My New Blog

Hey everyone:

Just a few statistics comparing this November with November of 2008 here in the Outer Banks.

The median sold price for November 2009 was down to 294,950 including condos ( 310,000 for just single family homes ) This is a reduction of 22% from the median prices of November 2008.  There are about 8% fewer homes on the market than this time last year but a 30% increase in Under Contract from last year. 27 % of the homes sold in  November were either Bank owned or short sales.  Properties that are priced correctly are seeing an increase in clients looking at them and making offers - no doubt partly due to the fantastic interest rates - currently 4.71% on average for a 30 year fixed. Many bank owned properties are being taken by cash buyers.  The banks are not considering offers made that are too far off (more than 20% below) the current value - unless the property needs a substantial amount of work.

Please call or email me with questions about the market or on specific properties and I will do my very best to get the answer.

Happy Holidays!

Carol