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November Market News on the Outer Banks

November 2012 MLS Report

The Outer Banks Association of Realtors® has released their monthly housing report for November and it’s pretty much what we expect this time of year. Residential home sales are down this month.

Summary – October and November were good months for sales on the Outer Banks but now the seasonal downturn begins. Listings placed under contract have declined dramatically – 29% – from October figures. But it should also be noted that the decline does take into account that properties on Hatteras are difficult to show because of Hurricane Sandy and the lack of adequate access to the island. To emphasis this fact, the number of properties placed under contract on Hatteras Island were down 46% from October 2012.

Overall sales numbers still look good for the entire Outer Banks – up 23% for the year, with land listings leading the way – up 36% for the year and residential sales up 20%. Overall Commercial sales are finally showing an upturn – up 4%.

Details are listed below.

YTD Sales – Units Overall – up 23% (1902 units vs 1551 units)
Residential – Up 20% (1476 units vs 1231 units)
Land – Up 36% (398 units vs 293 units)
Commercial – up4% (28 units vs 27 units)
YTD Under Contract Overall – up 19% (2041 units vs 1716 units)
Residential – up 15% (1603 units vs 1395 units)
Land – Up 36% (401 units vs 296 units)
Commercial – Up 48% (37 units vs 25 units)

Year to Date Sales Data, a review of the year-to-date data the best selling residential properties fell into the $200K to $299K range. These properties had an average days on the market of 210 days.

Inventory on the Outer Banks is staying steady.

Price Range Number of Listings Average Days on Market Price Range Number of Listings Average Dayson Market
$1 – $99,99969264$600K – $699K102253
$100K – $199K252244$700K – $799K58348
$200K – $299K357251$800K-$899K49226
$300K – $399K317242$900K-$999K33239
$400K – $499K227275>$1M132407
$500K – $599K163336