Q1 Obx Market Report

2016 FIRST QUARTER REVIEW
IN THIS ISSUE
Quarterly Highlights
1
Area Highlights
1
Sold Market Recap
2-3
Featured Article: Bonner Bridge
3
Replacement Project
1st Qtr Sales Volume
$40,000,000
$33,374,952
$35,000,000
$29,392,890
$30,000,000
$18,944,697
$25,000,000
$18,227,282
$20,000,000
$13,582,405
$15,000,000
$10,000,000
$5,000,000
$0
Coldwell
#2
#3
#4
#5
Banker
Seaside
Use our seller tools to find out what
your home is worth in today’s market.
Start by looking up home value
estimates at
www.MyOBXHomeValue.com
Download the Coldwell Banker Seaside Realty app to take your search on
the go and access your
saved homes and searches
from anywhere!
CBSeaside.com
The OBX (Dare & Currituck County) is off to a good start this year! Residential (all) units are relatively flat
but the sales dollars are up 12% over the same period last year. The average sales price is up 11% and
the median sales price is flat. The real story this year is the shortened days on the market! There were
619 residential properties listed for sale between January 1 and March 31:


55 have sold with an average days on the market of 51
An additional 138 are now under contract with an average days on the market of 138
As you can see from the chart below, this is well below the average! According to the Outer Banks Association of Realtors, year to date pending sales are up 7% for all counties.
Oceanfront sales (single family) increased in both units (31 vs. 21) and dollars:

31 oceanfront homes sold with prices ranging from $268,500 for a house in South Nags Head to a
Corolla oceanfront for $2,500,000.

