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. Do you think The Fed will lower rates soon?
Townhomes and Condo's
The New Townhomes and Condo's in the area are really growing. These two are in Currituck on the mainland and both attached to a golfing community. The Villas in Kilmarlic have two units one with 3 villas and the other with 5 villas. I have not heard about the price. The other is The Villas at the Pointe. There will be 3 units with around 15 condos in each. You have golf membership added as a perk. They will probably be 3 bedrooms and 2 baths and starting at $249,000. These two communities are just in ground clearing phase but call me for updated information.
3-14-2007 to 5-14-2007
24 have sold
$375,000 is the median price
210 (Days on Market)
Asking to Selling Price is (85% to 100%) ( prices ranging $165,000 to $685,000)
4-21/2007 to 5-14-2007
11 have sold
$335,000 Median Price
104 (DOM)
Asking to Selling Price is (83% to 100%)
4-21-2007 to 5-14-2007
11 are Under Contract
319 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 and Duck Oceanside and Colington Harbor following close behind! The Outer Banks is a wonderful place to vacation, live and have investment property!
Here are the stats for Residential Real Estate:
3-14-2007 to 5-14-2007
197 Properties have sold
$425,0000 Median Price
193 Days on market
Asking to Selling Price (85% to 100%) (Prices ranging from $132,500 to 4.5 million)
4-21-2007 to 5-14-2007
76 Properties have sold
$399,500 is the Median Price
188 Days on Market
Asking to Selling Price (83% to 100%) (Prices ranging from $150,000 to 2.9million)
4-21-2007 to5-14-2007
73- Properties have gone Under Contract (prices ranging from $149,000 to 1.7 million)
2312 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:
3-14-2007 to 5-14-2007
38 Homes-sites have sold
$150,000 is the Median Price
218 Days on the Market
Asking to Selling Price (77%-100%) (Prices ranging from $30,000 to $700,000)
4-21-2007 to 5-14-2007
Home Sites Residential Sales:
13 Home-sites have sold
$140,000 is the Median Price
214 Days on the Market
Asking to Selling Price (77% -100%) (Prices ranging from $95,000 to $525,000)
4-21-2007 to5-14-2007
25 Home-sites have went Under Contract (Prices ranging from $12,000-$1,200,000)
1481 Home-sites are active on the market
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
http://www.charissehill.com/
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