Historical Perspective

Consider the Past to Move Forward

Certainly none of us has a crystal ball to know what direction any market is heading.  But we do have a rear view mirror and looking back on market data to understand our current position in the market cycle is worth a look.

Positive Changes in Real Estate

At the market peak in 2004 and 2005 our local MLS generated almost $1.2 billion dollars in volume of sold residential units.  In 2009 the sold volume was a mere 36% of the peak volume.  In previous national economic downturns our market had been somewhat insulated since the demand was strong for quality coastal property in fairly close proximity to such major population centers as Northern Virginia, DC, Maryland, Richmond, and, of course, Tidewater Virginia.  But the Great Recession spared no one.  Since that time we have experienced healthier, slower growth due in part to more strict mortgage underwriting criteria and mortgage product types, which are gradually loosening.  By the end of 2018 we were selling twice the volume of homes we sold in 2009 and the average sales price has steadily increased to over $400,000.  At the peak, the average sales price was $556,000.

Land Sales Swings on the Outer Banks

Land sales have also seen some dramatic swings from the building boom days of 2004 and 2005 when the average price of a lot was in the mid $200,000 range to 2018 when the average price was just under $134,000.  Our limited supply of vacant building lots is affecting these numbers since the availability of oceanfront and ocean side home sites is more limited than the sound side primary or secondary home locations.

Consider Historic Perspective in Pursuit of Your Outer Banks Property

Hopefully this historic perspective will be of value to you in your consideration of your current or anticipated Outer Banks property.  Seeing where we have been does provide insight to where we may be going.  This broad perspective can be narrowed to show data on the area or property type you are considering, whether buying or selling.  I am pleased to provide any research necessary to have you make informed and intelligent decisions.

*Data supplied by the Outer Banks Association of Realtors

Outer Banks Real Estate Sales History