Outer Banks Real Estate: May 2012

Thursday, May 31, 2012

1205 Windance Lane Corolla, NC 27927

Wednesday, May 30, 2012

3 Ninth Avenue Southern Shores, NC 27949

Tuesday, May 29, 2012

4131 W. Drifting Sands Court Nags Head, NC 27959

Friday, May 25, 2012

580 Ocean Trail Corolla, NC 27927

Thursday, May 24, 2012

106 Oceanwatch Court Nags Head, NC 27959

Wednesday, May 23, 2012

This Week's Best Buys on the Outer Banks!

MLS#74978 – Great location and rental home in Ocean Sands. Great price too - $499,000!

MLS#74890 – 4^th row, 5 bedrooms, great rental, private pool, easy beach access! Only $575,000!

MLS#74989 – Excellent deal on a 4^th row home in Duck! 5 bedrooms, private pool, short walk to the beach. $595,000

MLS#74863 – Oceanfront opportunity in Duck! Only $949,000

MLS#75003 – New listing in Southridge in Nags Head. Ocean views, great corner location, 4 bedrooms. Only $309,000!

MLS#74247 – Short Sale opportunity on the Canalfront in Martin’s Point. Over 4,000 square feet AND water access! $499,900

New Listing in Southridge Subdivision in Nags Head!!

125 Sea Tern Drive Duck, NC 27949

Tuesday, May 22, 2012

1232 S. Memorial Avenue Kill Devil Hills, NC 27948

Monday, May 21, 2012

884 Whalehead Corolla, NC 27949

Friday, May 18, 2012

161 Yaupon Trail Southern Shores, NC 27949

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.

Thursday, May 17, 2012

New Price for 2048 Martin's Point Road!!

2048 Martins Point Road
Southern Shores, NC 27949

Southern Shores Westside
Subdivision - Martin's Point Section 1
MLS#: 69873

$419,000

Check out this AMAZING Soundfront homesite that's OVER an ACRE! 1.07 Acres. This site is nicely wooded and has two established homes on either side so no surprises later! Prime location and beautiful views are offered with this excellent property.