What is the state of the market? What were the number of sales in duck/so in Q1 09? What % below asking price?

Asked by Mwb, Virginia Beach, VA Tue Apr 7, 2009

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Greg Cremia, Agent, Nags Head, NC
Tue Apr 7, 2009
14 Duck residential properties have closed so far in 09 averaging 85% of the original list price.
8 Duck residential properties are currently under contract.

12 Southern Shores residential properties have closed so far in 09 for 89% of the original list price.
5 Southern Shores residential properties are currently under contract.

Is this what you were looking for?

To search all of the Duck and Southern Shores properties for sale go to http://www.outerbankshome.com/search-mls.html
1 vote
Tim Lancsek, Agent, Kitty Hawk, NC
Tue Mar 3, 2015
If you would like and updated market anaylsis for 2014-2015 I have no problem with that. This post is from 09.

The closing price to list price is closer to about 92-93% of list price at the time the property goes under contract that does not include any price reductions during the listing. If you would like extremel dialed in data email me at tim@obxconsulting.com.
0 votes
Jeff, , Virginia Beach, VA
Wed Apr 15, 2009
The further reduction in property values in an investment driven market like Duck/SS is inevitable in the current economic climate.

Initially it's a little surprising that more properties in the area are not in foreclosure. Look here;

Hit the show map button.

One reason there ore so few forclosures yet is that most are still shadow properties. Once the banks lighten the shadows, we will see the actual state or RE in the area.
0 votes
Jd, Home Seller, Kill Devil Hills, NC
Wed Apr 15, 2009
House prices in Duck and Southern Shores have not come down much and still have much more room for correction to the once assumed 10%/year appreciation of value to the pre-bubble prices. This is most likely due to the lack of homes/lots for sale in these areas as well as the lack of foreclosed properties here. Your best bet for a bargain investment is most likely in Kill Devil Hills. There are tons of homes available and the prices there have dropped significantly to their pre-bubble prices and even lower. With this recession looking more like an "L" shaped depression than a "U" shaped recession home prices will most likely continute to plummet and there will be great deals in the next year or so. Continue to watch the stock market b/c, historically, that normally rebounds before the housing market. In either case, 2005 & 2006 prices will probably not be seen for at least another 5 years.
0 votes
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