Mid-Spring update brings some expected news!

Well the season here on the Outer Banks is only weeks away from being in full swing.  Are you ready?  It’s coming.  We’ve had such a warm winter and fully expect a very warm summer.  The real estate market has been quite warm as well!  There’s a seasonal slow down in sales which is already upon us as the numbers below will reflect.

Here are the highlights of the latest OBX news:

• The Record of Decision is still pending for the 2^nd quarter of this year on the Mid-Currituck County Bridge project.  For more information click through to the website here. http://www.ncdot.gov/projects/midcurrituckbridge/

• The speed limit on Hwy 158 from Wright Memorial to Nags Head has officially been lowered to 45 mph.  While I haven’t had the occasion to drive through it myself, several Facebook friends are sounding off on it!

• Lowes in Kill Devil Hills is now open.  NCDOT is already making plans to adjust the median that was created to stop cars from turning in at the First Street light.  For the full article read here http://outerbanksvoice.com/2012/05/15/lowes-ncdot-re-examining-troublesome-median/

   Market Statistics 

• Year to date overall sales for the area are up 22% - Just residential homes up 14%
• Properties under contract are up 16% - Just residential homes up 8%
• Sales from March 2012 to April 2012 are down 21% (this is typical for the season)
• Inventory has declined consistently 1% for the last 12 months
• There is a slight decline in foreclosure filings for Dare County
• Distress property sales for April contributed 23% to the total number of sales
• Bank owned sales are down 29% while Short Sales stayed the same
• Average Sales Price for Residential Homes is down 3%. 
• My prediction for the year was 5 – 7% drop in Average Sales Price for 2012
• The Town of Duck has seen a significant drop in Average Sales Price YTD of 14%

Is it cheaper to buy land and build rather than buy an existing home?  Well land sale statistics would have you thinking so.  Sales for vacant land are up 48% from this same time last year.  Beach Realty & Construction is one of the leading builders on the Outer Banks.  If this is something you’re considering, let us know!

These are the basic stats for the entire Outer Banks MLS.  Each area does have market trends specific to it.  For more information on a particular area of the Outer Banks, please contact me for a complete analysis.