August Real Estate Market on the Outer Banks

OBARMLS76349BYou wouldn’t think buying property on the Outer Banks after everyone has left for the season would be a good idea – and it really isn’t … It’s a GREAT idea!! As I mentioned before, interest rates are still good, home prices are still low and it’s even more inviting to come to the Outer Banks when you can enjoy it without the crowds!

Property has been selling recently and when the market does make a comeback, you’ll be glad to have purchased your primary, investment or vacation home on the Outer Banks now.

More Good news about Outer Banks real estate:

  • My firm’s (Seaside Realty) average days on market are right around the 200 mark.  This is fantastic news for home sellers because this time last year, our properties were averaging in the 400 days on market range.  A great sign that the real estate market is becoming more balanced between a buyers and sellers’ market.
  • The average sales price from homes on the OBX has increased since last year.
  • The average price range for the area is slightly above where it was last year.  The $200k – $299k price range is where the majority of sales are falling under.
  • Distressed sales are down.  Short sales are down 12 percent.  Bank owned sales are also down 25 percent.  These are all positive signs and a true testament to the fact that distressed sales are not leading the Outer Banks market.

YTD Sales for  the Outer Banks – Units

  • Overall – Up 1% (1406 units vs 1387 units)
  • Residential – Up 1% (1080 units vs 1069 units)
  • Land – Up 3% (308 units vs 300 units)
  • Commercial – Unchanged (18 units vs 18 units)

YTD Under Contract for the Outer Banks

  • Overall – Down 3% (1509 units vs 1552 units)
  • Residential – Down 6% (1160 units vs 1230 units)
  • Land – Up 7% (326 units vs 304 units)
  • Commercial – Up 27% (23 units vs 18 units)

Inventory – Active residential listings fall in the following price ranges:

Price Range Number of Listings Average Days on Market Price Range Number of Listings Average Days on Market
$1 – $99,999 72 223 $600K – $699K 118 247
$100K – $199K 228 216 $700K – $799K 79 235
$200K – $299K 407 239 $800K-$899K 42 224
$300K – $399K 346 216 $900K-$999K 34 257
$400K – $499K 201 250 >$1M 140 284
$500K – $599K 169 282

August 2013 residential stats for the Outer Banks

August 2013 Outer Banks Property Report