Unofficial Market Data Report

The year is almost over!  It’s been a strong year for real estate sales on the Outer Banks.  Some areas fared better than others and overall according to the November ending numbers there was only a small 1% to 2% decline in median sales price for our marketplace.

While inventory levels still remain around 12 months for most of the Banks, the number of new listings coming on is slowly shrinking.  We also noticed a change in the average days on the market, which indicates sellers are more in tune with the current market value of their homes.

Many properties actually received multiple offers!  This is clear proof that buyers are on the lookout for the BEST values and when they show up, they move…and FAST!

Here’s the breakdown of some basic numbers for each specific area.
(Keep in mind this is YTD through November only)

Median Sales Price         Down 5%
Number of homes sold    UP 11%

Median Sales Price        Down 21%
Number of homes sold    UP 19%

Southern Shores
Median Sales Price        Down 6%
Number of homes sold    UP 31%

Kitty Hawk
Median Sales Price        UP 9%
Number of homes sold    UP 7%

Kill Devil Hills 
Median Sales Price        UP 3%
Number of homes sold    Same with last year

Median Sales Price        UP 8%
Number of homes sold    Same as last year

Nags Head
Median Sales Price        UP 1%
Number of homes sold    Down 11%

Distressed Properties All Over
Median Sales Price            Down 16%
# of new Foreclosure filings        Down 5%