Real Estate sales in the Outer Banks* remained fairly static in 2013 compared to 2012 for the period of January - September. This was a bit of a surprise given that interest rates remained at historic lows.
The average price for a residential property through September 2013 was $358,913 compared to $358,842 in the prior year. For lots and land, the volume of transactions was slightly higher, however, the average price for a lot fell approximately 2% from prior year, from $107,371 in calendar year 2012 to $105,144 in calendar year 2013. Commercial sales, like the lots and land category, had a few more transactions than the prior year but a lower average sale price.
The good news is that both the second and third quarter of 2013 outperformed the same periods from the prior year. Unfortunately the increased sales were not high enough to offset the slow start in the first quarter.
*These statistics exclude the following counties: Beaufort, Bertie, Camden, Chowan, Craven, Gates, Hertford, Hyde, Martin, McDowell, Pasquotank, Perquimans, Tyrrell and Washington and the following towns/cities/communities: Columbia, Creswell, Edenton, Elizabeth City, Hertford, Knotts Island, Plymouth and Williamston