Southern Shores NC Residential Home Sale Analysis For 2024
Overview
This report analyzes the residential home market in Kitty Hawk, NC, based on recent sales data. Key metrics include the number of listings, dollar volume, average and median sale prices, and average days on market (DOM). The report also examines sales trends by financing type and area to provide a comprehensive view of the market.
Market Summary
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Total Sales:
- Number of Listings: 82
- Dollar Volume: $85,806,064
- Average Sale Price: $1,046,415
- Median Sale Price: $789,999
- Average Days on Market (DOM): 37
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Sales by Financing Type:
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Conventional Loans:
- Listings: 45
- Total Volume: $39,725,139
- Average Price: $882,781
- Median Price: $780,000
- Average DOM: 42
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Cash Sales:
- Listings: 26
- Total Volume: $32,851,125
- Average Price: $1,263,505
- Median Price: $846,250
- Average DOM: 28
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FHA Loans:
- Listings: 1
- Total Volume: $560,000
- Average Price: $560,000
- Median Price: $560,000
- Average DOM: 64
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VA Loans:
- Listings: 5
- Total Volume: $3,864,800
- Average Price: $772,960
- Median Price: $750,000
- Average DOM: 13
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Jumbo Loans:
- Listings: 4
- Total Volume: $8,455,000
- Average Price: $2,113,750
- Median Price: $2,125,000
- Average DOM: 52
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Conventional Loans:
Analysis by Area
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Southern Shores Oceanside:
- Listings: 19
- Total Volume: $33,561,064
- Average Price: $1,766,372
- Median Price: $1,200,000
- Average DOM: 27
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Southern Shores Westside:
- Listings: 63
- Total Volume: $52,245,000
- Average Price: $829,286
- Median Price: $730,000
- Average DOM: 40
Sales by Type
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Co-op Sales:
- Listings: 70
- Total Volume: $72,583,440
- Average Price: $1,036,906
- Median Price: $825,000
- Average DOM: 39
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Non Co-op Sales:
- Listings: 12
- Total Volume: $13,222,624
- Average Price: $1,101,885
- Median Price: $682,500
- Average DOM: 21
Key Insights
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Market Performance:
- Cash transactions dominate the market in terms of dollar volume and average price, reflecting a strong presence of affluent buyers or investors.
- Properties financed through jumbo loans have the highest average price ($2,113,750), likely representing luxury home purchases.
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Area Trends:
- Southern Shores Oceanside properties command significantly higher average prices ($1,766,372) than those in Southern Shores Westside ($829,286). This indicates premium pricing for oceanside locations.
- Westside properties, while more affordable, still exhibit robust median and average prices, suggesting strong demand across all price points.
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Sales Composition:
- Co-op sales represent the majority of transactions, reflecting a collaborative market dynamic.
- Non co-op sales have a shorter DOM (21 vs. 39), indicating quicker turnarounds, potentially due to different market dynamics or property types.
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Days on Market:
- VA loans demonstrate the fastest sales pace (13 DOM), potentially driven by targeted buyer programs.
- FHA loans take the longest to sell (64 DOM), possibly reflecting stricter property or buyer qualification requirements.
Conclusions
The real estate market in Kitty Hawk, NC, is diverse, catering to various buyer types, from cash buyers to those financing through VA and jumbo loans. Oceanside properties command a premium, and cash remains a dominant transaction method. The market shows steady activity with a healthy turnover rate, as evidenced by an average DOM of 37.
Recommendations
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For Sellers:
- Leverage the appeal of cash buyers and investors by highlighting property investment potential.
- Target luxury buyers for high-end properties in Southern Shores Oceanside.
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For Buyers:
- Oceanside properties offer premium value but may require higher budgets.
- Westside properties provide opportunities for affordability without significant compromise on amenities.
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