Outer Banks Real Estate Insights and News January 2016
Brought to you by the Jones Group
The year end statistics couldn’t have been more clear on what we have been saying over the past few months. 2016 was very similar to 2015. To be more precise, 2016 was EXACTLY like 2015, at least in the number of residential and lot sales. Both in 2015 and 1016 there were 1789 residential home sales and 469 vacant lot sales. The positive is that after a 10% jump in number of sales in 2015 compared to the previous 3 years, sales did not drop in 2016. However, we had almost 2,500 sales in 2004 with higher sales prices so the market still has some room to grow.
Early activity in 2017 suggest these numbers will increase. In just the first 2 weeks we’ve placed a listing under contract and are negotiating offers on 3 other properties! This is not a surprise since 2016 was shaping up to be a stronger year but for a couple of negative factors to our market in the 4th quarter. First, the weather was very hard on us with tropical storms and hurricane Matthew taking a toll. It’s tough to sell a home with all of the standing water we had on the OBX. The other factor, and probably even more of an impact, was the election. Every 4 years we hear the same thing “we’re going to wait until after the election to see what happens…”. It doesn’t seem to matter whether it’s a Buyer or a Seller or which candidate won. People just don’t feel comfortable making business decisions during the election.
As we look back at 2016 and peek into 2017, we would like to hear from you. What questions do you have about the OBX Real Estate market? What are your concerns? Any questions that may affect real estate values, we'd be glad to answer.
Please send us your questions by February 7th so we can include a response in our next newsletter. We look forward to hearing from you!
This representation is based in whole or in part on data supplied by, and to the Subscribers of the Outer Banks Association of REALTORS® Multiple Listing Service. Information contained herein is deemed reliable but not guaranteed. Data maintained by the OBAR MLS is for its own use and may not reflect all real estate activity in the market.
1308 Goldie St, KDH Like New! 3 BD | 2 BA Sold at $275,000
Awesome New Construction! 107 E Barnes St. 3 BR | 2 BA | 2 Half BA Only $399,000
Outer Banks Favorites Why we love where we live!
What do we love about January on the Outer Banks? That March is only 2 months away! 😂
January and February on the OBX can be cold and the wind blowing makes it feel even colder! But it does give us the opportunity to lay low, relax, enjoy our homes, and take advantage of the awesome local restaurants that weather the winter and offer a warm meal...old stand by's like Black Pelican, Barefoot Bernies, Jolly Roger, LaFogata, and plenty of pizza places including our favorites, Slice and Southern Shores Pizza.
Don't get me wrong, we do have some nice days too. And those are great times to take advantage of some of the touristy things we could never do in the summer...pick a nice day and tour the lighthouses, go on a Corolla Wild Horse Tour or comb the empty beaches for beach glass.