Admin

2024 George Stronach Subdivision in Nags Head, NC Home Sales

By
Real Estate Broker/Owner with Shore Realty of the Outer Banks NC#127284

Analyzing the Sales Data for 2024 Home Sales in George Stronic Subdivision in Nags Head NC

The sales data for the Geo Stronic subdivision in Nags Head, NC, reveals intriguing insights into the local real estate market. Here's a breakdown of the key trends and figures from recent transactions.

1. Market Overview by Sale Type

The six residential properties sold within the subdivision were financed through a variety of methods, highlighting diverse buyer profiles:

  • Conventional Loans:

    • Number of Sales: 2
    • Dollar Volume: $2,795,000
    • Average Price: $1,397,500
    • Median Price: $1,397,500
    • Average Days on Market (DOM): 27
  • Cash Purchases:

    • Number of Sales: 3
    • Dollar Volume: $5,057,500
    • Average Price: $1,685,833
    • Median Price: $1,450,000
    • Average DOM: 69
  • Jumbo Loans:

    • Number of Sales: 1
    • Dollar Volume: $1,140,000
    • Average Price: $1,140,000
    • Median Price: $1,140,000
    • Average DOM: 4

Cash transactions dominate in terms of total dollar volume and average price, reflecting high buyer liquidity. Conversely, jumbo loans exhibited the shortest average DOM at just four days, indicative of swift closures for high-value properties.


2. Market Performance by Area

Sales were concentrated in two key areas within Nags Head: Oceanside and the area "Between the Highways."

  • Nags Head Oceanside:

    • Number of Sales: 3
    • Dollar Volume: $6,285,000
    • Average Price: $2,095,000
    • Median Price: $1,850,000
    • Average DOM: 56
  • Nags Head Between Highways:

    • Number of Sales: 3
    • Dollar Volume: $2,707,500
    • Average Price: $902,500
    • Median Price: $945,000
    • Average DOM: 32

Oceanside properties commanded significantly higher prices, with an average price more than double that of properties between the highways. However, these higher-priced homes also took longer to sell, with an average DOM of 56 days compared to 32 days for homes between the highways.


3. Co-op vs. Non-Co-op Sales

A breakdown of cooperative and non-cooperative sales highlights variations in sales dynamics:

  • Non-Co-op Sales:

    • Number of Sales: 1
    • Dollar Volume: $622,500
    • Average Price: $622,500
    • Median Price: $622,500
    • Average DOM: 40
  • Co-op Sales:

    • Number of Sales: 5
    • Dollar Volume: $8,370,000
    • Average Price: $1,674,000
    • Median Price: $1,450,000
    • Average DOM: 45

Co-op sales dominate the market, accounting for over 93% of the total dollar volume. The average price and DOM for co-op sales were also higher, indicating a preference for collaborative transactions in this market.


4. Summary and Market Implications

The Geo Stronic subdivision's sales data reflects a healthy real estate market with diverse financing options and strong buyer interest in premium Oceanside properties. Key takeaways include:

  • Cash Buyers Drive High-Value Transactions: Representing 50% of all sales, cash buyers paid the highest average price, showcasing strong liquidity in the market.
  • Oceanside Properties Command Premium Prices: These homes saw higher average and median prices, though their longer DOM suggests buyers may take more time to finalize deals.
  • Jumbo Loan Buyers Act Fast: The shortest DOM in the dataset suggests motivated high-value buyers closing swiftly.

As Nags Head remains a sought-after destination, the market outlook appears stable with opportunities for sellers targeting cash-rich or high-value buyers.


 

Posted by

Greg Cremia

Broker/Owner

Shore Realty

Helping People Buy and Sell Outer Banks Real Estate Since 1989!

800-647-1868

greg@ShoreRealtyOBX.com

 

Search OBX MLS

 

OBX Home Valuation

 

Comments(0)