OBX Realty Group|Outer Banks Real Estate Market Ends 2010 On A High Note
2010 will go down as the year the Outer Banks real estate market finally turned the corner and ended a 5-yr downward cycle. Compared to 2009 the number of property sales increased 20%(the highest total since 2006), the number of active listings decreased approx. 20% and the overall average sold price was retaliatively flat dropping just 2.7% from 2009. That is not bad considering the 13% decline a year ago. Since the Outer Banks market started to decline in August of 2005 the overall drop in average sold price has been 29%. Mortgage rates have started to climb up to 4.75% to 5% which is still an amazing rate however they are projected to slowly inch upward as the year goes on. While the national market continues to search for a bottom the Outer Banks market has turned around and is already starting to recover. Great deals are still to be had and not just in the distressed property market(currently representing just 16% of the total active listings). With that said I believe by the end of 2011 the Outer Banks market will turn Neutral from the Buyer's market we have seen for the last 4 years.
About the author of this blog:
Matt Huband, SFR is Broker/Owner of OBX Realty Group in Kitty Hawk, NC and a Certified Short Sale & Foreclosure Specialist. Matt works with buyers and sellers from Corolla to Hatteras interested in foreclosures, short sales, 2nd home, investment property, new construction, and condo sales. For many years Matt has been helping his clients realize their dream of owning an Outer Banks beach house. Put Matt's extensive area knowledge to work for you. Contact Matt today to get started on finding your new beach house.
To learn more about Outer Banks real estate go to www.obxrealtygroup.com or email email@example.com.
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