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November Real Estate Numbers on the Outer Banks

percent and money houseCan you believe Christmas is next week? New Years is just around the corner and the real estate market is reflecting both holidays – seasonal slowdown. However, that gives everyone a chance to take a breath for the upcoming selling and buying season which generally starts right after the 1st of the year. Almost 50% of homes sold on the Outer Banks sell between January and May giving buyers 100% advantage to the rental season and not a full year of house payments the first year.

Foreclosures on the Outer Banks are down by 19% and Short Sales are down 26% for the year; which is better than the national trend.

Real Estate sales still leave a bit to be desired – homes are still selling, but the typical decline of homes sales during the Holidays keep the numbers down …. Residential sales are down by 3% | lots/land sales UP by 7% | commercial sales down by 3%

Year to Date Sales on the Outer Banks:

 Price Range$0 – $99K$100K-$199K$200K-$299K$300K-$399K$400K-$499K$500K-$599K$600K-$799K$800K-$999K≥1M
Units Sold10732137624513890684745
Average Days on Market189177211229278310268249338

 Outer Banks Inventory: 

 Price Range Number of Listings Average Days on Market Price Range Number of Listings Average Days on Market
$1 – $99,99983186$600K – $699K118253
$100K – $199K238213$700K – $799K65273
$200K – $299K406237$800K-$899K57191
$300K – $399K317234$900K-$999K51236
$400K – $499K215249>$1M137330
$500K – $599K     169257


Year to Date Comparison – Residential Property 

 

Qty Sold

% ChgVolume Sold% ChgAverage Sale% ChgMedian Sale

% Chg

Single Family Detached

       

Current Period

1257$466,212,955$370,893$290,000    

One year Ago

1286$500,310,888$389,044$300,000    

Increase / (Decrease)

(29)-2%($34,097,933)-7%($18,151)-5%($10,000)-3%
Condominium        

Current Period

111$25,221,341$227,219$192,000    

One Year Ago

132$28,958,500$219,382$202,525    

Increase / (Decrease)

(21)-16%($3,737,159)-13%$7,8374%($10,525)-5%
All Residential        

Current Period

1436$500,089,850$348,251$274,500    

One Year Ago

1485$537,417,471$361,897$284,500    

Increase / (Decrease)

(49)-3%($37,327,621)-7%($13,646)-4%($10,000)-4%

Full November Outer Banks Market Report

If you’re not sure whether or not now is a time to purchase your home on the Outer Banks, give me a call. We’ll go over different options and scenarios to see which may be best for your situation. You may be surprised how easy it may be to buy now on the Outer Banks.

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All above information has been provided by the Outer Banks Association of REALTORS®.