November Outer Banks Real Estate Market

outer banks realtor picNovember 2013 MLS Statistical Report

Summary – In November, a REALTOR®Magazine article – Short Sales Lose Favor With Lenders? – reports that the number of short sales has been gradually dropping and that short sales were down across the nation – 11.2% from one year ago and 5.3% from the previous month. When you look at the OBAR statistics for November you will find that short sales on the Outer Banks are following, if not exceeding, this trend. Year to Year Short sales are down 26%. Foreclosure sales have also declined – down by 19%.
Sales – After a brief surge in September and October, sales have started their seasonal decline; however, for the year, overall sales are only down by 1% from 2012 – with residential sales down by 3%, lots / land sales up by 7% and commercial sales down by 3%.

Check out the year to date sales data below:

Price Range$0 – $99K$100K-$199K$200K-$299K$300K-$399K$400K-$499K$500K-$599K$600K-$799K$800K-$999K≥1M
Units Sold10732137624513890684745
Average Days on Market189177211229278310268249338

Inventory

 Price Range Number of Listings Average Days on Market Price Range Number of Listings Average Days on Market
$1 – $99,99983186$600K – $699K118253
$100K – $199K238213$700K – $799K65273
$200K – $299K406237$800K-$899K57191
$300K – $399K317234$900K-$999K51236
$400K – $499K215249>$1M137330
$500K – $599K               169257

 

Year to Date Comparison – Residential Property 

Qty Sold% ChgVolume Sold% ChgAverage Sale% ChgMedian Sale% Chg
Single Family Detached
Current Period1257$466,212,955$370,893$290,000
One year Ago1286$500,310,888$389,044$300,000
Increase / (Decrease)(29)-2%($34,097,933)-7%($18,151)-5%($10,000)-3%
Condominium
Current Period111$25,221,341$227,219$192,000
One Year Ago132$28,958,500$219,382$202,525
Increase / (Decrease)(21)-16%($3,737,159)-13%$7,8374%($10,525)-5%
All Residential
Current Period1436$500,089,850$348,251$274,500
One Year Ago1485$537,417,471$361,897$284,500
Increase / (Decrease)(49)-3%($37,327,621)-7%($13,646)-4%($10,000)-4%

All above information is from the Outer Banks Association of REALTORS (R).