Copy
View this email in your browser
Outer Banks Real Estate Insights and News
February 2017
Brought to you by the Randy Jones Real Estate Team

Thank you to all of you that sent in questions.  We are always happy to answer any questions you have so please keep them coming.

One of the most talked about topics right now is…”How is the market really doing?” 

Some of you have seen marketing saying how the Outer Banks has had the best January in years.  

Here’s the real scoop and what others may not be telling you…

January’s stats are encouraging as we move to the spring season.  In January there were 231 units under contract, the highest number of units under contract since 2006 on the Outer Banks.   Definitely a positive sign, BUT, when you look further into the numbers you can see that of the 231 units under contract, just 119 actually were placed under contract during the month of January.  Some of the pendings date back over a year.   So while we certainly see signs of optimism, our market has not necessarily turned the corner.  

So what is selling?  

Keep in mind that these figures are for properties under contract.  We won’t know the final selling price until the property closes and that is IF it closes.  (See our September newsletter discussing the fact that at that time, only 50% of properties under contract were actually going all the way to closing) 

  • Median contract price - $329,000
  • Highest pending list price - $1,299,000
  • 24 pendings are less than $200,000
  • 56 pendings are less than $300,000
  • 110 of the 119 placed under contract were listed under $700,000.  
  • Average Days on Market under $600,000 = 126
  • Average Days on Market over $600,000 = 197

Again, the statistics for January are encouraging with over 15% more units going under contract than did in January 2015.  Another encouraging sign for high end sales is that rental bookings are up compared to this time last year.  

One other question we’ve received in marketing higher end properties(and also another positive sign for the market) is the availability of getting jumbo loans.  Lenders are offering new and encouraging loan products to make it easier to own investment properties.  It used to be that jumbo loans were more difficult to get then conventional.  Not necessarily so now.  Visit www.OBXHousingWave.com for more information on these loan products. 

To sum it up, the start of 2017 may not actually be the best start in over 10 years as some have interpreted but we do have reason for great optimism moving forward into 2017.  As always, if you have more detailed questions concerning your specific piece of the Outer Banks, please reach out to us.

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.

All you need to know about Beach Nourishment on the Outer Banks.
Interested in Selling? Find out what you need to know if you are considering putting your home on the market.

BEST BUYS

766 Mariner Dr, Corolla
Best Deal this close to the Ocean!
4 BR | 3.5 BA | 1875 Sq Ft
Private Pool, just a very short walk to the ocean, remodeled kitchen!
Only $359,900
884 Whalehead Dr, Corolla
You won't find a better value in Whalehead!
4 BR | 4 BA | Over 2500 Sq Ft
Add your own touch, add a pool and watch the rental income rise!
Just Reduced to $369,000!
1264 Stillwind Ct, Corolla
Can't get these views for this price anywhere else!
6 BR | 4.5 BA | Over 3100 Sq Ft | Rental Income $60,000!
An awesome home...an even better location...just bring your personality and make your own!
Just $575,000!
Outer Banks Favorites
Why we love where we live!


 Beach Glass

It's likely that you have spent at least some of your time on the Outer Banks hunting for the ever-coveted Beach Glass.  The search to find that needle in a haystack...the excitement you feel when you see the green in the sea of browns...and sometimes the disappointment when that green turns out to be a little piece of seaweed...and the thrill of seeing that hint of blue!  Is it the beach glass itself or the hunt that everyone enjoys?  We think a little of both.

Definitely a favorite thing to do for both locals and visitors is to hunt for beach glass.  This is a great activity all year long but this time of year, when the beaches are empty and storms drop all kinds of treasures on our beaches, plus with the mild temperatures we've had recently, it's the perfect time for a slow stroll on the beach searching for beach glass.  You may find 1 piece or may find 20 but you'll no doubt be able to add to your collection!

 
Randy Jones, JD, Broker
Cell | 252.202.2573
Office | 252.255.3525
randy.jones@resortrealty.com
www.jonesgroupobx.com

 
Copyright © 2017 The Jones Group, All rights reserved.


unsubscribe from this list    update subscription preferences 

Email Marketing Powered by Mailchimp