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Over-All numbers don’t show localized trends on the Outer Banks

Outer Banks Assocation of RealtorsThe over-all home sales and home prices on the Outer Banks have continually declined over the last two years. HOWEVER, the key word here is “over-all” which includes all areas on the Outer Banks and averages it out. It doesn’t show what individual communities are showing in their home sales and home prices. Even though the median home prices have declined in recent years, several areas have made an extremely healthy come.

 *Median Sale Price  *Median Sale Price Difference between 2013 and 2014
Corolla 2013  $480,000.00 2014  $513,750.00 7%
Duck 2013  $499,900.00 2014  $850,000.00 70%
Southern Shores 2013  $420,000.00 2014  $508,750.00 21%
Kitty Hawk 2013  $261,000.00 2014  $261,763.00 -10%
Colington 2013  $215,000.00 2014  $227,500.00 6%
Kill Devil Hills 2013  $214,500.00 2014  $170,000.00 -21%
Nags Head 2013  $335,000.00 2014  $397,500.00 19%
Hatteras Island 2013  $285,000.00 2014  $335,212.00 18%
Roanoke Island 2013  $222,000.00 2014  $270,000.00 22%
Currituck Mainland 2013  $197,000.00 2014  $182,000.00 -8%
*Median Sale Price is the middle price in a range of property sales.

Outer Banks housing inventory has continually declined over the last few years and for various reasons. Since 2013 more homes have actually been listed. And Spring really IS just around the corner which means the real estate market will heat up!

Home prices are up – inventory is up – call me to find out what this means if you want to list your home on the Outer Banks or if you want to purchase your Vacation Home or investment property before Summer!

**Above information is from the Outer Banks Association of REALTORS(R)