May Market Update

The Outer Banks Association Of Realtors says: “Sales have been great! In May we saw an 11 percent jump in month-to-month sales; whereas, in May 2011 we saw a 6 percent decline. Overall year-to-date sales are up 24 percent with land leading the way – up 48 percent.”

Summary – The sales hot spot is the $200,000 to $299,000 price range, where the most units, 122, sold with the fewest days on market, 202, over the last three-month period.

The slowest selling section are high-end homes, where a lack of available loans seems to be the holdup as banks are more difficult to work with. Over the same previous three-month period, only 16 of 149 listings sold with an average listing period of 528 days.

YTD Sales Overall
+24 percent (870 units vs. 702 units)
Residential, +18 percent (664 units vs. 561 units)
Land, +48 percent (191 units vs. 129 units)
Commercial, +25 percent(15 units vs. 12 units)

YTD Under Contract
Overall, +20 percent (1,002 units vs. 834 units)
Residential, +9 percent (748 units vs. 686 units)
Land, +44 percent (203 units vs. 141 units
Commercial, +114 percent (15 units vs. 7 units)

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