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The Outer Banks of North Carolina is a pristine barrier island where many have vacationed. Some decide to buy a rental home here, some decide to live here and ALL enjoy it for its beauty and laid back lifestyle. I know the OBX from the wide beaches of Corolla, to the quaint village setting of Duck, to the rolling dunes of Southern Shores, to historical Kitty Hawk, Kill Devil Hills & Nags Head and finally to the Rodanthe, Waves, Salvo, Avon, Frisco and Hatteras…
Being here for 25 years has allowed me to deliver the spirit and lifestyle to my clients. But, while that sounds great, it is all about service and results! Contact me today to talk about the Outer Banks Home Buying or Selling process.
Mike’s NEWSLETTER Topic of the Week
Is there stabilization on the horizon?
Every week I get asked about the market conditions. Many want to know:
1) How is the activity?
2) Are prices still coming down?
3) What quantities of foreclosures are making up the sales?
4) How about Short Sale quantities?
5) What is the Settle Price to Asking Price percentages like?
These are all good questions that remind me of another question……….. “Is there stabilization on the horizon?”
My ability to access data from our MLS system allows me to deliver accurate and insightful information to you. By filling in few fields I can get you sales figures that will reveal a clear picture of specific market conditions. Pulling data from recent past history and comparing them will reveal trends in the various segments.
Segments….what do I mean about that? Examining Single Family Residential Property Activity is my focus on this Newsletter. Also, it is fact that the most activity here is in the properties closest to the beach or, as many locals and frequent visitors know, homes east of Hwy 158 and in the area of Hwy 12 (the beach road). With that said, the shared data below is based on examining just these areas & will allow insight into the market conditions in the most popular segment – Beach Homes for Rentals or 2nd Home use.
Here it goes:
In 2011 there was a Total VOLUME of $264,754,144 with 471 Units Sold & in 2010 it was $265,026,593 with 475 Units Sold. Year to Year it is about EVEN.
The Median Sales Price in 2011 was $440,000 and in 2010 it was $465,000. Approx. a 5% DECREASE 2011 from 2010.
Foreclosures – in 2010 there were 104 and there were 79 in 2011 or a 24% Decrease.
Short Sales – in 2010 there were 74 and there were 88 in 2011 or a 16% Increase.
The Median Settle Price to Median Asking Price in 2010 was 94% and in 2011 it was 91%.
2012 is off to a pretty good start in regards to Properties Under-Contract (or Pending Sales). Perhaps the dropping prices (5% Median Sales Price dropping) in 2011 are causing more sales today.
Contact me to discuss your plans and how the data may influence your decision to buy or sell.
