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Outer Banks Housing Market for February 2014

 

Slowly, but surely, the housing numbers are looking better than they have for months. Distressed homes are a minor fraction of the Outer Banks Housing market and home sales are up 4% – Commercial sales up 100%!! Spring begins this week and is only 3 months before Summer starts, but you know Vacationing begins WAY before that (if our weather can just straighten up long enough, right?)

beach summerIf you’re thinking of listing, you may want to get things lined up sooner than later and if you’re buying thinking of renting your new home out, it’s best to start now. Call me and I will give you all the details so you know exactly what to expect when selling your home on the Outer Banks!!

Sales – The February statistics are in and the numbers look strong, with residential sales up 4% and commercial sales up 100%. However, the number of lot / land unit sales, which were our star performers in 2013, have declined dramatically – down 40%.

Sales Price – Average sales price and the median sales price have declined slightly (1% and 2% respectively), but this decline is not statistically significant.

Under Contract – It should also be noted that the number of units placed in an under contract status have declined – down 39%. The decline in this the number of units placed in an under contract status could have a significant impact on our sales season. The MLS will continue to track this statistic.

Distressed Sales – One of the more interesting February statistics is that the number of sales of residential properties, listed as potential short sales, has declined dramatically. In February 2012, Potential Short Sales contributed to over 12% of all residential sales; however, in February 2014 they only contributed only 1%.

Foreclosures – Dare County data shows that the number of units entering foreclosure has declined dramatically over the last two years. In February 2012, 34 units entered foreclosed; however, in February 2014 only 25 units entered foreclosure – down 26%.
Data Obtained from the Outer Banks Association of REALTORS(R): March 8, 2014

 *Median Sale Price *Median Sale PriceDifference between 2013 and 2014
Corolla2013$480,000.002014$537,500.0012%
Duck2013$499,900.002014$825,000.0065%
Southern Shores2013$420,000.002014$456,551.009%
Kitty Hawk2013$261,000.002014$262,342.00-10%
Colington2013$215,000.002014$227,500.006%
Kill Devil Hills2013$214,500.002014$170,000.00-21%
Nags Head2013$335,000.002014$435,000.0030%
Hatteras Island2013$285,000.002014$285,000.000%
Roanoke Island2013$222,000.002014$265,000.0019%
Currituck Mainland2013$197,000.002014$170,975.00-13%
*Median Sale Price is the middle price in a range of property sales.