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The Village At Nags Head Home Sales Analysis For 2024

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

 

This report provides a comprehensive analysis of the residential property sales data for The Village at Nags Head Homes in the Town of Nags Head. The analysis is based on key metrics, including the number of listings, dollar volume, average price, median price, and average days on market (DOM). The data is further segmented by financing methods, geographical areas, and sales types.


Overall Market Performance

  • Total Listings: 22 properties were sold during the period under review.
  • Dollar Volume: Total sales amounted to $20,163,985.
  • Average Price: The average sales price across all transactions was $916,545.
  • Median Price: The median price was $807,834, indicating a slight skew toward higher-priced transactions.
  • Average Days on Market (DOM): Properties remained on the market for an average of 59 days, suggesting moderate market activity and demand.

Analysis by Financing Method

1. Conventional Loans

  • Number of Listings: 9
  • Dollar Volume: $6,534,000
  • Average Price: $726,000
  • Median Price: $780,000
  • Average DOM: 47

Conventional loans represented 41% of total transactions. The average DOM of 47 days suggests that these properties were sold relatively quickly, with prices concentrated around the $780,000 mark.

2. Cash Purchases

  • Number of Listings: 9
  • Dollar Volume: $8,132,168
  • Average Price: $903,574
  • Median Price: $806,668
  • Average DOM: 61

Cash transactions, also accounting for 41% of sales, featured a higher average price of $903,574. Despite this, the median price of $806,668 aligns closely with the overall market median. The slightly longer average DOM of 61 days may reflect negotiation times or buyer selectivity.

3. Jumbo Loans

  • Number of Listings: 3
  • Dollar Volume: $4,445,000
  • Average Price: $1,481,667
  • Median Price: $1,490,000
  • Average DOM: 59

Jumbo loans, representing high-value properties, accounted for 14% of transactions. With an average price significantly above the market average, these properties required 59 days on average to sell, indicating stable demand in this luxury segment.

4. Other Financing Methods

  • Number of Listings: 1
  • Dollar Volume: $1,052,817
  • Average Price: $1,052,817
  • Median Price: $1,052,817
  • Average DOM: 144

A single transaction under “Other” financing methods had a notably high DOM of 144 days, indicating unique circumstances or challenges in selling this property.


Analysis by Geographic Area

1. Nags Head Oceanside

  • Number of Listings: 1
  • Dollar Volume: $940,000
  • Average Price: $940,000
  • Median Price: $940,000
  • Average DOM: 44

The Oceanside area had only one transaction, with a price close to the overall market average and a relatively short DOM of 44 days. This reflects a high demand for properties in this location.

2. Nags Head Between Highways

  • Number of Listings: 9
  • Dollar Volume: $10,369,668
  • Average Price: $1,152,185
  • Median Price: $850,000
  • Average DOM: 52

This area had the highest average price among the analyzed regions. The median price, however, was significantly lower, suggesting the presence of some high-end properties driving up the average. Properties in this area sold relatively quickly, with an average DOM of 52 days.

3. Nags Head Westside

  • Number of Listings: 12
  • Dollar Volume: $8,854,317
  • Average Price: $737,860
  • Median Price: $705,000
  • Average DOM: 65

The Westside accounted for more than half of the total transactions. With the lowest average price among the areas, it remains an attractive option for buyers seeking affordability. The longer average DOM of 65 days may indicate more inventory or reduced urgency among buyers in this segment.


Analysis by Sales Type

1. Non-Cooperative Sales

  • Number of Listings: 2
  • Dollar Volume: $2,940,000
  • Average Price: $1,470,000
  • Median Price: $1,470,000
  • Average DOM: 28

Non-cooperative sales had the shortest average DOM at 28 days, indicating faster transactions. The high average price suggests these properties were premium listings.

2. Cooperative Sales

  • Number of Listings: 20
  • Dollar Volume: $17,223,985
  • Average Price: $861,199
  • Median Price: $803,334
  • Average DOM: 62

Cooperative sales represented 91% of transactions. The average DOM of 62 days aligns with the overall market trend, and the price metrics are close to market averages, reflecting the typical buyer-seller dynamics in this segment.


Key Observations

  1. Market Segmentation:

    • The market is evenly distributed among cash and conventional buyers, with jumbo loans occupying a niche high-end segment.
    • Geographically, the Westside is the most active area, while the Between Highways segment commands the highest prices.
  2. Luxury Market:

    • High-end properties financed through jumbo loans or sold in non-cooperative transactions perform well, with strong price metrics and reasonable DOM.
  3. Affordability and Demand:

    • Properties priced closer to the median ($807,834) are in demand, as evidenced by their quicker turnover in comparison to the luxury market.
  4. Market Stability:

    • The overall market shows a healthy balance, with no extreme volatility in pricing or DOM.

Conclusion and Recommendations

The Village at Nags Head demonstrates a diverse real estate market with opportunities across various price ranges and buyer profiles. While the overall market appears stable, there are opportunities for targeted strategies:

  1. Marketing High-End Properties:

    • Focus on promoting luxury listings in the Between Highways area and properties eligible for jumbo loans, which yield the highest average prices.
  2. Boosting Affordability:

    • Enhance the appeal of properties on the Westside by emphasizing affordability and community amenities to attract a broader buyer base.
  3. Improving Market Efficiency:

    • Address factors contributing to longer DOM in certain segments, such as the Westside and "Other" financing transactions, by refining pricing strategies or enhancing property visibility.

This analysis highlights the strengths and challenges within The Village at Nags Head's real estate market, offering insights to stakeholders for informed decision-making.

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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