With real estate sales continuing to rise, Coldwell Banker Seaside Realty certainly can attest to this trend. Our agents hit the $100 Million mark in ytd sales last month! Way to go agents, your hard work has not gone unnnoticed!
Local real estate sales continue an upward trend « The Outer Banks Voice.
The results are in! Check out the winners of the Max Radio/OBX Voice 2012 Best of the Beach Contest!
At Coldwell Banker Seaside our agents know the true meaning of customer service and go above and beyond when representing clients. We strive to be the best at all times and are excited that we have won the first annual Outer Banks Voice Best of the Beach contest! Thank you OBX for voting us as your #1 Real Estate Company!
The third quarter has past and the Outer Banks Real Estate Market is still showing signs of strength. Check out The OBX Report – Q3 2012 or see the highlights below for latest stats on the area from Coldwell Banker Seaside Realty.
MLS Area Stats
Summary – As we head into the fall sales season, sales are looking pretty good. Year-to-date overall sales are up 20% with
lots/land listings leading the way (up 42%) and residential property sales up 15%. Listings being placed in an under contract status have fallen off as expected for this time of the year; however, the year-to-date under contract numbers are still showing a significant rise over 2011 numbers.
YTD Sales (through Sept 30th)
YTD Under Contract
Year to Date Sales Data, a review of the year-to-date data the best selling residential properties fell into the $200K to $299K range. These properties had an average days on the market of 220 days.
|
Price Range |
$0 – $99K |
$100K-$199K |
$200K-$299K |
$300K-$399K |
$400K-$499K |
$500K-$599K |
$600K-$799K |
$800K-$999K |
≥1M |
|
Units Sold |
88 |
251 |
329 |
193 |
124 |
66 |
72 |
41 |
42 |
|
Average Days on Market |
243 |
182 |
207 |
249 |
282 |
277 |
174 |
198 |
194 |
Inventory – Active inventory remained relatively stable in September with the active inventory rising by less than 1 percent. However, inventory is still 24% of what inventory levels were in September 2009.
Active residential listings fall in the following price ranges:
| Price Range | Number of Listings | Average Days on Market | Price Range | Number of Listings | Average Days on Market |
| $1 – $99,999 | 68 | 291 | $600K – $699K | 114 | 245 |
| $100K – $199K | 250 | 250 | $700K – $799K | 50 | 376 |
| $200K – $299K | 370 | 231 | $800K-$899K | 50 | 209 |
| $300K – $399K | 317 | 236 | $900K-$999K | 39 | 218 |
| $400K – $499K | 224 | 252 | >$1M | 148 | 376 |
| $500K – $599K | 179 | 316 |
6005 Martins Point Rd Kitty Hawk, NC 27949
Remarkable…One of a Kind…Irreplaceable! Words just don’t do it justice and neither do the photos.
This property is the “crown jewel” of Martin’s Point and quite possibly one of the finest homes on the east coast.
The home is almost 14,000 square feet and sits on 400 feet (4 Lots) of elevated water front property. The home is nestled in along this private 3.85 acre estate. Trees and mature landscaping add to the privacy, security and appeal of this site.
Views of Jean Guite Creek can be enjoyed from the rear patio and just about every room of the home. All 400 feet of this property is bulkheaded and can be enjoyed along the approximately 1,500 square feet of boardwalk.
There is a private pier with boat dock and a large area (approximately 500 square feet) for gathering as you enjoy boating, fishing and everything else the water has to offer.
Jean Guite Creek opens up to the Albemarle Sound and gives you quick, immediate access to the sound by boat.
The home is stunning and not just due to its size. This home was built with care and attention to detail, and it shows.
List of rooms includes, but not limited to: 4 master bedrooms (one with kitchenette), 2 offices, loft, huge kitchen with breakfast room, formal dining room, huge great room, huge den, indoor pool and pool living room, weight room and game room, racquetball court with a retractable basketball goal, 5 car attached garage and more!
This home was built with the family in mind. Rooms are large but the floor plan is very livable. This home has many features. A full list can be obtained from broker, Brad Beacham at brad@bradbeacham.com.
Here are some of the many quality features: Elevator, Indoor Pool, Catwalk over the pool, Indoor Pool living area with wet bar , racquetball/basketball court, 3 gas fireplaces, 1 wood burning fireplace, steam room, sauna, weight room, game room, private offices, intercom system, security system, storage and storage rooms, 5 car attached garage, generator, huge attic, and much much more.
