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 PriceDifference between 2013 and 2014
Corolla2013$480,000.002014 YTD$557,000.0016%
Duck2013$499,900.002014 YTD$550,000.00-3%
Southern Shores2013$420,000.002014 YTD$439,000.005%
Kitty Hawk2013$261,000.002014 YTD$295,000.001%
Colington2013$215,000.002014 YTD$218,000.001%
Kill Devil Hills2013$214,500.002014 YTD$224,000.004%
Nags Head2013$335,000.002014 YTD$347,500.004%
Hatteras Island2013$285,000.002014 YTD$274,500.00-4%
Roanoke Island2013$222,000.002014 YTD$265,000.0019%
Currituck Mainland2013$197,000.002014 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