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Outer Banks Housing Market September Sales Report

 

The Outer Banks Association of Realtors® has released their monthly housing report for September and it’s what I would call, “seasonal”.


Outer Banks YTD Sales Since the End of 2011

Overall – up 20% (1547 units vs 1292 units) (19% in August)
Residential – Up 15% (1059 units vs 935 units) (13% in August)
Land – Up 44% (299 units vs 207 units)
Commercial – No Change (19 units vs 19 units)

Outer Banks Property Sale for September 2012

Homes on the Outer Banks with purchase agreements have fallen off which is expected this time of year. However, the number of homes sold are up 15% from this time last year with a total of 1,059 residential units sold so far. Again this month, the price range getting  the most activity is the $200K to $299K with an average of being on the market 220 days (little over 3 months).

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

88

251

329

193

124

66

72

41

42

Average Days on Market

243

182

207

249

282

277

174

198

194

Inventory numbers for September are still down significantly over 2009 by 24%. But keep in mind, the Housing Crisis started in 2006, so by 2009 the number of distressed homes had increased and these numbers reflect that. Additionally, in 2010, we had the Buyer Incentives which gave the housing industry a booster shot and many homes sold at that time. However, the sold housing numbers declined again after the Buyer Incentive program ended.

However there is still movement on the upper end / vacation homes. Inventory on these luxury homes has diminished, so competition is heating up among these Outer Banks houses on the market.

Active residential listings fall in the following price ranges: Price Range

Number of Listings

Average Days on Market

$400K – $499K

224

252

$500K – $599K

179

316

$600K – $699K

114

245

$700K – $799K

50

376

$800K-$899K

50

209

$900K-$999K

39

218

>$1M

148

376

Outer Banks Association of Realtors Report for September 2012