The central message of this month’s article is simple and straightforward. – if you have given any thought to selling your cottage, now is the time to take action!
After experiencing a reduction in activity while visitors were not permitted to enter Dare County between mid-March and mid-May, the residential real estate market on Hatteras Island is not just recovering, it has exploded! Spurred by interest rates in the three percent range and pent-up demand, homes under contract to be sold have risen in almost a straight line from a low of 26 properties during the week of May 7th to 121 on July 6th! Similar patterns are being seen across the Outer Banks as well as nationally.
Like the stock market in which all stocks do not participate equally in a general market trend, the following table shows that almost 70 percent of the new pending sales have been concentrated in the $200,000 to $400,000 price ranges with higher priced properties not yet enjoying the increased level of buyer interest.
HATTERAS ISLAND RESIDENTIAL UNDER CONTRACT BY PRICE RANGE
July 1, 2020
|Range Price||# Under Contract||%|
|$100,000 – $199,999||7||5.9%|
|$200,000 – $299,999||26||21.8%|
|$300,000 – $399,999||32||26.9%|
|$400,000 – $499,999||25||21.0%|
|$500,000 – $599,999||12||10.1%|
|$600,000 – $699,999||7||5.9%|
|$700,000 – $799,999||5||4.2%|
|$800,000 – $899,999||-0-||-0-|
|$900,000 – $999,999||2||1.7%|
It also appears that the overall real estate market on Hatteras Island has transitioned from a buyer’s market in which the total supply of available properties exceeds buyer demand to a seller’s market in which buyer demand is higher than the inventory of homes for sale. As with properties under contract to be sold, supply still exceeds demand for homes priced at $500,000 and above.
Our experienced Outer Beaches Sales Team is prepared to provide you with the data and the local market expertise that you need to determine how selling your property might fit into your personal financial plans. The Sales Team may be reached toll-free by phone at 866.627.6627 or by e-mail at firstname.lastname@example.org.
Tom Hranicka, Sales Department ManagerAssociate Broker
ABR, CDPE, CRS, GREEN, GR