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May Real Estate Market on the Outer Banks

Outer Banks Assocation of RealtorsIf you look at the Outer Banks real estate market statistics for May, 2013, the numbers are deceiving. While it’s showing a decrease in sales for spring over last year at this time, I have been BUSY with a Capital “B”! Especially with the Luxury Homes!!

YTD Sales on the Outer Banks – Units
Overall – Down 4% (839 units vs 878 units)
Residential – Down 6% (635 units vs 673 units)
Land – Up 3% (195 units vs 190 units)
Commercial – Down 40% (9 unit vs 15 units)

YTD Under Contract on the Outer Banks
Overall – Down 1% (991 units vs 1002 units)
Residential – Down 4% (751 units vs 784 units)
Land – Up 11% (225 units vs 203 units)
Commercial – Unchanged (15 units vs 15 units)

Home sale numbers did differ in some of the communities on the Outer Banks:

Sales in Duck up 5% over last year

Sales in Southern Shores up 6% over last year

Kitty Hawk saw a decrease of 15% from last year

Corolla experienced a decrease of 10% from last year

Hatteras Island saw an increase of 23% over last year

Currituck Mainland was 9% higher than last year

Some of these numbers do look a little down, but still great when you look at what happened in 2009. It’s going to take a little time to completely bounce back.

Number of Homes Listed last month on the Outer Banks:

Price Range

Number of Listings

Average Days on Market

$1 – $99,999

82

236

$100K – $199K

243

212

$200K – $299K

404

232

$300K – $399K

347

218

$400K – $499K

222

276

$500K – $599K

176

276

$600K – $699K

101

270

$700K – $799K

83

246

$800K-$899K

46

244

$900K-$999K

37

216

>$1M

146

286


Year to Date Comparison –  Outer Banks Residential Property

Qty Sold% ChgVolume Sold% ChgAverage Sale% ChgMedian Sale% Chg
Single Family Detached
Current Period566$209,034,563$369,319$293,200
One year Ago587$233,818,717$398,328$303,000
Increase / (Decrease)-21-4%($24,784,154)-11%($29,009)-7%($9,800)-3%
Condominium
Current Period40$7,694,311$192,357$147,500
One Year Ago60$13,705,050$228,417$210,000
Increase / (Decrease)-20-33%($6,010,739)-44%($36,060)-16%($62,500)-30%
All Residential
Current Period635$219,962,141$346,397$275,000
One Year Ago673$251,360,667$373,492$286,000
Increase / (Decrease)-38-6%($31,398,526)-12%($27,095)-7%($11,000)-4%


Psssst, do you want to know a secret?

There are some really great homes on the Outer Banks with incredible prices on the market. If you’re looking for a great summer holiday spot, YOU STILL HAVE TIME!!! Even though the market doesn’t look like it’s 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 May’s full report.