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March Homes Sales and Real Estate Market on the Outer Banks

obx realtorWhen looking at the real estate market from March, it may seem like the Outer Banks market isn’t doing well. But you need to look deeper into the numbers and there is shows the market is actually making a comeback. The number of properties which were listed, and now under a sales contract is up 7%, this means the April market numbers should be reflecting an increase. Land and lot sales are up 19% over last year and the number listed lots now under a sales contract is up 27% over last year! There’s going to be a lot of building going on soon.

The calls have been coming in and there has been a lot of activity – Summer is NOT that far off and if you’re thinking about enjoying the summer on the Outer Banks, you better get going! It really is a great time to buy on the Outer Banks – cheap money, great homes and more coming on the market every day. Call me (252.255.6518) to see what your next home will look like!!

Here is the recap for March Real Estate Market on the Outer Banks

YTD Sales – Units
Overall – Down 12% (403 units vs 486 units)
Residential – Down 18% (308 units vs 377 units)
Land – Up 19% (118 units vs 99 units)
Commercial – Down 60% (4 unit vs 10 units)

YTD Under Contract
Overall – Up 7% (607 units vs 569 units)
Residential – Up 2% (444 units vs 436 units)
Land – Up 27% (154 units vs 121 units)
Commercial – Down 25% (9 units vs 12 units)

Year to Date Comparison –
Residential Property

 Single Family Detached

Qty Sold

% Chg

Volume Sold

% Chg

Average Sale

% Chg

Median Sale

% Chg

 

 

 

 

 

 

 

 

Current Period

270

$102,212,050

$378,563

$290,500

One year Ago

329

$137,573,186

$418,155

$307,500

Increase / (Decrease)

-59

-18%

($35,361,136)

-26%

($39,592)

-9%

($17,000)

-6%

Condominium

 

 

 

 

 

 

 

 

Current Period

20

$3,569,660

$178,463

$140,000

One Year Ago

33

$7,618,650

$230,868

$217,000

Increase / (Decrease)

-13

-39%

($4,048,990)

-53%

($52,405)

-23%

($77,000)

-35%

All Residential

 

 

 

 

 

 

 

 

Current Period

308

$107,384,177

$348,649

$265,000

One Year Ago

377

$146,865,736

$389,564

$287,000

Increase / (Decrease)

-69

-18%

($39,481,559)

-27%

($40,915)

-11%

($22,000)

-8%

Home prices are on an upward trend in some areas on the Outer Banks. 

The median price home in Duck is up 11% over last year at $585,000.
The median price home in Corolla is up ever so slightly over last year at $513,000.
The median price home in Southern Shores is up 6% from last year at $424,500.
The median price home on Hatteras Island is up 25% over last year at $365,500.

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        Number of Listings          Average Days on Market

$1 – $99,999                      77                                         261

$100K – $199K                   254                                      242

$200K – $299K                   396                                      231

$300K – $399K                   308                                      224

$400K – $499K                   225                                      262

$500K – $599K                   171                                      321

$600K – $699K                   100                                      289

$700K – $799K                   71                                         245

$800K-$899K                     60                                         230

$900K-$999K                     40                                         184

>$1M                                   138                                      318

To read the full report – Click Here