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Colington NC Residential Home Sales Market 2024

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

Colington NC Residential Home Sales Market 2024

This report provides a comprehensive analysis of the sold residential market data for Colington, NC. The data includes details on the number of listings, dollar volume, average price, median price, and average days on market (DOM) segmented by financing type, sales area, and cooperative status.


1. Market Overview

The Colington residential home market demonstrates a robust mix of financing options and significant variability in sales trends by area. Below is an analysis of key metrics:

1.1. Financing Methods

The data is categorized by financing type, showcasing the prevalence of conventional loans, cash transactions, and other financing options.

Financing Type No. of Listings Dollar Volume Average Price Median Price Average DOM
Conventional 48 $25,779,284 $537,068 $494,975 44
FHA 6 $2,853,000 $475,500 $492,500 98
VA 5 $2,914,800 $582,960 $622,000 67
Cash 25 $11,196,500 $447,860 $450,000 59
Owner Finance 1 $500,000 $500,000 $500,000 177
Jumbo Loan 1 $835,000 $835,000 $835,000 16
Other 2 $890,000 $445,000 $445,000 111

Key Observations:

  • Conventional Loans dominate the market, accounting for 48 transactions with an average price of $537,068 and the shortest average DOM of 44 days, indicating strong demand.
  • Cash Sales are significant, representing 25 transactions with an average price of $447,860, slightly below the market's overall median price.
  • FHA and VA Loans cater to a smaller segment, with VA loans showing the highest median price of $622,000.
  • Transactions using Owner Financing and Jumbo Loans are rare but noteworthy for their extended DOM and higher average prices, respectively.

1.2. Analysis by Area

The data divides sales into two primary areas: Colington Harbor and Colington.

Area No. of Listings Dollar Volume Average Price Median Price Average DOM
Colington Harbor 80 $40,583,684 $507,296 $478,220 54
Colington 8 $4,384,900 $548,113 $532,500 72

Key Observations:

  • Colington Harbor accounts for the majority of the sales (91%) with an average price of $507,296 and a median price of $478,220.
  • Colington exhibits higher average and median prices compared to Colington Harbor, suggesting a premium segment.

1.3. Co-op vs. Non-Co-op Sales

The dataset also highlights differences between cooperative and non-cooperative sales.

Type No. of Listings Dollar Volume Average Price Median Price Average DOM
Non-Co-op Sales 9 $5,280,000 $586,667 $525,000 69
Co-op Sales 79 $39,688,584 $502,387 $484,900 54

Key Observations:

  • Non-Co-op Sales yield higher average prices ($586,667) and median prices ($525,000) but require longer time on the market.
  • Co-op Sales dominate in terms of volume and represent a slightly lower average price point.

2. Aggregate Market Insights

Total Listings Dollar Volume Average Price Median Price Average DOM
88 $44,968,584 $511,007 $487,500 56

Aggregate Observations:

  • The market exhibits a healthy average price point of $511,007 and a median price of $487,500.
  • Average DOM of 56 suggests a moderately paced market with properties generally selling within two months.

3. Strategic Implications

  1. Pricing Strategy: Sellers utilizing VA or Conventional Loans may position properties closer to the median price for quicker sales.
  2. Marketing Focus: Colington Harbor represents the bulk of the market activity; targeting buyers with specific preferences for this area could be highly beneficial.
  3. Opportunities in Cash Sales: The shorter DOM and significant dollar volume of cash transactions indicate a ready pool of buyers who can close quickly, suitable for sellers seeking expedited transactions.

4. Recommendations

  • Enhance Marketing in Colington Harbor: With its dominant share of the market, tailored marketing campaigns highlighting key features of this area could drive further interest.
  • Educate Buyers on Financing Options: Given the variety of financing methods used, providing detailed guidance on options could facilitate smoother transactions.
  • Leverage VA and FHA Potential: These segments, though smaller, show potential for premium price points. Building strategic partnerships with lenders may help capitalize on this opportunity.

This analysis underscores the dynamic nature of the Colington NC residential market and provides actionable insights to guide stakeholders in optimizing their strategies.

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

 

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