There are a lot of searches and inquiries as to the Outer Banks Real Estate market conditions. Tom Hranicka from Outer Beaches Realty published a newsletter this week with some interesting statistics for Hatteras Island.
Perhaps the broadest summary statement that could be made about first quarter results is that some segments of the market appeared to be stabilizing while other areas continued to deteriorate. More specifically, the gap between the supplies of cottages and lots that are for sale and the corresponding buyer demand for these properties has remained relatively stable. The median selling price of residential properties increased over the same period last year, while the selling price of unimproved lots trended downward. Let's take a closer look
at the various dimensions that defined the real estate market during the first
three months of the year compared to the first quarter of 2007.
· Residential properties for sale - +1.5%
· Residential sales volume - (-26.7%)
· # of residential sales - (-18.8%)
· Median residential selling price - +5.5%
· Unimproved lots for sale - (-4.3%)
· Unimproved lot sales volume - +3.2%
· # of unimproved lot sales - +16.7%
· Median lot selling price - (-21.3%)
As you evaluate the percentage changes in these statistics, please keep in mind
that we are dealing with very subdued sales numbers, i.e., 26 residential sales
and 7 lot sales. This can magnify the percentage changes.
Looking over a longer time frame at the changes that have occurred in these indicators since the buyer's market began in the summer of 2005, the magnitude of the shift that has occurred is quite evident.
· Residential properties for sale - +45.5%
· Residential sales volume - (-79.3%)
· # of residential sales - (-75.9%)
· Median residential selling price - (-25.1%)
· Unimproved lots for sale - +29.2%
· Unimproved lot sales volume - (-93.6%)
· # of unimproved lot sales - (-88.7%)
· Median lot selling price - (-54.0%)
Evaluating these historical statistics together with trends that we are seeing
on a real time basis, we believe that reasons for cautious optimism about the
future are starting to appear.
I appreciate his time and effort in putting this information together - plus I really like statistics. We have seen some increased activity on the mortgage lending side. There are quite a few looking to take advantage of reduced prices in our market.
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