OBX Realty Group|The Outer Banks Real Estate Market Is Off To A Great Start In 2011
The Outer Banks real estate market continues to heat up at the start of 2011. The number of listings that went under contract in January was up 20% from this same time last year. 2010 ended up as the best year the Outer Banks market has seen since 2006. With inventory continuing to decline, down 14% from 2010, and home sales increasing I am starting to see signs of a fundamental shift in the market towards neutral from the buyers market we have seen for the last 5 years. Mortgage rates have moved above 5% for the first time in a few years with many experts saying that by the end of year rates could be close to 6%. The number of distressed property sales has been stable for the last 3 months still hovering around 40%(30% Foreclosures & 10% Short Sales) of all properties sold on the Outer Banks.
There are still incredible deals to be had on the Outer Banks!!