Wonderful Building Site for your Vacation Home in Corolla!!
June Outer Banks Market Update
Activity has definitely improved in the 2nd quarter over the poor performance of the 1st quarter.
Here are the main highlights:
- While it seems that the median sales price is rising, a closer look into the numbers reveals that instead there are simply fewer homes available in the under $300,000 range. With more homes selling in the half million range, it’s pushing the average sale price up. However, that’s NOT the same as prices are rising.
- There is still over 20 months of inventory on the market for our local area. A normal market is 4 to 6 months. We have 3248 properties for sale. Typically in a normal market we carry an inventory of about 1500. With double the inventory we normally have, you can see appreciation for our market is just not feasible at this time.
- Distressed sales have become such a small portion of our market, they are almost inconsequential. The real strain on prices is over supply of inventory with unmotivated sellers. Keep in mind, we CAN sell your home…you just have to be willing to accept the current market conditions. If you’re not serious about actually selling, taking your property off the market is the most beneficial thing you can do for everyone.
- Activity for May was way up from April, however year to date our number of sales is still down 5% for total units sold. Again, we suspect we will make this up over the summer and have a busier than normal summer selling season. There’s no financial gain to wait until the fall to list your home.
If you’d like more information on buying or selling, simply click through to send your inquiry.
Build your New Home at this Excellent Location in Sea Scape!
MLS# 82255 $99,000
4727 Vista Lane, Kitty Hawk, NC
Excellent location in Sea Scape!
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Ready for Summer fun at this “Sunflower” Beach Cottage in Corolla?
Great Price AND Available to Lease for Summer Fun!
Actual ocean views, nice deck space, screened porch, sunny and bright interior, top floor bedroom, easy flow floor plan, awesome community amenities, hot tub, bright open kitchen, ground floor entrance, cul de sac location, laminate wood floors and a fantastic price round out the benefits of the “Sunflower” beach cottage. MLS# 77980
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Enjoy Summer Relaxing at this Charming Cottage in Corolla!
738 Cormorant Court, Corolla
$375,000 MLS# 82055
Absolutely charming home tucked into the corner of a quiet cul de sac. Enjoy the surprisingly short walk to the beach through the convenient walkway. You’ll love the hot tub as well as the 11×23 private pool. This cottage is perfect for your family and friends. The pool deck provides ample space for sunning or entertaining. The kitchen is open and bright.
The deck space on two levels of the home is perfect for shade, sun or
just to enjoy a glass of wine after a day of relaxing at the beach.
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Who is Ready to Enjoy Lazy Summer Days in Corolla?
756 Mariner Dr.
Corolla, NC
$399,900
MLS# 82451
This home is so bright and beautifully decorated. You’ll enjoy the short walk to the beach, unobstructed ocean views, ample deck space on both levels, three separate living rooms/dens, wide open kitchen, fireplace, 5 spacious bedrooms and great memories for your family to make.
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New Price!! Amazing Location with Walkway to the Beach in Corolla!!
This home has an amazing location right on the corner of the walkway straight to the beach. The home sits back off the road with a volleyball court in front and private pool and hot tub in back. There are three entry ways – a covered door,one from the north side and also from the back of the home. Three of the four bedrooms on the lower level have access to a deck facing east. The top floor master has a private deck as well. Enjoy top floor deck space on the east and west side of the home. Newer carpet and furniture as well as meticulous maintenance by the owner make this a must see.
MLS# 82489 Now $510,000!!!
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Ready to Start Building Your Vacation Home in Corolla?
930 Corolla Drive, Corolla
MLS#80064 $175,000
Ready to start building today!!
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Enjoy Summer Fun in Corolla!
This home has an amazing location right on the corner of the walkway straight to the beach. The home sits back off the road with a volleyball court in front and private pool and hot tub in back. There are three entry ways – a covered door,one from the north side and also from the back of the home. Three of the four bedrooms on the lower level have access to a deck facing east. The top floor master has a private deck as well. Enjoy top floor deck space on the east and west side of the home. Newer carpet and furniture as well as meticulous maintenance by the owner make this a must see.
MLS# 82489 $529,000
Contact me for more details!!
May Outer Banks Market Report
Overall, April was strong with monthly unit sales up 24% over March sales. However, overall unit sales are still down by 12% for 2014. To break it down even further, Residential unit sales are down by 7% and land sales are down by 30%.
Some good news is the number of listings placed in an Under Contract status continues to climb in 2014 yet are not at the levels we experienced in 2013 – down 26% from 2012.
Distressed unit property sales continue to crawl upwards for 2014 but they are down by 44% from 2013. Additionally, the average sales price for a potential short sale is down 13% but for bank owned properties the average sale price is up 25%. Distressed property sales have been on a steady decline. Still, distressed sales only make up 6% of all sales.
Foreclosures – For many months it has been reported that the number of Dare County foreclosures has been declining. In April, the number of foreclosures took a dramatic turn – up by 133% over March. It will be important to continue to monitor the foreclosure filings to determine if this is a trend.
In summary, the activity has increased, but is still slower than last year. Prices remain steady in most markets, reporting a slight increase for year to date so far. Does that mean prices are going up? Sadly, no…it’s nearly impossible with the amount of inventory on the market right now. It does mean, however, we are selling MORE high end homes which is fantastic news all around! It also means the majority of homes for sale under the $300,000 mark is greatly diminishing. That’s great news for those looking at signs of recovery.