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December Real Estate Market Ends a Stronger 2012

obx realtor

December 2012 Real Estate Sales on the Outer Banks

Looking at the sales on the Outer Banks for December and throughout all of 2012, the year didn’t turn out so bad. In fact in many areas, sales were pretty darn good.

For the full year to date which ended December 31, 2012, Real Estate Sales on the Outer Banks were:

  • Overall – up 21% (2051 units vs 1690 units)
  • Residential – Up 19% (1590 units vs 1332 units)
  • Land – Up 29% (428 units vs 331 units)
  • Commercial – up 22% (33 units vs 27 units)

Some areas on the Outer Banks which had the most activity didn’t necessarily see an increase in home prices.

Town

1017 Sales

Sales Increase

Median Price Change

                                      2011               2012
Town of Southern Shores

60

90

50%

-6%

Currituck Mainland

117

175

50%

1%

Town of Duck

76

100

32%

-18%

Town of Kitty Hawk

70

88

26%

11%

Corolla

169

204

21%

-5%

Roanoke Island

82

98

20%

3%

Outer Banks Housing Inventory has still been an issue since 2010 when inventory sharply decreased 15%. Currently property inventory has been steadily decreasing around 4% per year.

Foreclosed home on the Outer Banks have been consistently going down over the last year had was the lowest number of foreclosed homes on the market was seen just in December. Distressed property sales contributed to 13% of all sales in December. Overall, Outer Banks distressed property sales have contributed 30% of all sales in 2012 which is a decline from 2011 when distressed property contributed to 37% of all sales.

December 2012 Market stats

Click to enlarge

Year to Date Comparison   

 

 

 

 

 

 

 

Qty Sold

% Chg

Volume Sold

% Chg

Average Sale

% Chg

Median Sale

% Chg

Qty Active

% Chg

 

Residential

 

 

 

 

 

 

 

 

 

 

Current Period

1590

$583,355,792

$366,890

$285,000

1640

 

 

 

 

 

One year Ago

1332

$493,709,411

$370,652

$284,700

1706

 

 

 

 

 

Increase / (Decrease)

258

19%

$89,646,381

18%

($3,762)

-1%

$300

0%

-66

-4%

Lots / Land

 

 

 

 

 

 

 

 

 

 

Current Period

428

$57,034,642

$133,258

$71,000

972

 

 

 

 

 

One Year Ago

331

$40,807,424

$123,285

$77,500

1022

 

 

 

 

 

Increase / (Decrease)

97

29%

$16,227,218

40%

$9,973

8%

($6,500)

-8%

-50

-5%

Commercial

 

 

 

 

 

 

 

 

 

 

Current Period

33

$15,245,750

$461,992

$351,000

124

 

 

 

 

 

One Year Ago

27

$9,316,000

$345,037

$300,000

116

 

 

 

 

 

Increase / (Decrease)

6

22%

$5,929,750

64%

$116,955

34%

$51,000

17%

8

7%

All Classes

 

 

 

 

 

 

 

 

 

 

Current Period

2051

$655,636,184

$319,666

$246,000

2745

 

 

 

 

 

One Year Ago

1690

$543,832,835

$321,794

$239,950

2846

 

 

 

 

 

Increase / (Decrease)

361

21%

$111,803,349

21%

($2,128)

-1%

$6,050

3%

-101

-4%