Below is a compilation of Outer Banks market statistics from January 1 until December 31, 2009. As you will see 2009 saw a higher number of sold homes than 2008, but they were for an lower average price. For those looking to buy real estate in the Outer Banks, this is an encouraging sign.
Lower prices and higher volume can often signal a market that is getting stronger. One of factors that drove the total dollar amount of real estate sold, was the number of foreclosures that were bought along the Outer Banks. We saw 160 Outer Banks foreclosures sold in 2009 with an average sale price of $328,983. The average sale price of an OBX foreclosure was almost $78,000 less that the average non bank owned home.
Whether of not we are at the bottom of the market, it is impossible to say, markets are often unpredicatable and can turn at the least notice. Improved economic conditions in the US, point towards a strong 2010 for real estate in the Outer Banks.
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2009 The Year in Real Estate Along the Outer Banks
| Area | # of Homes Sold | Average List Price | Average Sold Price | Average Days on Market |
| 4-wd Beaches | 10 | $581,280 | $475,900 | 321 |
| Corolla | 114 | $714,330 | $657,931 | 238 |
| Duck | 73 | $731,151 | $673,684 | 226 |
| Southern Shores | 53 | $605,189 | $559,724 | 199 |
| Kitty Hawk | 51 | $385,300 | $355,277 | 172 |
| Kill Devil Hills | 198 | $275,042 | $254,451 | 171 |
| Nags Head | 122 | $470,400 | $435,629 | 207 |
| Manteo | 46 | $261,150 | $241,958 | 185 |
| Pirates Cove | 16 | $451,645 | $411,593 | 275 |
| Hatteras Island | 173 | $381,565 | $348,869 | 219 |
| Colington | 68 | $272,385 | $256,651 | 183 |
| 2009 Totals | 924 | $441,520 | $406,685 | 204 |
| 2008 Totals | 865 | $501,004 | $465,725 | 209 |
Posted by Mike Bishal on
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