By Russ Lay | Outer Banks Voice on July 24, 2012
Summer is the traditional start of the slow period in real estate sales on the Outer Banks. Which makes sense. Showing a rental property is almost impossible in the summer, and owners don’t want to give up the seasonal cash flow.
So it comes as no surprise that the June statistical report from the Outer Banks Board of REALTORS (OBAR), using data from the Outer Banks MLS, indicated a year-to-date slowdown in sales.
But the overall trends continue to look good compared to last year.
The market came into summer propelled by a head of steam from the earlier part of the year.
As a result, with June in the bag, YTD sales are up 19 percent over the same time period in 2011, and real estate under contract is up 17 percent. Active inventory has fallen 4 percent compared to last year, another good sign.
The best selling price range over the past three months continues to be homes priced between $200,000 and $299,000 with 125 units sold. At the high end of the market, 14 homes sold in the $800,000 to $999,000 price range and 16 homes priced over a million dollars changed hands.
Although the national media is predicting another wave of foreclosures as major lenders work through legal hassles and get serious about dumping “lost cause” borrowers, the trend locally continues to show a decline over 2011.
For example, May 2011 saw 39 foreclosures, this year — 23. Full data is not in yet for June, but in 2011, 53 homes ended up on the courthouse steps and the partial data for this year shows only 19 homes in foreclosure.
Distressed properties (short sales and bank-owned) comprise about 25 pefcent of our real estate sales this year.
The median sales price for residential homes stands at $300,000, down from $322,000 prior year. By region, the data indicates a high median sales price of $524,000 in Corolla to a low of $185,000 on the Currituck mainland.
For the rest of the area, the median sales price (rounded) breaks down as follows:
Duck ($500,000), Southern Shores ($400,000), Kitty Hawk ($286,000), Colington ($209,000), KDH ($216,000), Nags Head ($330,000), Hatteras ($310,000), and Roanoke Island ($287,000).