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February Housing Market on the Outer Banks

February 2013 Real Estate Sales on the Outer Banks

The numbers below aren’t really showing what is going on right now on the Outer Banks – I’m busy! There are buyers looking and sellers listing – a lot more optimism with Spring selling season just getting under way. Now that Spring is here, Summer is only 3 months away. That’s not much time, if you’re planning a move and wanting to enjoy the beach all summer!

For the full year to date, Real Estate Sales on the Outer Banks were:

  • Overall – Down 2% (253 units vs 259 units)
  • Residential – Down 14% (177 units vs 206 units)
  • LandUp 49% (73 units vs 49 units)
  • Commercial – Unchanged (4 unit vs 4 units)

YTD Under Contract

  • Overall – Up 2% (390 units vs 381 units)
  • Residential – Down 2% (279 units vs 283 units)
  • Land – Up 19% (106 units vs 89 units)
  • Commercial – Down 44% (5 units vs 9 units)

Some areas on the Outer Banks have seen an increase in home prices since this time last year.

  • Duck                           Median Price – $532,000                    11% higher
  • Southern Shores         Median Price – $475,000                    19% higher
  • Nags Head                  Median Price – $349,900                    2% higher
  • Hatteras Island            Median Price – $375,000                    28% higher

feb

Negative numbers never look good, but what this shows is that there are fewer distressed homes on the market competing with other homes. Inventory has been lower for quite some time. Fewer homes means fewer sales. And remember, the number of sales shown is over our usual seasonal lull. The housing market on the Outer Banks will be picking up real soon.

If you’re wanting to purchase or sell, you may want to prepare yourself for a hot selling season!

February Homes sold and price range:

Price Range

$0 – $99K

$100K-
$199K

$200K-
$299K

$300K-
$399K

$400K- $499K

$500K-
$599K

$600K-
$799K

$800K-
$999K

≥1M

Units Sold

22

41

41

29

15

11

7

6

5

Average Days on Market

143

163

266

198

283

417

337

146

269


Current Inventory on the Outer Banks

Price Range

Number of Listings

Average Days on Market

Price Range

Number of Listings

Average Days on Market

$1 – $99,999

67

277

$600K – $699K

110

267

$100K – $199K

251

237

$700K – $799K

65

267

$200K – $299K

372

243

$800K-$899K

58

212

$300K – $399K

295

239

$900K-$999K

37

201

$400K – $499K

232

277

>$1M

136

300

$500K – $599K

168

      309