For the nature enthusiast, the property is covered in beautiful trees and vegetation and its rolling terrain is wonderful. There is even a 1K jogging trail that winds its way throughout the property!
For more information, please contact Brad Beacham at brad@bradbeacham.com.
I love infographics. Such a nifty combo of great info and visually appealing graphics.
This infographic isn’t particular to the OBX, but the message definitely applies to the Outer Banks real estate market.
5 Reasons You Should Buy a Home Right Now:
Outer Banks Real Estate Infographic: 5 Reasons You Should Buy a Home Right Now
Thanks to RealEstateNewPA.BlogSpot.com for sharing the great infographic.
Outer Banks Voice Real Estate Roundtable
We’ve been discussing the positive news for the Outer Banks real estate market since the beginning of 2012. Take a peek at our monthly OBX real estate update, The Seaside Report, for a look back at 2012 so far.
It’s been a time of cautious optimism. But as we stretch into August, and the positive numbers continue to accumulate, it leaves us to wonder, should we drop the caution and just be optimistic?
The Outer Banks Voice recently sat down with a focus group of four of the top Realtors on the Outer Banks to gauge their optimism and see if this “turn around” can be maintained.
I’ll let you read the full article for all the details, but I’ll pull out a few highlights.
So, is the Outer Banks real estate market in a recover phase? As the Magic 8-ball says, all signs point to yes. 
If you want more info about this great OBX real estate market, please take a look at our website at: www.ColdwellBankerOBX.com.
July 20th? Already?! 2012 is flying by!
As they say, “time flies when you’re having fun,” and the OBX real estate market has been tons of fun in 2012. Yes, actual fun. In real estate.
The real estate industry has been publicly beaten down for the past few years, but we are happy to report that 2012 is officially breaking those downtrodden trends here on the Outer Banks.
We are happy to report that the strong growth in 2012 continues, but before I jump into the numbers, here’s a quick reminder about what The Seaside Report is.
We have combined the forces of both sides of our business – Outer Banks real estate sales with Coldwell Banker Seaside Realty & OBX vacation rentals with Seaside Vacations – to bring you the first report to offer a comprehensive view of the OBX real estate market – real estate sales & vacation rentals.
With the formalities out of the way, check out these results for May 2012…
Let’s start with a few quick highlights, and then I’ll dig into the numbers a little deeper.
Outer Banks Real Estate Sales
(Data Source: OBAR)
Here are a few highlights from the first 6 months of 2012 compared to the first six months of 2011:
Year to Date Sales
Year to Date Under Contract
Inventory
Distressed Property (Residential)
Oceanfront homes have seen a slight increase in sales and price point. As of the end of June, there have been 67 oceanfront homes sold YTD compared to 59 last year, and the good news is that the average price has increased to $995,105 compared to last year when it was $881,030.
We’ve also seen an increase in condo sales, in particular oceanfront condos. 28 OF condos sold as of the end of June compared to only 7 last year at this point. Another positive sign is that only 7 were cash transactions which indicates the financing obstacles on condos that we’ve experienced over the past few years may be behind us.
Land sales are up! YTD there have been 225 land sales compared with 162 last year – a 38% increase in units. Median sales price on land this year is $65,500 which is down from the $87,225 from last year.
Pretty great 6-month performance for the OBX real estate market. Now let’s dig into Q2.
Top 5 Outer Banks Real Estate Firms – 2012 Year to Date
| Rank |
Firm |
Volume |
| 1 |
$64,473,875 |
|
| 2 |
RE/MAX Ocean Realty – KDH |
$57,832,472 |
| 3 |
Sun Realty – KDH |
$41,857,200 |
| 4 |
Village Realty – NH |
$37,778,705 |
| 5 |
Twiddy & Co. – Duck |
$35,077,500 |
Outer Banks Vacation Rental Market
(Data Source: NAVIS GeoAnalytics)
Average Booking Window
Legend: 2011; 2012
This graph demonstrates the average number of days between booking and check-in date. This graph is summarized by month of booking, rather than month of stay.
For example, the reservations made at this time of year are about 80 days in advance of their check-in date. This booking window increased by 10 days from May. As we move through the summer months, and guests start planning their Outer Banks vacations to enjoy the gorgeous OBX fall (my favorite time of year on the OBX 
), we’re seeing a slight increase in the booking window. This is consistent with the 2011 numbers.
