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Outer Banks May Real Estate Market

Outer Banks Assocation of RealtorsMay sales were up 21% over April sales on the Outer Banks; however, for 2014, total sales are 5% down from this time last year. Commercial sales are up 210% over last year, but residential sales are down 7% and land sales are down by 30% over 2013.

Distressed property sales are still down 44% from 2013, but are still continually in increase ever so slightly. Even though distressed properties make up 6% of the total sales, bank owned property average sale price is up 25% while short sale average sale price is down 13%.

While distressed property sales are down from last year, foreclosures in Dare County jumped 133% in April. This may be a fluke or the beginning of a trend; only time and monitoring will tell.

That’s where I come in to help with the sale or purchase of your home on the Outer Banks. Call me today and I will show you what it takes to get your home SOLD or BOUGHT on the Outer Banks!!

The average residential home price on the Outer Banks is up by 13%; up 40% for land listings and up 64% for commercial property.
Median home prices for May on the Outer Banks are up 1% for residential homes; up 23% for land listings and up 9% for commercial properties.
 *Median Sale Price  *Median Sale Price Difference between 2013 and 2014
Corolla 2013 $480,000.00 2014 YTD $557,000.00 16%
Duck 2013 $499,900.00 2014 YTD $550,000.00 -3%
Southern Shores 2013 $420,000.00 2014 YTD $439,000.00 5%
Kitty Hawk 2013 $261,000.00 2014 YTD $295,000.00 1%
Colington 2013 $215,000.00 2014 YTD $218,000.00 1%
Kill Devil Hills 2013 $214,500.00 2014 YTD $224,000.00 4%
Nags Head 2013 $335,000.00 2014 YTD $347,500.00 4%
Hatteras Island 2013 $285,000.00 2014 YTD $274,500.00 -4%
Roanoke Island 2013 $222,000.00 2014 YTD $265,000.00 19%
Currituck Mainland 2013 $197,000.00 2014 YTD $185,000.00 -6%
*Median Sale Price is the middle price in a range of property sales. And 2014 figures are YTD.
Median Home Price Changes by Community

Data Obtained from the Outer Banks Association of REALTORS(R): June 11, 2014