Play
Prev
Next

April Real Estate Market on the Outer Banks

obx realtorApril Outer Banks Market numbers are out and I have some good news and some bad news ….

Good news first – Property Sales for April 2013 are the highest since April 2005 – sales are the highest in over 8 years – unit sales are  8% higher and Sales volume is 14% higher than last year.

The bad news – residential sales are down by 5% over last year, which could actually be attributed to not have homes in the Outer Banks housing market to sell.

YTD Sales – Units

  • Overall – Down 4% (647 units vs 672 units)
  • Residential – Down 5% (481 units vs 508 units)
  • Land – Up 5% (158 units vs 150 units)
  • Commercial – Down 43% (8 unit vs 14 units)

YTD Under Contract

  • Overall – No change (780 units vs 786 units)
  • Residential – Down 3% (590 units vs 606 units)
  • Land – Up 15% (160 units vs 184 units)
  • Commercial – Down 14% (12 units vs 14 units)

Year to Date Sales Data, a review of the year-to-date data more homes were sold in the $100K to $299K range; however, homes that were in the less than $199K sold faster with an average DOM of 167 days.

Price Range$0 – $99K$100K- 199K$200K- 299K$300K- 399K$400K- 499K$500K- 599K$600K- 799K$800K- 999K≥1M
Units Sold47106124774830211315
Ave. Days on Mrkt155184232227263316354198293

Inventory

Active residential listings fall in the following price ranges:

Price Range Number of Listings Average Days on Market Price Range Number of Listings Average Days on Market
$1 – 99,99975240$600K – $699K105267
$100K – $199K258224$700K – $799K73270
$200K – $299K399229$800K-$899K61220
$300K – $399K348218$900K-$999K41200
$400K – $499K229269>$1M146325
$500K – $599K      171           320

Psssst, do you want to know a secret? There are some really great homes on the Outer Banks with incredible prices still on the market. If you’re looking for a great summer holiday spot, NOW is the time to purchase. Even though the market is not trending upward like it is in other parts of the country, it doesn’t mean it’s not a great time to buy. The indications show, the market will improve sooner than later. Take advantage of these great homes with the best values now!

Market report provided by the Outer Banks Association of Realtors®. Click here for April’s full report.