The takeaway message is that guests should start to plan their fall getaways now to make sure they get the house and location they are looking for.
The Seaside Report: Average Booking Window – June 2012
The Seaside Report: Average Booking Window – YoY Variance – June 2012
Average Length of Stay
Legend: 2011; 2012
The Length of Stay graph illustrates the average number of days between check-in date and check-out date of reservations, summarized by check-in month.
As would be expected for the Outer Banks, the average stay is about seven days for the summer months and varies in the shoulder season.
A strong takeaway here is that full weeks are a must for the summer months, but Spring and Fall offer great opportunities for shorter stays and discounted rates, while maintaining the great benefits of gorgeous weather, empty beaches, and ample attractions and activities.
The Seaside Report: Average Length of Stay – June 2012
The Seaside Report: Average Length of Stay – YoY Variance – June 2012
Average Stay Value
Legend: 2011; 2012
The Stay Value graph illustrates the average revenue actualized or projected for reservations, summarized by check-in month.
The clear message with this graph is that demand is high and supply is low during the summer months, and as a result, prices are driven higher during the summer months. As mentioned above, Spring and Fall offer great opportunities for shorter stays and discounted rates, while maintaining the great benefits of gorgeous weather, empty beaches, and ample attractions and activities.
July is the clear peak, and prices begin to fall towards the end of August – when kids go back to school.
It is interesting to note that the stay values are slightly higher for 2012 compared to 2011. This seems to signal that discounts are less likely for 2012. October dips a bit right now, but there is plenty of time for that stay value to recover leading up to October, and November and December are already very strong.
The Seaside Report: Average Stay Value – June 2012
The Seaside Report: Average Length of Stay – YoY Variance – June 2012
Bookings
Legend: 2011; 2012
The Bookings graph illustrates the number of reservations actualized or on the books, summarized by check-in month.
This graph gives a good view of the “strength” of the reservations over the previous year. Reservations are up, which indicates that early reservations are wise and prices should remain constant.
A couple points of interest; June was very strong over last year (+26%), but July is slightly under-performing in comparison to 2011 (-16%). We still have a few weeks of last-minute bookings to catch-up with July; so this will be an interesting result next month.
In general, bookings usually increase right up to the summer check-in days as last minute vacationers scramble to find available homes. July bookings should catch-up, and we should continue to see a strong growth in the remaining months ahead.
The Seaside Report: Bookings – June 2012
The Seaside Report: Bookings – YoY Variance – June 2012
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57171 Altona Lane, Hatteras, NC 27943
Located in the Heart of Hatteras Village, this four bedroom, two bath home replicates the Outer Banks’ LIfesaving Stations, including a ship’s watch that offers 360 degree views of the Atlantic Ocean and town.
The open floor-plan showcases a cathedral ceiling with crossbeams, hardwood floors, bead boarding, custom cabinetry, fireplace and circular stairway to ship’s watch. An optional fifth bedroom/office is located on the upper level.
Kitchen has stainless appliances, Corian countertops, custom cabinets and plenty of workspace.
Beds and baths have 9 foot ceilings, crown molding, roomy closets, ceramic tile baths and updated fixtures. Recent renovation work includes new windows and reinforced sundeck.
This home is a classic- Outer Banks style with modern amenities.
For more information about this property, please contact Elizabeth Gamiel at Coldwell Banker Seaside Realty.
As we’ve mentioned in The Seaside Report, 2012 has been a strong year for real estate on the Outer Banks. The OBX real estate market is very active, and sales are showing strong improvements.
It is great to see this evidence on the local OBX real estate market, but I always have my eyes out beyond the horizon looking for larger trends that will add insight to local trends, and I’m happy to share this recent article from Ivestors.com – “Vacation Home Buyers Return, Pick Pricier Homes.”
The article looks at the strength of the vacation home real estate market on a national level, and the news is very promising. Here’s a great quote from the article demonstrating improvements from a national perspective…
Nationwide, vacation sales rose 7% in 2011 to 502,000 homes, according to the National Association of Realtors. They made up 11% of total sales. And commentary from the NAR’s resort and second-home committee indicates continued momentum this year, says NAR spokesman Walter Molony.
As an added bonus, not only are sales on the rise, but the general trend is for buyers to seek pricier homes.
And how about pricing? Well, Jed Kolko an economist from Truilia.com mentioned that “U.S. vacation home prices are likely near a bottom.”
