Overall stats for October are good as far as inventory and sales go. Sales are 21% compared to last year at this time. Land/lots are leading at 48%. We're seeing more clients building custom homes, and spec builders are getting back in the game. If you look at the stats you can see active inventory has been on a decline since 2007. This is great news for sellers as it's usually the first sign of a changing market. Moving from a buyer's market to eventually, a sellers market. Another "sign" for a changing market is the number of distressed sales. Last year at this time distressed sales made up just under 40% of our sold volume, however today it's contributing to 26% of residential sales. If you are a buyer or know anyone looking to buy on the outer banks please share this information as we're in a market that's moving slowly away from a buyers market. Interest rates are at a historical low, and prices on the outer banks are at tremendous values. Now is the time to buy, don't look back and think, as I've heard so many times before in open houses, I should a, could a, would a, but didn't.
There were 18 units that sold in October 2012, as compared to 13 in 2009, and 13 in 2011. Corolla's median price for October was $501,000 in 2012. In 2009 the median price was $531,188 and 2011 $527,000, a 5% decrease since 2011.
It's a great time to be a buyer/investor, so get in the game while the getting is good.
Check back in a few days for more information/stats on other towns on the OBX.
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