Overall it was a pretty good year for the Outer Banks (OBX) real estate market. In fact, the market enjoyed one of its best years since the real estate market crash of 2008 for this area. It ended up with an 8% increase in overall sales volume. During the prior 5 years, the OBX real estate market has seen an impressive number of units sold with 2012 being the all-time #1, followed by 2014, 2013, 2010, 2011 (in that order). Unit sales for 2014 were on par with 2013 even though there was a little lag in sales in the early spring (due to colder weather up north = more school closing days = less traffic to the Outer Banks). However, sales picked up in May 2014 and stayed ahead of the curve for the rest of the year.
Additionally, the Outer Banks Visitors Bureau tourism reported an all-time high in 2014. All of this is great news for the long term outlook of the Outer Banks real estate market.
Short Sale & Bank Owned:
Unit sales of residential properties listed as Short Sales were down 36% and unit sales of residential properties listed as Bank Owned were down 33%. Total volume sold was also down 43% for Short Sales and 26% for Bank Owned residential properties.
114 oceanfront homes sold vs. 103 last year
- 13 sold for over $2 million, including 4 that sold for over $3 million
86 soundfront homes sold vs. 83 last year
- 8 sold for over $750,000 and 2 for over $1 million.
- Highest priced soundfront sold for $1,250,000
26 oceanfront lots sold, a 73% increase over last year (15)
- Highest priced oceanfront lot sold in Corolla for $1,325,000
28 soundfront lots sold (Dare & Currituck Counties)
- Prices ranged from $42,500 to $540,000
The above is based upon information obtained from the Outer Banks Area Assoc. of REALTORS MLS from JAN 1 thru DEC 31, 2014.
For more detailed information about the Outer Banks real estate market (including Sold Data and Charts), please contact me at 252.489.8491.
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