Lot and commercial sales soared above residential sales in October 2013. Lot sales were up by 9% and commercial sales were up bY 18% … while residential property sales were down by 2%. HOWEVER, the volume for all three were down 6%. One bright spot is foreclosure sales have declined since the beginning of the year and are still trending down. Once the homes in foreclosure are off the market, it will help with the rebound of our market.
|
Median Price |
Median Price |
Percentage of Change of Median Price |
Percentage of YTD Units Sold |
|
| Colington |
$215,000 |
$204,500 |
+5% |
-4.2% |
| Corolla |
$469,000 |
$500,000 |
-6% |
-9.8% |
| Currituck Mainland |
$195,000 |
$180,000 |
+8% |
|
| Duck |
$513,280 |
$479,500 |
+7% |
-6.8% |
| Hatteras Island |
$309,000 |
$292,500 |
+6% |
-11.4% |
| Kill Devil Hills |
$215,000 |
$215,000 |
— |
+14.7% |
| Kitty Hawk |
$250,000 |
$291,500 |
-14% |
-2.6% |
| Nags Head |
$335,000 |
$342,500 |
-2% |
-3.4% |
| Roanoke Island |
$221,000 |
$258,000 |
-14% |
-1.2% |
| Southern Shores |
$425,000 |
$400,000 |
+6% |
-21.9% |
The economy on the Outer Banks is rebounding. According to a near end of season report by the Outer Banks Voice, “Currituck led all of the state’s 100 counties in the rate that tourism spending and employment increased in 2012, according to new data from the Department of Commerce.
The numbers show that every county in the state saw more visitor spending, with Currituck recording an 8.1 percent increase over 2011 for a total of $131 million.
Dare County still set the pace for northeastern North Carolina in total spending, drawing $926 million for a 5.6 percent increase, the North Carolina Department of Commerce’s Division of Tourism, Film and Sports Development reported.
That put Dare in the top five, behind only the larger metropolitan areas and Buncombe County in the mountains.
Visitors spent a record $19.4 billion in 2012 statewide, an increase of 5 percent from 2011. State tax receipts from visitor spending neared $1 billion in 2012 and local tax revenues totaled more than $579 million, the analysis showed.
The spending generated 193,610 jobs and more than $4.3 billion in payroll income, the commerce department reported.
Spending figures come from an annual study commissioned by the Division of Tourism and conducted by the U.S. Travel Association. It uses sales and tax revenue data plus employment figures.” ** above information is from the Outer Banks Voice
So, what does this mean if you’re selling your home on the Outer Banks? Homes are selling. There may be inventory currently on the market, but that doesn’t mean your home won’t be that perfect home for the next set of buyers who are still looking. However, you do need an agent who knows this market and this area to get your home sold.
Call me today and let’s talk about how I can sell your home.
