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1st Half of 2013’s Outer Banks Real Estate Market

“Inventory is declining and the average days on the market is shrinking – both indications that the market is becoming slightly more balanced,Pamela Smith, Vice President of Sales at Coldwell Banker Seaside Realty, recently remarked about the 2nd Quarter report recently released.

The Outer Banks Real Estate Market Report is provided to the Seaside Realty agents and their clients detailing number of homes for sale, number of homes sold, average sale price and number of days on the market. Some of the areas included in the report are: Corolla, Duck, Kitty Hawk, Kill Devil Hills, Nags Head and Hatteras.

Call Vanessa for all your Real Estate needs on the Outer Banks!This quarterly (or 1st half of 2013) report on the Outer Banks reported:

  • There were 2,395 new listings in the first half of this year compared to 2,421 last year. Inventory is declining and the average days on the market (DOM) is shrinking – both great indications our market is rebounding. Residential homes for sale on the market decreased by 12 days from the first half of last year.
  • Vacant land sales continue to improve with a 3% increase over the 1st half of 2012.
  • Pending (under contract) sales are up 6% – another great sign!
  • The most active price range was $200K – $299K with 194 units sold.
  • The $100K to $199K price range had the 2nd highest units sold: 178
  • 25 homes sold for over $1 million including two over $2 million and the highest price home sold for $3,175,000.
    • 19 were in the northern beaches: Corolla (9), Duck (7) & Southern Shores (3), Kill Devil Hills (1) and Nags Head (5)

One of the areas with the most growth was Kill Devil Hills which had 26 more homes sell this year than last year and a 12% increase in average sale price.

You may have noticed interest rates have gone up some since the first of the year. This should by no means stop anyone from purchasing a vacation or year ‘round home now on the Outer Banks. Yes, rates have gone up a few points from the historically low rates we saw for more than a year, but they are not the high rates we saw before the housing crisis. However, you don’t want to wait too long to make your move. With the rise in home prices and mortgage rates, the same home could cost you more if you put off buying any longer.

Whether you’re going to sell or buy something on the Outer Banks, find out what your options are – call me today and let’s get started!!

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