HATTERAS ISLAND 3RD QUARTER MARKET UPDATE
If we were to summarize the current state of the Hatteras Island real estate market, we would say that some components have stabilized while others are still trending downward. The number of residential properties that are listed for sale has remained relatively constant over the past year, ranging from 450 to 500 homes per month. Similarly, the number of homes sold per month has remained consistently around 10. The comparable figures for unimproved lots are an average of 315 home sites for sale and 4 sold each month. At the current sales pace, these figures equate to a 45 month supply of homes and a 78 month supply of lots.
Comparing the 3rd Quarter of 2007 with the 3rd Quarter of 2008, the median selling price of residential properties showed a decline of 16.5 percent. The data for unimproved lots using the same comparison reflected a 24 percent decline.
Looking at all of the charts and statistics as pieces of a complex puzzle, our opinion is that the overall picture shows a market that is bouncing along the bottom of a multi-year trend, waiting for some positive economic stimulus to kick-start the next upward cycle.
As a property owner, it is important to recognize that properties sell in all market conditions. The secret to success in any given market is to shift strategies in response to the specific circumstances that exist. We invite you to request a free copy of our recent report – “Straight Talk for Sellers.” We believe you will find that the observations and recommendations contained in this report will assist you in understanding the present marketing environment, and will increase the probability of selling your cottage or lot. You may request the report by calling us at 252.305.1556 or by contacting us by e-mail at hranicka@hatterasisland.com.