As another summer draws to a close, it’s time to share an update on the Hatteras Island real estate market. This year has provided much positive news in the real estate market as well as for the island in general.
The Bonner Bridge Construction continues to amaze all that have had the opportunity to pass over Oregon Inlet in 2017. Beach Nourishment projects are underway in several areas of Dare County, including a 2.9 mile stretch in Buxton which is scheduled for completion this December. The National Park Service has also been easing restrictions for beach access and is improving relations with locals and visitors alike. Everyone has been delighted to enjoy a drive to Cape Point in Buxton throughout the summer which has been closed in years’ past to allow for potential bird nesting. This year brought a big surprise as “Shelly Island” formed just off Cape Point, bringing visitors to view the phenomenon and collect a multitude of shells.
Sales on Hatteras Island have also taken a positive turn. Based on information from the Outer Banks Association of REALTORS® MLS for the period January 1, 2017 through August 31, 2017, increases in average and median sales prices, increases in the number of homes sold, decreases in the days on market, and decreases in active inventory were all noted compared to the same time period in 2016 for single family residential homes on Hatteras Island.
The average selling price of single family homes (not including condominiums or mobile homes) is $392,848 as of the end of August in 2017, a jump from $326,609 in the first 8 months of last year.
The segment with the majority of sold homes in 2017 has been three to four-bedroom homes which included 98 of the 159 total single family home sales so far on Hatteras. The average selling price of three to four-bedroom homes has been $288,984, which accounts for an average of 95.5% of their asking prices. Five to six-bedroom home sales have been the next popular with 31 sales at an average price of $543,880. There have been 11 seven to eight-bedroom home sales and 1 nine-bedroom sale this year. Over the last 8 months, there have been 18 one or two-bedroom home sales. The average days on market for all single family residential properties is 198 days compared to close to 300 days in recent years.
Avon has been home to the most sales (ocean and sound sides), with Salvo ocean side and Frisco sound side next in line. Most of the island’s sales have been purchased with conventional financing but just over 18% have been cash sales.
Your NC 12 Realty team stands ready to help you navigate the Hatteras Island real estate market. With over $22 million in volume sold this year and over 50 transaction sides, NC 12 Realty has the experience you should have on your side if you are considering selling or investing on the island.
*Based on information from the Outer Banks Association of REALTORS® MLS for the period January 1, 2016 through August 31, 2016 and January 1, 2017 through August 31, 2017.