April sales were up 24% over March sales on the Outer Banks; however, for 2014, total sales are 12% down from this time last year. Commercial sales are up 35% 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% from just last month. 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 14%; up 47% for land listings and up 147% for commercial property.
Median home prices on the Outer Banks are up 1% for residential homes; up 45% for land listings and up 80% for commercial properties.
| *Median Sale Price | *Median Sale Price | Difference between 2013 and 2014 | |||
| Corolla | 2013 | $480,000.00 | 2014 | $527,000.00 | 16% |
| Duck | 2013 | $499,900.00 | 2014 | $559,000.00 | -3% |
| Southern Shores | 2013 | $420,000.00 | 2014 | $439,000.00 | 5% |
| Kitty Hawk | 2013 | $261,000.00 | 2014 | $295,000.00 | 1% |
| Colington | 2013 | $215,000.00 | 2014 | $218,000.00 | 1% |
| Kill Devil Hills | 2013 | $214,500.00 | 2014 | $224,000.00 | 4% |
| Nags Head | 2013 | $335,000.00 | 2014 | $347,500.00 | 4% |
| Hatteras Island | 2013 | $285,000.00 | 2014 | $274,500.00 | -4% |
| Roanoke Island | 2013 | $222,000.00 | 2014 | $265,000.00 | 19% |
| Currituck Mainland | 2013 | $197,000.00 | 2014 | $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): May 7, 2014
