburke@obxcarolina.com

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Jessica Evans 252.305.0629

jevans@obxcarolina.com

What’s in a Name?

Nags Head This town has a

few different stories behind the name, ranging in origin from a native Banks pony with a lantern around its neck being used as tool to lure pirate vessels to shipwreck off our shores to being named for a town off the coast of England that has a very similar resemblance to the Nags Head landscape with its large sandhills. Either way, Nags Head has become a popular and must-visit vacation destination for visitors worldwide.

Kill Devil Hills Like its

neighboring town to the south, Kill Devil Hills also has a few legends on how the name came to be.

Stories of being a place known for transporting rum that was “Strong Enough to Kill the Devil” to one about a local man attempting to extort money from the devil who was ultimately faced with entrapment in a pit at the top of the big hill. The site is currently known as the location of the Orville and Wilbur Wright pylon, built to honor their success in being first in flight. Currently, the town is the largest municipality in Dare County and is centrally locat-

ed on the Outer Banks.

Duck This town is the northern-

most community in Dare County and was named officially at the turn of the 20th century due to the abundance of waterfowl and popularity of hunting along the shores of the Albemarle and Currituck Sounds. While the community was one of the first areas to be settled in the county, it is actually the newest town to be incorporated along the Outer Banks and became official in 2002. While previously home to only a few homes owned by local fishing and hunting guides, the town now offers a growing year-round resident population along with a soundfront boardwalk with shopping and restaurants to attract visitors for every season.

Corolla On a much lighter

note, Corolla was submitted as the official name of the most northern town on the barrier islands back in 1895. The term itself comes from the name of the inner part of a flower and was chosen as a testament to the forever changing nature of the area that we know Corolla to

be, even today. What used to be a modest fishing and farming community is now a beautiful stretch of the Outer Banks, offering a wide range of property options and attractions for families of all sizes and ages to enjoy.

Manteo The lovely village of

Manteo is located on Roanoke Island. The town is named for Manteo, a leading Carolina Algonquian Indian, a member of the ruling family of the Croatoan subtribe of the coastal Algonquian group. Manteo traveled with the English to London in 1584 where he and fellow Algonquian, Wanchese, became the liaisons between the Roanoke Colony settlers and the Indians.

Today, Manteo is definitely worth a visit! There is a soundfront boardwalk, several great restaurants and many wonderful, locally owned shops.

While we may never know the true origins of some of the town names, we do know the Outer Banks is full of history and folklore and it’s also a remarkable place for owners and visitors alike!

THE PINE ISLAND SPORTS COMPLEX IN COROLLA ON THE ATLANTIC OCEAN

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MARKET SALES YEAR

RESIDENTIAL UNITS SOLD

DAYS ON MARKET

MEDIAN SALES PRICE

TOTAL SALES VOLUME

2023

1791

51

$550,000

$1.2 BILLION

2022

2462

36

$599,460

$1.76 BILLION

2021

3386

52

$480,000

$2.18 BILLION

2020

3091

110

$395,000

$1.5 BILLION

2019

2142

115

$330,000

$861 MILLION

2018

1971

128

$320,000

$799 MILLION

DATA OBTAINED FROM OUTER BANKS ASSOCIATION OF REALTORS FOR PERIOD 01/01/2018 THROUGH 12/31/2023.

MARKET NOTES •

Residential unit sales are down 27% from 2022. Higher interest rates and continued lack of inventory are major factors for the decline in sales.

•

Approximately 12% of sold transactions received multiple offers.

•

On average, listings are selling at 97% of list price.

•

The Median Sales Price is down 8% from 2022, yet still 67% higher than the pre-COVID 2019 Median Sales Price.

•

To date, property values are maintaining at their high levels. The Average Days on Market is creeping higher, but still far below the historical norm.

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RESIDENTIAL UNIT SALES

BY TOWN TOWN

RESIDENTIAL UNITS SOLD

YOY DIFFERENCE

MEDIAN SALES PRICE

YOY DIFFERENCE

Corolla

273

–28%

$810,000

–4%

Duck

111

–15%

$800,000

–11%

Southern Shores

80

–30%

$737,450

–5%

Kitty Hawk

77

–39%

$580,000

0%

Kill Devil Hills

248

–31%

$533,750

1%

Nags Head

155

–26%

$680,000

–11%

Roanoke Island

127

–26%

$487,000

1%

Hatteras Island

237

–38%

$590,000

–2%

DATA OBTAINED FROM OUTER BANKS ASSOCIATION OF REALTORS FOR PERIOD 01/01 THROUGH 12/31 FOR YEARS 2022 AND 2023.

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TIPS FROM THE TEAM FOR BUYERS:

1. Get pre-qualified from a local OBX lender.

2. Be ready to move quickly on your chosen listing.

3. Be prepared to offer some amount of Due Diligence Fee to the seller with your Offer to Purchase.

4. For cash offers, make sure you have a Proof of Funds verification letter.

FOR SELLERS:

1. Make sure your agent uses a professional photographer for listing photos.

2. De-clutter as much as possible.

3. Know your closing costs: a) Realtor Commission; b) Dare County Transfer Tax @1%; c) NC State Stamp @ .2%; d) Closing Attorney ~$500; and e) Prorated property taxes & HOA dues

Interested in receiving an accurate assessment of your home’s current market value? Call our experienced sales team at 252.489.2121.

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