|March 28 , 2017
Hatteras Island Real Estate:
The case for a real estate market recovery
By TOM HRANICKA
we look at real estate market statistics, very seldom do all indicators
line up in the same direction. This often leaves us wondering what the
actual trend of the market really is. Sometimes it helps to bring
clarity to the analysis if we look at longer time frames to see what
the data might be telling us.
The following charts display key indicators for the residential real estate market on Hatteras Island over the past five years.
This first graphic shows that the supply of properties for sale has declined while the number of sales has increased.
According to classic economic theory, when supply (properties for sale)
declines and demand (the number of sales) increases, prices rise.
Median sale prices of residential properties in the island’s real
estate market are following this anticipated pattern.
When sales increase, and prices rise, the total dollar value of sales increases as shown in the next chart.
Based on this data, I think it is reasonable to conclude that the
residential real estate market on the island is in the early stages of
recovery from a prolonged buyer’s market.
The practical implication of this observation is that now is an
opportune time for both buyers and sellers who have an interest in real
estate on Hatteras Island. Prospective buyers can purchase the island
home of their dreams before prices have risen too high, and sellers can
market their properties to an increasing number of potential buyers.
We have all waited a long time for a recovery in the island’s real
estate market to take shape. Like the bumper sticker says, “Life Is
Good!” Given the trends that we are seeing, now may be an
appropriate time to evaluate how the purchase or sale of real estate on
Hatteras Island may fit into your personal lifestyle and financial
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 © 2017 Tom & Louise Hranicka. All rights reserved.)