Outer Banks Board of Realtors March Stats

Residential sales are down 18% from last year at this time.

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Outer Banks Board Of Realtor Stats- Corolla

November Stats 2012 from Outer Banks Board of Realtors

YTD Sales are up overall 23%, although sales have slowed due to Sandy and lack of adequate access to Hatteras Island. OBAR- says the sales are down on Hatteras Island 46% from October 2012 to Nov 2012. The best selling properties range b/n 200k and 299k range and usually on the market for an average of 210 days. 

October 2012 Stats for Duck NC from Outer Banks Board Of Realtors

Duck Village is a beautiful spot on the outer banks and it has the highest average median price  out of all townships(calculated from 2009 until 2012).  Duck is $550,563 and Corolla's average is  $536,559. The number continues to go down as you move south. Southern Shores is the 3rd highest average  in median sales price and Nags Head is 4th. 

The median sales price  in Duck is down 17% from the median price range in 2011, however the number of homes sold in October 2012 was the most number of homes sold in Duck in years for October. I tried to calculate as far back as our  MLS would let me, and could not find a higher number sold in October. This number even beat the homes sold in October of 2005 when there were only 9 homes sold. 

What's this mean to our market? This tells us buyers are definitely here and investing in OBX real estate. Values are the lowest we've seen in years, and interest rates are at historical lows, so why not take advantage of these values if you're a buyer. If you're a seller and NEED to sell, price your house accordingly as you will get an offer. As we saw in last post over all inventory is down on the outer banks which is great news for our sellers, as they don't have the competition they had last year at this time.

Corolla Stats by Outer Banks Board of Realtors

 

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.