The Outer Banks Real Estate Report
The market in the Outer Banks is moving upward. We have seen more properties going under contract and an increase in buyer inquiries. This a great time in the Real Estate market-This is the first time that I can remember prices were great and interest rates are low.
Townhomes and Condo's
There are number of new developments on the Outer Banks. This will bring an upswing in Condo's sales. Croatan Surf Club looks to be the best luxury condo development we have seen on the Outer Banks. The Waterside Villages in Currituck is the first in our area for the 55 and up community. This community has home as well as condos. Here are the latest stats:
2-21-2007 to 4-21-2007
17 have sold
$389,500 is the median price
257 (Days on Market)
Asking to Selling Price is (77% to 100%)
3-21/2007 to 4-21-2007
6 have sold
$488,712 Median Price
269 (DOM)
Asking to Selling Price is (75% to 100%)
3-21-2007 to 4-21-2007
12 are Under Contract
330 are Active on the market.
Residential Single Family
There has been a steady increase in what is going Under Contract and the Median Price. The past year we have seen Kill Devil Hills (Westside $250,000 to 350,000) be the leader in sales. We have seen some increase now in the price ranges from $600,000 to $800,000. There have even been properties that have brought 7 to 9 cap rates. The Outer Banks is a wonderful place to vacation, live and have investment property!
Here are the stats for Residential Real Estate:
2-21-2007 to 4-21-2007
159 Properties have sold
$412,500 Median Price
190 Days on market
Asking to Selling Price (75% to 100%)
3-21-2007 to 4-21-2007
95 Properties have sold
$425,000 is the Median Price
190 Days on Market
Asking to Selling Price (75% to 100%)
3-21-2007 to 4-21-2007
90 Properties have gone Under Contract
2247 Are Active on the Market
Residential Home-site Sales
Residential land has been slow over the last year or year and half. The prices have decrease some to make it affordable to own and build. Let me put this to you-You might already own a piece of land and it is paid for or mostly paid for. You are thinking of selling it but you might want to run some numbers-It might more beneficial to you to build on that home-site! The tax advantages might be worth it! Check with your tax planner today!
Here are the stats for Residential Home-Site Sales:
2-21-2007 to 4-21-2007
34 Homes-sites have sold
$150,000 is the Median Price
209 Days on the Market
Asking to Selling Price (77%-100%)
3-21-2007 to 4-21-2007
21 Home-sites have sold
$165,000 is the Median Price
207 Days on the Market
Asking to Selling Price (77% -100%)
3-21-2007 to 4-21-2007
24 Home-sites have went Under Contract
1478 Home-sites are active on the market
I also want to give you an overview of the Outer Banks Real Estate Market from January 1 to April 13 2005-2007. The numbers are for residential sales only and I have combined Condo's, Townhomes, and Single Family together.
01-01-2005 to 4-13-2005
522 Sold
$454,000 was the Median Sales Price
151 Days on Market
Asking to Selling Price (90% to 100%)
01-01-2006 to 4-13-2006
363 Sold
$385,000 was the Median Sales Price
132 Days on the Market
Asking to Selling Price (83% to 100%)
01-01-2007 to 4-13-2007
308 Sold
$375,000 Median Sales Price
191 Days on the Market
Asking to Selling Price (70% to 100%)
You can tell that there has been a change over time in the same time frame but we have seen activity pick up. The Outer Banks is still a desired designation because of its being on the water. Properties close to water always do well. Seller's need to review this information and adjust their price or when they want to sell. Buyer's need to review and really consider owning property in the Outer Banks.
Please call or e-mail me if you have a comment, question or need help with buying, selling, remodeling and building on the Outer Banks.
Charisse Hill
252-202-2880
Beach Realty and Construction
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