How Does Our Mid-Year 2018 Market Compare to Where We Were Last Year?

John Head Colony Realty Corporation Podcast

Right now, our market is roughly on par with where we were at during this time last year. This means now is a great time to sell.

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According to the latest MLS statistics, our Outer Banks market is roughly on par with where we were in 2017. Our team’s sales are ahead of where they were in 2017, but I’ll show you some of the year-over-year numbers from the month of July for Kill Devil Hills and Hatteras Island to give you a better understanding of where things stand.
In Kill Devil Hills, the median price rose 3% since July 2017 to $284,400. The number of units sold also rose from 15 to 24.
In Hatteras Island, the situation is slightly different. What’s interesting about Hatteras Island is that although the level of activity is strong, the median price has not changed—between July 2017 and July 2018, it stayed at $305,000. The number of units sold rose from 21 to 26, which is a change compared to what happened year-over-year during the month of June, when it dropped from 33 to 24.
What does this mean for buyers and sellers?

There hasn’t been a better time to sell in the last five years.

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If you’re considering buying on Hatteras Island, there are plenty of great listings available. On the other hand, if you’re thinking of buying in Kill Devil Hills, Nags Head, or the west side of Kitty Hawk, you need to be ready to act much more quickly if you see a home that’s priced to sell. It’s a brisk market in those areas, so chances are there will be other offers for those kinds of homes.
If you’re a seller, there hasn’t been a better time to sell in the last five years. We’re getting into the fall season, which is usually our most active in terms of sales. If you give me a call, I can provide you with a comparative market analysis so you can decide whether right now really is the best time for you to sell.
In any case, I hope you’re enjoying yourself as summer comes to an end. If you’d like to take a look at the full MLS market report yourself, just send me an email and I’d be happy to email you back a copy.
As always, if you have any other real estate needs, don’t hesitate to reach out to me. I’d be happy to help you.