Analysis of Avalon Beach Residential Home Sales in 2024

Analysis of Avalon Beach Residential Home Sales

Overview of Sold Market Data

1. Total Residential Sales:

   • Number of Listings: 30
   • Total Dollar Volume: $15,022,120
   • Average Price: $500,737
   • Median Price: $469,950
   • Average Days on Market (DOM): 44

2. Breakdown by Financing Type:

   • Conventional Loans:
     • Listings: 15
     • Dollar Volume: $7,824,300
     • Average Price: $521,620
     • Median Price: $499,900
     • Average DOM: 32
   • FHA Loans:
     • Listings: 1
     • Dollar Volume: $387,500
     • Average/Median Price: $387,500
     • Average DOM: 168
   • VA Loans:
     • Listings: 2
     • Dollar Volume: $884,500
     • Average/Median Price: $442,250
     • Average DOM: 34
   • Cash Sales:
     • Listings: 12
     • Dollar Volume: $5,925,820
     • Average Price: $493,818
     • Median Price: $470,210
     • Average DOM: 49

Area-Specific Analysis

1. Kill Devil Hills b/w Highways:

   • Listings: 7
   • Dollar Volume: $4,518,400
   • Average Price: $645,486
   • Median Price: $624,900
   • Average DOM: 29
   • Key Insight: Homes in this area have the highest average and median prices, reflecting greater desirability or larger, more luxurious properties. The lower average DOM suggests quicker sales, possibly due to higher demand.

2. Kill Devil Hills Westside:

   • Listings: 23
   • Dollar Volume: $10,503,720
   • Average Price: $456,683
   • Median Price: $449,500
   • Average DOM: 48
   • Key Insight: This area accounts for the majority of the sales (76.7%) and has lower average and median prices compared to properties between the highways. The longer DOM indicates slightly slower sales, possibly due to more inventory or varying property conditions.

Co-op vs. Non Co-op Sales

• Co-op Sales:

  • Listings: 25
  • Dollar Volume: $12,672,120
  • Average Price: $506,885
  • Median Price: $479,900
  • Average DOM: 43
  • Insight: Representing 83% of all transactions, co-op sales dominate the market. These sales generally have slightly higher average and median prices compared to non-co-op transactions.

• Non Co-op Sales:

  • Listings: 5
  • Dollar Volume: $2,350,000
  • Average Price: $470,000
  • Median Price: $435,000
  • Average DOM: 44
  • Insight: Non-co-op sales are less frequent and tend to involve slightly lower-priced properties.

Key Takeaways for Prospective Buyers

1. Financing Trends:

   • Most buyers (50%) used conventional loans, which may indicate the accessibility of financing options.
   • Cash sales account for a significant share (40%), reflecting strong purchasing power or investor activity.

2. Area Preference:

   • Buyers looking for higher-end homes with quick turnover might focus on properties in Kill Devil Hills between the highways.
   • Those seeking more affordability or diverse options should explore Kill Devil Hills Westside.

3. Market Activity:

   • The overall market is relatively active with a moderate average DOM of 44 days.
   • Higher-priced areas experience quicker sales, highlighting demand in premium neighborhoods.

4. Price Trends:

   • Median prices in both areas and financing types align closely, suggesting a balanced market with limited outliers.

Recommendations

• For Buyers:

  • Determine your financing strategy early, as cash sales and conventional loans are most common.
  • Focus on the Westside for more affordable homes and explore properties between the highways for premium options.

• For Investors:

  • Consider cash purchases to capitalize on quicker transactions.
  • Target properties with a shorter DOM for faster ROI opportunities.

This analysis highlights a well-balanced market in the Avalon Beach subdivision, offering opportunities for both budget-conscious buyers and those seeking upscale properties.