These are great signs for the vacation rental market nationally and here on the Outer Banks.
If you are in the market to buy, keep in mind that the competition is getting stiff, and if you are thinking about selling, it looks like a great time to test the waters!
If you need any help buying or selling, please contact us through our website: www.ColdwellBankerOBX.com.
Happy hunting!
Dang, 2012 is off to a great start for the Outer Banks real estate market!
But before I dive into this stellar report, here’s a quick reminder about what The Seaside Report is. We have combined the forces of both sides of our business – Outer Banks real estate sales with Coldwell Banker Seaside Realty & OBX vacation rentals with Seaside Vacations – to bring you the first report to offer a comprehensive view of the OBX real estate market – real estate sales & vacation rentals.
With the formalities out of the way, check out these results for May 2012…
Outer Banks Real Estate Sales
(Data Source: OBAR)
YTD Sales
YTD Under Contract
Inventory
Distressed Property (Residential)
Top 5 Outer Banks Real Estate Firms – Year-to-Date through May 2012
| Rank |
Firm |
Volume |
| 1 |
$54,546,790 |
|
| 2 |
RE/MAX Ocean Realty – KDH |
$45,890,487 |
| 3 |
Sun Realty – KDH |
$33,291,950 |
| 4 |
Midgett Realty – Avon |
$29,263,317 |
| 5 |
Village Realty – NH |
$28,838,200 |
Outer Banks Vacation Rental Market
(Data Source: NAVIS GeoAnalytics)
Average Booking Window
Legend: 2011; 2012
This graph demonstrates the average number of days between booking and check-in date. This graph is summarized by month of booking, rather than month of stay.
For example, the reservations made at this time of year are about 70 days in advance of their check-in date. This booking window has dropped by 15 days from April. Considering that the summer is the busiest time of year on the Outer Banks, this decline in booking window makes sense. We should continue to see this booking window decline as we approach the summer months.
The takeaway message is that guests should book NOW for summer months in order to reserve the most desirable homes and weeks – at this point, at least 70 days in advance, but that window is declining every day as we move through the summer months.
The Seaside Report: Average Booking Window – May 2012
The Seaside Report: Average Booking Window – YoY Variance – May 2012
Average Length of Stay
Legend: 2011; 2012
The Length of Stay graph illustrates the average number of days between check-in date and check-out date of reservations, summarized by check-in month.
As would be expected for the Outer Banks, the average stay is about seven days for the summer months and varies in the shoulder season.
A strong takeaway here is that full weeks are a must for the summer months, but Spring and Fall offer great opportunities for shorter stays and discounted rates, while maintaining the great benefits of gorgeous weather, empty beaches, and ample attractions and activities.
The Seaside Report: Average Length of Stay – May 2012
The Seaside Report: Average Length of Stay – YoY Variance – May 2012
Average Stay Value
Legend: 2011; 2012
The Stay Value graph illustrates the average revenue actualized or projected for reservations, summarized by check-in month.
The clear message with this graph is that demand is high and supply is low during the summer months, and as a result, prices are driven higher during the summer months. As mentioned above, Spring and Fall offer great opportunities for shorter stays and discounted rates, while maintaining the great benefits of gorgeous weather, empty beaches, and ample attractions and activities.
July is the clear peak, and prices begin to fall towards the end of August – when kids go back to school.
It is interesting to note that the stay values are slightly higher for 2012 compared to 2011. This seems to signal that discounts are less likely for 2012. October dips a bit right now, but there is plenty of time for that stay value to recover leading up to October.
The Seaside Report: Average Stay Value – May 2012
The Seaside Report: Average Length of Stay – YoY Variance – May 2012
Bookings
Legend: 2011; 2012
The Bookings graph illustrates the number of reservations actualized or on the books, summarized by check-in month.
This graph gives a good view of the “strength” of the reservations over the previous year. Reservations are up, which indicates that early reservations are wise and prices should remain constant.
A couple points of interest; June is very strong over last year (+26%), but July is slightly under-performing in comparison to 2011 (-16%). This will be a trend to keep an eye on. My guess is July will recover with last minute bookings.
In general, bookings usually increase right up to the summer check-in days as last minute vacationers scramble to find available homes. July bookings should catch-up, and we should continue to see a strong growth in the remaining months ahead.
The Seaside Report: Bookings – May 2012
The Seaside Report: Bookings – YoY Variance – May 2012
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