2014 vs 2015 first half obx sound front properties 1

OBX Sound Front Property Overview – 2014 vs. 2015 First Half Includes: Duck, Southern Shores, Martin’s Point, Kitty Hawk, Kill Devil Hills, Colington, and Nags Head only

All data is courtesy of the Outer Banks Association of Realtor’s (OBAR) MLS

Rick Kinne’s OBX Sound Front Property News – 2014 vs.

2015 First Half July is a great time to look at how the real estate market is doing. The following is a quick snapshot of sound front properties (both homes and land) where I market my services. A few points to keep in mind as you view the charts:

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They compare full year and half year stats from 2014 to half-year stats of 2015 (through June YTD)

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The peak-selling season on the OBX is from March through May (this is because investors want to get their new properties ready to take advantage of the full summer rental season). However, sound front properties are more likely to be year round homes or 2nd homes.

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Properties will continue to sell through the Fall (people here on vacation often look for their own piece of paradise while here or return in the Fall to do so). Sales then taper off until after the new year when this can actually be the best time of year to buy or sell!

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I will go out on a limb and say the market is improving and that I expect 2015 performance to exceed that of 2014

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Although not included in the charts, I looked at a subset of these homes that were on the market for less than 100 days (less than 100 DOM). In my view, these homes are selling faster because they are priced correctly. In 2014, homes with less than 100 DOM achieved 96% of their asking price on average vs. 91% for all homes sold. Some even sold above their asking price. In 2015, this has also held true with 92% for homes less than 100 DOM vs. 88% of all homes sold so far.

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It is still a Buyer’s market. Based on MLS data, the absorption rate for sound front homes in these areas was 39 months and 21 months for land at the end of June. For the same period, the overall absorption rate for all OBX homes was 60 months and 120 months for land.

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I will publish a full comparison of 2014 to 2015 in early January.

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Please remember that these statistics cover a broad market (8 areas within the OBX). As you know, real estate really is very local and each area is different. So, it is impossible to apply these trends to a single circumstance.

If you thinking of selling your home or land and wish to know your property’s probable selling price range; or wish to know what a good offer would be on a home you are considering, call me and I will be happy to help you and discuss price strategy based on your needs.

Sound Front home sales - 2014 vs. 2015 first Half Measurement

2014 Full Year

2014 First Half

2015 First Half

% of 2014 Total YTD

% Half to Half Comparison

Total Units Sold

39

25

28

72%

+12%

Total Sales Volume

$18,979,806

$12,835,756

$12,885,600

68%

+.4%

Total S.F. (HtdLv)

96,808

64,804

63,517

66%

-2%

Average S.F. (HtdLv)

2,482

2,592

2,268

91%

-12.5%

Average Sold Price

$486,662

$513,430

$460,200

95%

-10%

Cost/S.F. (HtdLv)

$196

$198

$203

104%

+2.5%

Average Days On Market (DOM)

162

182

207

128%

-13%

Original Price vs. Sold Price

91%

90%

88%

90%

-2.3%

All data is courtesy of the Outer Banks Association of Realtor’s (OBAR) MLS and includes: Duck, Southern Shores, Martin’s Point, Kitty Hawk, Kill Devil Hills, Colington, and Nags Head.

Sound Front land sales - 2014 vs. 2015 first half Measurement

2014 Full Year

2014 First Half

2015 First Half

% of 2014 Total YTD

% Half to Half Comparison

Total Units Sold

9

6

6

67%

100%

* Total Sales Volume

$2,267,500

$1,632,500

$811,500

36%

-50.3%

* Total Acreage Sold

5.8

2.5

3.2

55%

+28%

* Average Lot S.F.

28,312

18,185

27,478

97%

+51%

* Average Lot Sold Price

$251,944

$272,083

$162,300

64%

-41%

* Cost/S.F.

$8.90

$14.96

$5.91

66%

-60.5%

* Average Days On Market (DOM)

435

574

172

57%

+57%

* Original Price vs. Sold Price

82%

92%

91%

107%

-4%

* A single transaction of 37.684 acres or 1,641,515 S.F. sold for $900K ($.55/Acre) was removed to maintain the integrity of the numbers All data is courtesy of the Outer Banks Association of Realtor’s (OBAR) MLS and includes: Duck, Southern Shores, Martin’s Point, Kitty Hawk, Kill Devil Hills, Colington, and Nags Head.