Outer Banks Real Estate Market Update – 3.10.10

Spring is in the air, and from a real estate perspective, spring traditionally means an increase in real estate activity.  Granted, the current economic climate and housing market probably do not qualify as “traditional,” but the increased activity in the Outer Banks real estate market is showing signs of spring fever.  

• According to the Outer Banks Association of Realtors there are currently 2,237 residential properties for sale, as of 3/9, there are 215 properties pending (under contract but not closed).
• Residential sales have doubled from January 2009 to January 2010.
• Pending sales increased by 21% when compared with January 2009.
• 2010 has seen 186 closings, 31% more than at this same point in 2009.
• An 11% decline in total inventory of homes.
• In 2010 the average sold price of a house is up 12.6% from the end of 2009 and 13.5% from October 2009, the last month prices declined.