With spring arriving in the Outer Banks we have seen the buying season heating up. Definitely one of the words heard from Corolla to Nags Head and further south is bank owned homes. Bank owned homes certainly can offer an excellent way to purchase a vacation or investment home for less than it is presently valued. Often though purchasing a bank owned home will require the new owner to furnish or improve the home especially if it is going to be put in a local vacation rental program.
Here are the current statistics on Outer Banks bank owned homes as of Monday May 4th 2009. There are 48 active bank owned properties. The current average price of the listings is $358,385. On average bank owned homes are only on the market or 109 days. This is in comparison to a 180+ day average for the rest of the Outer Banks MLS. If you are looking to capitalize on buying a bank owned home you must be ready to move faster. In today's market that means being pre qualified and ready to make an offer, once you find a home that meets your needs.
Below you will find additional statistics broken down by type of home: condo, single family, manufactured home, and townhouse. You will also see the area broken down by location within the town. If you are interested in learning more about buying a bank owned home, I would be happy to discuss it at anytime.
| Active | ||||||||
| RESIDENTIAL | ||||||||
| Condo | ||||||||
| Kill Devil Hills Westside | 1 | $229,900 | $229,900 | $229,900 | 54 | |||
| Ocracoke | 4 | $949,600 | $237,400 | $249,900 | 114 | |||
| Pirates Cove | 1 | $339,900 | $339,900 | $339,900 | 11 | |||
| Sub Total | 6 | $1,519,400 | $253,233 | $249,900 | 87 | |||
| Manufactured Housing(Mob) | ||||||||
| Maple to Moyock | 1 | $101,400 | $101,400 | $101,400 | 53 | |||
| Sub Total | 1 | $101,400 | $101,400 | $101,400 | 53 | |||
| Single Family - Detached | ||||||||
| 4-Wheel Drive Area | 2 | $834,400 | $417,200 | $417,200 | 91 | |||
| Corolla Westside | 3 | $1,635,800 | $545,267 | $565,900 | 89 | |||
| Jarvisburg to Poplar Br. | 4 | $944,800 | $236,200 | $244,950 | 124 | |||
| Aydlett to Barco | 1 | $121,500 | $121,500 | $121,500 | 175 | |||
| Maple to Moyock | 1 | $112,000 | $112,000 | $112,000 | 25 | |||
| Duck Oceanside | 2 | $1,010,900 | $505,450 | $505,450 | 87 | |||
| Southern Shores Westside | 1 | $273,900 | $273,900 | $273,900 | 144 | |||
| Martins Point | 1 | $425,000 | $425,000 | $425,000 | 4 | |||
| Kitty Hawk Westside | 2 | $628,900 | $314,450 | $314,450 | 112 | |||
| Kill Devil Hills Westside | 3 | $640,300 | $213,433 | $202,900 | 130 | |||
| Colington Harbour | 2 | $945,000 | $472,500 | $472,500 | 29 | |||
| Nags Head Oceanside | 1 | $667,000 | $667,000 | $667,000 | 33 | |||
| S. N.H. West/Old Oregon R | 2 | $1,510,000 | $755,000 | $755,000 | 97 | |||
| Nags Head Westside | 1 | $479,900 | $479,900 | $479,900 | 59 | |||
| Rodanthe Oceanside | 3 | $1,224,300 | $408,100 | $369,900 | 64 | |||
| Salvo Oceanside | 1 | $273,500 | $273,500 | $273,500 | 93 | |||
| Avon Soundside | 2 | $938,800 | $469,400 | $469,400 | 45 | |||
| Hatteras Oceanside | 1 | $449,900 | $449,900 | $449,900 | 95 | |||
| Hatteras Soundside | 1 | $229,900 | $229,900 | $229,900 | 221 | |||
| Manteo-S. of Airport Road | 1 | $269,900 | $269,900 | $269,900 | 410 | |||
| Manteo-N. of Airport Road | 1 | $495,000 | $495,000 | $495,000 | 208 | |||
| Dare Co. Mainland | 1 | $350,000 | $350,000 | $350,000 | 59 | |||
| Elizabeth City | 1 | $344,000 | $344,000 | $344,000 | 210 | |||
| Sub Total | 38 | $14,804,700 | $389,597 | $347,000 | 105 | |||
| Townhouse | ||||||||
| Elizabeth City | 3 | $777,000 | $259,000 | $259,000 | 215 | |||
| Sub Total | 3 | $777,000 | $259,000 | $259,000 | 215 |
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