Every now and then it is both informative and fun (for those readers who like numbers) to take a look at market data at both a general overview and more detailed levels.
Comparing the major market indicators for the first four months of 2016 with the same period last year, we can observe that the markets for both residential properties and undeveloped lots are showing signs of improvement. Selling prices are on the rise, and the dollar value of sales are higher. If these trends continue for the rest of the year, it looks like the island's real estate market is on the road to recovery. Many believe that the progress that we are seeing on the bridge projects designed to stabilize access to the island via Highway 12 are playing a significant part in the positive results that we are seeing.
Looking into the statistics a little deeper, the following table shows the single family residential sales that have taken place between January and April displayed by selling price range.
|SELLING PRICE RANGE||NUMBER OF SALES|
|$200,000 - $299,000||20|
|$300,000 - $399,000||12|
|$400,000 - $499,000||12|
|$500,000 - $599,000||2|
|$600,000 - $699,000||4|
|$700,000 - $799,000||1|
|$800,000 - $899,000||0|
|$900,000 - $1 million||1|
It is clear that so far this year buyers are showing a preference for properties toward the lower end of the price spectrum. It will be interesting to see if this pattern continues in the months ahead.
It was encouraging to see that less that 10 percent of the sales were distressed properties (4 short sales and 1 foreclosure). It hasn't been that long ago that almost 50 percent of sales were distressed properties.
This next table gives us a sense for the location of the residential properties that have been sold.
|LOCATION||NUMBER OF SALES|
Avon was the village with the highest number of residential sales through April, followed by Frisco and Salvo. Rodanthe, Waves, Buxton, and Hatteras made up the balance of the 62 homes sold.
Undeveloped lot sales covered a much broader range of prices. However, the trend toward lower priced properties dominating sales mirrored results in the residential segment of the real estate market. Likewise, distressed properties represented a relatively small percentage of lot sales with only three short sales being reported.
Lot sales were concentrated from Avon south to Hatteras Village
There was only one condominium sold between January and April. The selling price was $195,000, and it was located in Rodanthe. There were no commercial sales on the island during this period.
All things considered, the market statistics provide a fairly positive outlook for the Hatteras Island real estate market. I am always a little cautious about reaching conclusions based on a limited time frame for the data, but, with the infrastructure improvements that we are seeing and keeping my fingers crossed that we can dodge a major storm this year, 2016 is shaping up to be a pretty good year for property owners, buyers, and sellers.
The Outer Beaches Sales Team is available to assist you with all of your real estate needs and questions. The Sales Team may be reached by phone toll-free at 800.627.6627 or by email at [email protected].