The Outer Banks Voice recently reported:
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 contracts are 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.
May 2011 saw 39 foreclosures, but this year only 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, another good sign.Distressed properties (short sales and bank-owned) comprise about 25 percent of our real estate sales so far this year.
The median sales price for residential homes stands at $300,000, down from $322,000 last year making us wonder if this is the bottom.
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)
Roanoke Island ($287,000).