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January Sales on the Outer Banks

obx realtor

2013 started out with some strong numbers for land sales but some slightly disappointing statistics for commercial and residential sales. HOWEVER, there has been a 15% increase of real estate entering the market starting an upward trend from the historic low inventory seen in 2012.

January Outer Banks Property Report

If you’ve got some vacant land holdings that you were toying with the idea of selling now might be the time! Land sales in January were up 27% and sales under contract were up an astounding 116%!

On a slightly lower note, however, residential and commercial sales were down in January.

Total Year-to-Date stats are as follows for the Outer Banks: 

YTD Sales – Units

Overall – Down 5% (110 units vs 116 units)

Residential – Down 9% (86 units vs 94 units)

Land – Up 27% (23 units vs 19 units)

Commercial – Down 67% (1 unit vs 3 units)

YTD Under Contract

Overall – Up 17% (215 units vs 184 units)

Residential – No Change (144 units vs 145 units)

Land – Up 116% (69 units vs 32 units)

Commercial – Down 71% (2 units vs 7 units)

Properties in the higher end markets saw average days-on-market sales rates of about 297 days. The price range with the longest days on market was $400-$499K with 839 days being the average. While most residential sales were down overall from last year distressed and bank owned homes both enjoyed an increase in sales in January over their statistics from one year ago with an 11% and 43% increase respectively.

In January Southern Shores showed the highest median sales price by area at $552,000.00, followed closely by Duck with a median sales price of $550,000.00.

Price Range $0 – $99K $100K-
$199K
$200K-
$299K
$300K-
$399K
$400K-
$499K
$500K-
$599K
$600K-
$799K
$800K-
$999K
≥1M
Units Sold

1

23

25

11

3

7

5

2

3

Average Days on Market

141

178

319

185

839

309

352

140

387

Active Inventory on the Outer Banks

Residential properties in the $500,000+ range currently show an active inventory of 533 listings with an average of roughly 275 days-on-market.

Price Range

Number of Listings

Average Days on Market

Price Range

Number of Listings

Average Days on Market

$1 – $99,999

64

271

$600K – $699K

100

265

$100K – $199K

252

234

$700K – $799K

60

308

$200K – $299K

374

245

$800K-$899K

50

183

$300K – $399K

289

234

$900K-$999K

33

223

$400K – $499K

222

284

>$1M

129

361

$500K – $599K          161           306

 

Even though the news does look a little tough for the start of 2013, we are seeing an upward trend. We have to remember that this is going to take a little time to climb out of the housing hole. This didn’t happen overnight and the recovery won’t happen overnight, but it will happen. Call me today at 252-255-6518 to see how the current market trend effects your buying or selling. This is still a good time to take advantage the market on the Outer Banks.