What the market stats are saying about the Outer Banks Real Estate Market!

September 20, 2011

This article is reprinted with permission.

By Hugh “Scooter” Willey, Jr. (email: hughwilleysunrealtynccom)
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%

Categories: Home & Garden, Land Development, Real Estate, Uncategorized.

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Marshes Light Marina getting ready for Spring

April 21, 2009

Our dockmaster, Joe Chambliss (lower left), has been hard at work readying the marina for the Spring and Summer season.
A recent visitor to Marshes Light. Dock your boat and stroll over to the Manteo waterfront for a fun day of shopping, sight-seeing and dining.

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Along the Beach Road in Nags Head

April 1, 2009

These homes have weathered many storms and have withstood many changes and rapid growth along the Outer Banks.

Rustic charm, wrap-around porches and the beach bring families back year after year. Even on cloudy days, finding a spot to read a good book or take a stroll searching for shells and sea glass are treasured past-times.


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