Current Market Commentary April 2013:  

Buyer demand remains strong as we move into the 2nd quarter of 2013. During the 1st quarter the majority of buyers were looking for 2nd homes and investment property priced $500,000 and under. In fact this price range has accounted for 78% of all sales in 2013 causing a slight drop in the average price sold compared to 2012. Although the average price of properties under contract shows that might be a temporary drop. Sales are rising in the upper price ranges thanks to some great news recently in the jumbo loan market, loans over $417,000. Lenders are only requiring qualified buyers to put 10% down with no PMI instead of 20-25%. This is the first time in years I have seen only 10% down.  Distressed property sales have steadily declined to there lowest levels in years with just a few foreclosure and short sale listings hitting the market each month.  The low distressed inventory is leading multiple offers when they hit the market and properties going under contract in days. The $300,000 and under price range continues to be the hottest seller accounting for 43% of all total sales 2012 and 46% so far in 2013. With low inventory this price range has become ultra-competitive among buyers. I have seen a lot of good homes in this price range in the last 6 months that have sold in less than a week from the time they hit the market. Buyers in this price range and really anything under $500,000 need to move quickly in order to get the best listings on the market.

As prices and mortgage rates start to rise the return will just go lower. Right now most houses are generating about a 8% to 10% gross return on Investment. Where else can you invest your money that gives you a solid return, tax benefits (consult your tax adviser), is at the beach, and you can use it anytime you like???

If you are in the market to purchase on the Outer Banks you still have time to get the majority of the rental income for the 2013 rental season.

For those of you that love numbers this page on the website is dedicated to you!!Check back each month for the latest stats on the Outer Banks Real Estate Market. Due to recent additions of areas outside of the Outer Banks being added to the OBAR MLS the information below has been adjusted to reflect only data from the Outer Banks. The areas reflected in the numbers are the 4-wheel drive area south to Hatteras. The stats are for residential properties including condo's and townhomes. Land and Commercial are not included.   

Sold Listings 01/01/2013 to 04/30/2013

Sold Listings 01/01/2012 to 12/31/2012

Sold Listings 01/01/2011 to 12/31/2011

Sold Listings 01/01/2010 to 12/31/2010

Sold Listings 01/01/2009 to 12/31/2009

 

 Sold Listings 01/01/2008 to 12/31/2008
 

Sold Listings 01/01/2007 to 12/31/2007
 

Sold Listings -1/01/2006 to 12/31/2006

 

  *** All information obtained from the Outer Banks Association of Realtors***
***All information is deemed reliable but not guaranteed***
 

 Matthew Huband -Broker/Owner
NAR Certified Short Sale & Foreclosure Resource
252-255-0221-Office
  1004 Creek Rd, Kitty Hawk, NC 27949
OBXRealtors@gmail.com
NC License #223529

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