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 buyer's 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.
One promising sign that the real estate market is getting back to normal is for the first time in 6yrs there was an increase for building permits in 2010. That's right new construction is starting to make a comeback with houses going up all over the beach. Now this is not the spec building of the past but custom homes where buyers took advantage of low lot prices.
The Outer Banks economy got a big boost last year as the 2010 numbers are finally in. According to the Chamber and Visitors Bureau 2010 saw a record number of tourists visit the OBX. The good news was not only did they show up but they spent money. Retail sales receipts up 15% in Dare and 83% in Currituck (Corolla) over 2009. Food & Beverage sales up 1.5%. 2011 is shaping up to be even better !!
Check out the entire Outer Banks Real Estate Update Newsletter
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 firstname.lastname@example.org.
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