This article is reprinted with permission.
By Hugh “Scooter” Willey, Jr. (email: hughwilley
sunrealtync
com)
NC Real Estate Broker with Sun Realty of the Outer Banks
The real estate market has been a bruising one, for both pockets and egos, over the past several years. Yet, signs of stabilization are beginning to show in the Outer Banks Real Estate Market. Buyers are in all earnestness beginning to search for homes, sensing the “bottom” is near (or passed), inventory is down (good for sellers) and ‘bank owned” properties have slowed. It is also noteworthy that as a resort community the median sales price is increasing.
For those interested in the Outer Banks Real Estate Market, I have posted the following comparison of the first 8 months of 2011 to the first 8 months of 2010 (source: Outer Banks Association of Realtors MLS).
Overall Sales
| Total Property Sales | |||
| 2010 | 2011 | Change | |
| Residential | 919 | 923 | * |
| Land | 167 | 201 | +20% |
| Commercial | 11 | 15 | +36% |
| Total | 1097 | 1137 | +4% |
* Insignificant
Distressed Property Sales
| Distressed Property Sales | |||
| 2010 | 2011 | Change | |
| Potential Short Sale | 102 | 128 | +25% |
| Bank Owned | 247 | 231 | -7% |
| Total | 349 | 359 | +3% |
Median Sale Price
| Median Sale Price | |||
| 2010 | 2011 | Change | |
| Single Family Residential | $300,000 | $343,154 | +14% |
| Condo | $199,000 | $183,233 | -8% |
| All Residential | $269,900 | $297,522 | +11% |
Inventory
| Current Inventory | |||
| 2010 | 2011 | Change | |
| Residential | 2191 | 1849 | -16% |
| Land | 1325 | 1146 | -14% |
| Commercial | 124 | 147 | +19% |
| Total | 3640 | 3142 | -14% |
