There were major differences in Outer Banks buyer preferences and sales stats from 08 to 09. Take a look at these bullet points to see what market shifts we’ve experienced. These are current April 24, 2009.
- Total number of unit sales is down 27% in 2009 so far
- Oceanfront Single Family Sales are down 32% in 2009
- Single Family Sales are only down 13% in 2009
- Condo Sales are down a staggering 55% in 2009
- The Main Beaches, S Nags Head to Corolla (paved road only) produced 58% of Single Family sales under $500k in 2008 but produced 63% of the same in 2009 so far
- In 2009, single family sales under $500,000 rose 2.5%
- Single Family Sales over $500,000 dropped 44% in 2009
Buyers were reflecting a strong preference for single family homes in the core markets in 2009 and the aversion to higher rates on Jumbo Loans (+417,000). Higher downpayment requirements of 2009 (20%) also influenced buyers to choose less expensive homes. More sales were geared to relocation and second home buyers choosing the less expensive and non-rental markets of the west side locations.
Clearly, the market has shifted to less extravegant purchases, in more mainstream locations and away from condos, co-ops and mobile homes. Our high standard of living and high quality of life continued to draw new residents and retirees to the Outer Banks. The investors with shallow pockets have gone, however, those who love the Outer Banks and its lifestyle are still coming.