15 soundfront homes sold with prices ranging from $235,000 for a house in Hatteras to a Duck
soundfront for $834,000
Here is a breakdown of property sold in Dare & Currituck County for the 1st Quarter*
Single Family
2016
2015
%
Units Sold
279
276
101%
Sales Volume
$119,001,673
$105,735,002
113%
Average Sales Price
$426,529
$383,097
111%
Median Sales Price
$325,000
$315,000
103%
Average Days on Market
208
218
95%
Condo & Townhouse
Units Sold
2016
37
2015
36
%
103%
Sales Volume
$9,184,650
$8,800,900
104%
Average Sales Price
$248,233
$246,691
101%
Median Sales Price
$225,000
$242,000
93%
Average Days on Market
180
273
66%
Land
Units Sold
2016
98
2015
100
%
98%
Sales Volume
Average Sales Price
$13,025,805
$132,916
$10,423,175
$104,231
125%
128%
Median Sales Price
$68,950
$76,000
91%
Average Days on Market
342
237
144%
COLDWELL BANKER SEASIDE REALTY
4900 N. Croatan Highway  Kitty Hawk, NC 27949
2503 N. Croatan Highway  Kill Devil Hills, NC 27949
918 C-Halstead Boulevard  Elizabeth City NC 27909
Contact Us: [email protected]
252-261-3800
252-441-2450
252-384-0566
www.CBSeaside.com
The OBX Market Report
1st Quarter 2016
Page 2
MARKET RECAP - SOLD PROPERTIES
Based on information from the Outer Banks Association of REALTORS® MLS
for the period January 1 - March 31, 2016
DOM = Days on Market
Area
# Sold
Avg Sales Price
DOM
DUCK
Ocea nfront
Ocea ns i de
Soundfront
Sounds i de
Duck Total
3
10
1
0
14
$1,556,666
$522,100
$834,000
$0
$766,071
325
189
914
181
270
COROLLA
Ocea nfront*
Ocea ns i de
Soundfront
Sounds i de
Corolla Total
8
18
3
10
39
$1,693,906
$536,297
$609,333
$407,400
$746,323
4-WHEEL DRIVE
Ocea nfront
Other
Total 4-Wheel Drive
2
3
5
SOUTHERN SHORES
Ocea nfront
Ocea ns i de
Sound/Ca na l front
Wes ts i de
Southern Shores Total
% to Ask Price
Price Range
84%
90%
84%
93%
87%
Low
$1,055,000
$328,500
$834,000
$358,000
$328,500
Hi gh
$2,275,000
$800,000
$834,000
$460,000
$2,275,000
331
208
193
227
237
89%
92%
91%
90%
90%
$905,000
$305,000
$508,000
$375,000
$375,000
$2,500,000
$921,530
$7,500,000
$547,500
$2,500,000
$894,500
$329,166
$555,300
251
273
264
88%
90%
85%
88%
$539,000
$155,000
$155,000
$1,250,000
$425,000
$1,250,000
0
0
1
10
11
$0
$0
$425,000
$407,980
$409,527
0
0
170
387
367
0%
0%
94%
91%
91%
$0
$0
$425,000
$245,000
$245,000
$0
$0
$425,000
$711,000
$711,000
KITTY HAWK
Ocea nfront
Between the hi ghwa ys
Ca na l front
Wes ts i de
Kitty Hawk Total
0
6
0
7
13
$0
$304,829
$0
$341,000
$324,305
0
169
0
146
156
0%
94%
0%
92%
93%
$0
$193,000
$0
$280,000
$193,000
$0
$525,000
$0
$465,000
$525,000
MARTIN'S POINT
Sound/Creek
Interi or
Total
0
1
1
$0
$395,500
$395,500
0
31
31
0%
93%
93%
$0
$395,500
$395,500
$0
$395,500
$395,500
KILL DEVIL HILLS
Ocea nfront
Between hi ghwa ys
Sound/Ca na l front
Wes ts i de
Kill Devil Hills Total
1
10
1
26
38
$900,000
$319,900
$392,850
$256,258
$293,541
192
196
67
177
179
93%
95%
90%
93%
94%
$900,000
$197,400
$392,850
$140,000
$140,000
$900,000
$440,000
$392,850
$450,000
$900,000
COLINGTON HARBOUR
Sound/ca na l front
Other
Col i ngton
Colington Harbour Total
6
15
4
25
$278,833
$211,526
$215,097
$228,251
156
100
291
144
90%
95%
96%
94%
$170,000
$135,000
$62,000
$62,000
$470,000
$357,500
$269,000
$470,000
NAGS HEAD
Ocea nfront
Between hi ghwa ys
Sound/Ca na l front
Wes ts i de
Nags Head Total
6
8
3
15
42
$1,096,333
$459,250
$409,333
$315,506
$503,169
414
170
92
172
220
90%
92%
92%
92%
90%
$595,000
$214,000
$250,000
$199,000
$199,000
$1,638,000
$787,000
$653,000
$650,000
$1,638,000
SOUTH NAGS HEAD
Ocea nfront
Ocea ns i de
Wes ts i de
S. Nags Head Total
3
1
6
10
$787,500
$382,000
$364,166
$492,050
282
227
245
254
84%
96%
91%
87%
$268,500
$382,000
$215,000
$215,000
$1,245,000
$382,000
$560,000
$1,245,000
The OBX Market Report
1st Quarter, 2016
Page 3
MARKET RECAP - SOLD PROPERTIES
Based on information from the Outer Banks Association of REALTORS® MLS
for the period January 1 - March 31, 2016
DOM = Days on Market
Area
# Sold
Avg Sales Price
MANTEO
Ca na l front
Other
Manteo Total
1
15
16
16
$525,000
$300,276
$314,321
63
164
157
81%
94%
94%
Low
$615,000
$76,584
$76,584
Hi gh
$615,000
$540,000
$615,000
PIRATE'S COVE
1
$615,000
59
89%
$415,000
$1,160,000
RODANTHE/WAVES/SALVO
Ocea nfront
Ocea ns i de
Soundfront
Sounds i de
Rodanthe/Waves/Salvo Total
4
4
0
3
11
$475,000
$360,500
$379,666
$407,363
208
181
405
252
88%
90%
100%
90%
90%
$338,000
$145,000
$364,000
$136,500
$136,500
$1,575,000
$750,000
$550,000
$478,000
$1,575,000
AVON
Ocea nfront
Ocea ns i de
Soundfront
Sounds i de
Avon Total
3
3
0
7
13
$841,666
$235,933
$284,928
$402,100
121
212
228
199
91%
88%
81%
87%
88%
$432,500
$155,000
$287,375
$91,000
$91,000
$1,125,000
$807,500
$450,000
$510,000
$1,125,000
BUXTON/FRISCO/HATTERAS
Ocea nfront
Ocea ns i de
Soundfront
Sounds i de
Buxton/Frisco/Hatteras Total
1
5
3
7
16
$930,000
$235,380
$338,000
$265,942
$311,406
341
254
164
357
288
85%
90%
84%
84%
86%
$471,280
$80,000
$250,000
$88,000
$80,000
$1,650,000
$620,000
$1,300,000
$429,000
$1,650,000
CURRITUCK MAINLAND
Ja rvi s burg to Popl a r Bra nch
Pt. Ha rbor to Powel l s Poi nt
Aydl ett to Ba rco
Ma pl e to Moyock
Currituck Mainland Total
14
1
1
18
34
$200,105
$495,000
$276,000
$298,828
$263,187
142
135
243
164
156
92%
100%
96%
92%
94%
$51,500
$495,000
$273,000
$204,074
$51,500
$325,000
$495,000
$273,000
$430,000
$495,000
Bonner Bridge Replacement
Project
Built in 1963, the existing bridge replaced an hour-long
ferry ride over Oregon Inlet that could not operate in inclement weather or carry the growing population of islanders and tourists who sought to enjoy the cultural and
natural beauty of the Southern Outer Banks. Today, the
bridge carries tens of thousands of residents and visitors
daily, helping support the state's tourism industry and
providing a critical evacuation route.
The N.C. Department of Transportation began working
with the local community, as well as state and federal resource agencies, on plans to replace the existing bridge
with a new parallel one in 1989. After reaching agreement
on how and where to build the bridge, a contract was
DOM % to Ask Price
Price Range
signed in 2011 for the design and construction of the new
bridge, but
construction
was stalled by
litigation.
In June 2015,
after four
years of delay,
Governor's
McCrory's
NCDOT team reached a settlement agreement with the
petitioners that allowed the state to move forward with
replacing the Bonner Bridge with a new parallel bridge.
For more information on the Bonner Bridge replacement project, including videos, photos, fact sheets and construction
timelines, visit: ncdot.gov/projects/bonnerbridgereplace/