Duck NC Residential Homes Sales Data Analysis
This presentation provides an in-depth analysis of the sold market data for the town of Duck, North Carolina. The report categorizes sales by type of financing, area, and co-op vs. non-co-op sales, offering insights into the residential real estate market's performance. This analysis aims to help stakeholders, such as real estate professionals, investors, and homeowners, understand market trends and make informed decisions.
Market Overview
The Duck residential homes market demonstrated robust activity, with 77 total listings sold, generating a dollar volume of $97,437,586. The average sale price was $1,265,423, while the median sale price stood at $1,098,880. Homes spent an average of 40 days on the market (DOM) before being sold.
Financing Analysis
Conventional Loans
- Number of Listings: 46
- Dollar Volume: $52,046,984
- Average Price: $1,131,456
- Median Price: $1,010,000
- Average DOM: 40
Conventional loans dominated the market, accounting for 59.7% of total sales, highlighting their popularity among buyers.
VA Loans
- Number of Listings: 2
- Dollar Volume: $1,819,000
- Average Price: $909,500
- Median Price: $909,500
- Average DOM: 31
Although VA loans represented a small segment of the market, they demonstrated shorter DOM, suggesting strong demand among veterans and active military personnel.
Cash Sales
- Number of Listings: 26
- Dollar Volume: $36,646,602
- Average Price: $1,409,485
- Median Price: $1,217,500
- Average DOM: 40
Cash transactions made up 33.8% of sales, indicating a significant presence of well-capitalized buyers and investors. The higher average price of these transactions suggests that cash buyers targeted premium properties.
Owner Financing
- Number of Listings: 1
- Dollar Volume: $3,940,000
- Average Price: $3,940,000
- Median Price: $3,940,000
- Average DOM: 54
Owner-financed sales were rare, but the high price point of this transaction indicates its potential as a financing method for luxury properties.
Jumbo Loans
- Number of Listings: 2
- Dollar Volume: $2,985,000
- Average Price: $1,492,500
- Median Price: $1,492,500
- Average DOM: 34
Jumbo loans accounted for a small share of sales, catering to buyers in the high-end market segment.
Analysis by Area
Duck Oceanside
- Number of Listings: 59
- Dollar Volume: $76,294,087
- Average Price: $1,293,120
- Median Price: $1,125,000
- Average DOM: 38
The Oceanside area was the most active segment, contributing 76.6% of the total dollar volume. It exhibited a balance between premium property offerings and faster turnover.
Duck Westside
- Number of Listings: 18
- Dollar Volume: $21,143,499
- Average Price: $1,174,639
- Median Price: $1,012,500
- Average DOM: 45
The Westside area, while smaller in scale, showed slightly longer DOM, indicating more relaxed demand compared to Oceanside. However, it still maintained strong average and median prices.
Co-op vs. Non-Co-op Sales
Non-Co-op Sales
- Number of Listings: 20
- Dollar Volume: $24,349,000
- Average Price: $1,217,450
- Median Price: $1,067,500
- Average DOM: 24
Non-co-op sales had the shortest DOM, highlighting faster transactions in this category, possibly due to fewer contingencies and streamlined negotiations.
Co-op Sales
- Number of Listings: 57
- Dollar Volume: $73,088,586
- Average Price: $1,282,256
- Median Price: $1,107,800
- Average DOM: 45
Co-op sales represented the majority of transactions, with a higher average price and longer DOM, reflecting the collaborative nature of these transactions.
Key Takeaways
Financing Preferences:
Conventional loans dominated, while cash buyers significantly influenced the high-end market.Geographic Trends:
The Duck Oceanside area outperformed Duck Westside in terms of activity and dollar volume, reflecting its appeal to buyers seeking premium properties.Market Dynamics:
Non-co-op sales exhibited faster turnover, while co-op sales accounted for the majority of transactions.Luxury Segment:
Jumbo loans and owner financing, though less common, supported the high-end market, evident from their elevated average prices.Investor Activity:
The high percentage of cash transactions indicates strong investor participation and confidence in the Duck market.
Conclusion
Duck, NC, showcases a vibrant residential home real estate market, driven by diverse financing methods and strong demand for Oceanside properties. The balance between premium pricing and average DOM reflects a healthy market environment. Stakeholders should capitalize on these insights to align their strategies with prevailing trends and maximize opportunities in this dynamic market.
For further discussion or tailored analyses, feel free to reach out.
Comments(0)