| May 26, 2016
Hatteras Island Real Estate: What's hot and what's not
now and then it is both informative and fun (for those readers who like
numbers) to take a look at market data at both a general overview and
more detailed levels. Here is a summary of real estate sales on the
island through April of this year.
the major market indicators for the first four months of 2016 with the
same period last year, we can observe that the markets for both
residential properties and undeveloped lots are showing signs of
improvement. Selling prices are on the rise, and the dollar value of
sales are higher.
these trends continue for the rest of the year, it looks like the
island’s real estate market is on the road to recovery. Many believe
that the progress that we are seeing on the bridge projects designed to
stabilize access to the island via Highway 12 are playing a significant
part in the positive results that we are seeing.
into the statistics a little deeper, the following table shows the
single family residential sales that have taken place between January
and April displayed by selling price range.
is clear that so far this year buyers are showing a preference for
properties toward the lower end of the price spectrum. It will be
interesting to see if this pattern continues in the months ahead.
was encouraging to see that less that 10 percent of the sales were
distressed properties (four short sales and one foreclosure). It hasn’t
been that long ago that almost 50 percent of sales were distressed
This next table gives us a sense for the location of the residential properties that have been sold.
was the village with the highest number of residential sales through
April, followed by Frisco and Salvo. Rodanthe, Waves, Buxton and Hatteras made
up the balance of the 62 homes sold.
was only one condominium sold between January and April. The selling
price was $195,000, and it was located in Rodanthe. There were no
commercial sales on the island during this period.
lot sales covered a much broader range of prices. However, the trend
toward lower priced properties dominating sales mirrored results in the
residential segment of the real estate market. Likewise, distressed
properties represented a relatively small percentage of lot sales with
only three short sales being reported.
The following table shows the geographic distribution of the lot sales.
As you can see, lot sales were concentrated from Avon south to Hatteras Village.
things considered, the market statistics provide a fairly positive
outlook for the Hatteras Island real estate market. I am always a
little cautious about reaching conclusions based on a limited time
frame for the data, but, with the infrastructure improvements that we
are seeing and keeping my fingers crossed that we can dodge a major
storm this year, 2016 is shaping up to be a pretty good year for
property owners, buyers, and sellers.
Hranicka is a broker with Outer Beaches Realty. Questions, comments, or
suggestions for future articles may be sent to Hranicka at P.O. Box
280, Avon, NC 27915 or emailed to [email protected]. Copyright © 2016 Tom & Louise Hranicka. All rights reserved.)