If you look at the Outer Banks real estate market statistics for May, 2013, the numbers are deceiving. While it’s showing a decrease in sales for spring over last year at this time, I have been BUSY with a Capital “B”! Especially with the Luxury Homes!!
YTD Sales on the Outer Banks – Units
Overall – Down 4% (839 units vs 878 units)
Residential – Down 6% (635 units vs 673 units)
Land – Up 3% (195 units vs 190 units)
Commercial – Down 40% (9 unit vs 15 units)
YTD Under Contract on the Outer Banks
Overall – Down 1% (991 units vs 1002 units)
Residential – Down 4% (751 units vs 784 units)
Land – Up 11% (225 units vs 203 units)
Commercial – Unchanged (15 units vs 15 units)
Home sale numbers did differ in some of the communities on the Outer Banks:
Sales in Duck up 5% over last year
Sales in Southern Shores up 6% over last year
Kitty Hawk saw a decrease of 15% from last year
Corolla experienced a decrease of 10% from last year
Hatteras Island saw an increase of 23% over last year
Currituck Mainland was 9% higher than last year
Some of these numbers do look a little down, but still great when you look at what happened in 2009. It’s going to take a little time to completely bounce back.
Number of Homes Listed last month on the Outer Banks:
|
Price Range |
Number of Listings |
Average Days on Market |
| $1 – $99,999 |
82 |
236 |
| $100K – $199K |
243 |
212 |
| $200K – $299K |
404 |
232 |
| $300K – $399K |
347 |
218 |
| $400K – $499K |
222 |
276 |
| $500K – $599K |
176 |
276 |
| $600K – $699K |
101 |
270 |
| $700K – $799K |
83 |
246 |
| $800K-$899K |
46 |
244 |
| $900K-$999K |
37 |
216 |
| >$1M |
146 |
286 |
Year to Date Comparison – Outer Banks Residential Property
| Qty Sold | % Chg | Volume Sold | % Chg | Average Sale | % Chg | Median Sale | % Chg | |
| Single Family Detached | ||||||||
| Current Period | 566 | $209,034,563 | $369,319 | $293,200 | ||||
| One year Ago | 587 | $233,818,717 | $398,328 | $303,000 | ||||
| Increase / (Decrease) | -21 | -4% | ($24,784,154) | -11% | ($29,009) | -7% | ($9,800) | -3% |
| Condominium | ||||||||
| Current Period | 40 | $7,694,311 | $192,357 | $147,500 | ||||
| One Year Ago | 60 | $13,705,050 | $228,417 | $210,000 | ||||
| Increase / (Decrease) | -20 | -33% | ($6,010,739) | -44% | ($36,060) | -16% | ($62,500) | -30% |
| All Residential | ||||||||
| Current Period | 635 | $219,962,141 | $346,397 | $275,000 | ||||
| One Year Ago | 673 | $251,360,667 | $373,492 | $286,000 | ||||
| Increase / (Decrease) | -38 | -6% | ($31,398,526) | -12% | ($27,095) | -7% | ($11,000) | -4% |
Psssst, do you want to know a secret?
There are some really great homes on the Outer Banks with incredible prices on the market. If you’re looking for a great summer holiday spot, YOU STILL HAVE TIME!!! Even though the market doesn’t look like it’s trending upward like it is in other parts of the country, it doesn’t mean it’s not a great time to buy. The indications show, the market will improve sooner than later. Take advantage of these great homes with the best values now!
Market report provided by the Outer Banks Association of Realtors®. Click here for May’s full report.
