Rick Kinne s OBX Soundfront Property News
(252) 256-2670
soundfronts.com
Market for soundfront property improving The sun has set on 2015, so it s time to look at how the year s sales for soundfront homes and land compared to 2014. As I predicted last July, the market improved in terms of units sold, sales volume, and sold price. I am optimisitc this upward trend will continue in 2016.
Some sunshine for sellers Warm fall temperatures helped drive up soundfront home sales by 5.4% compared to 2014. Although land sales were up by one transaction, they were down in terms of volume. That decrease is the result of excluding two large transactions whose atypical size unduly distorted the comparisons. Based on MLS data at the end of December, the time on market for soundfront properties was 14 months for homes and 37 months for land. Meanwhile, the overall time on market for all OBX properties was 12 months for homes and 24 months for land.
Properly priced properties move faster I also looked at a subset of homes that spent less than 100 days on market. Last year, those homes, on average, achieved 92% of their asking price versus 90% for all homes sold. For land, it was 95% versus 93%. And in both cases, some properties sold at 100% of the asking price. In my view, those homes sold faster because they were priced correctly.
Call me to make the numbers work for you! Sellers…I can determine your property s probable price range and help you set a pricing strategy. Buyers…I can assess what a good offer would be on a home you re considering.
Soundfront home sales – 2014 vs 2015
Soundfront land sales – 2014 vs 2015*
Figures in both tables include soundfront sales in Duck, Southern Shores, Mar,n s Point, KiNy Hawk, Kill Devil Hills, Colington, and Nags Head. Data courtesy of Outer Banks Associa,on of Realtor s MLS.
*Two transac,ons consis,ng of 69.2 acres, or 3,045,800 S.F., which sold for $4.45M ($.5.83/acre) were removed to maintain calcula,on integrity.