New homes sales have increased to a rate of 504,000 in April. This is a 14.8% percent increase from March.
Experts in the housing industry predicited the rate to be 425,000 for the month, and April was the second straight month of an increase.
Sterling Society Award Winners
KITTY HAWK, NC (May 26, 2010) – The Dobney Garcia Team, the Willey Lilley Team, Dave Hines, Michelle Huffman and Heather Sakers, all sales associates with Coldwell Banker Seaside Realty, have been honored as members of the company’s International Sterling Society. This distinguished membership was awarded to the TOP 8 percent of the approximately 96,600 sales associates / representatives worldwide in the Coldwell Banker® system.
The recipients exemplify everything that the International Sterling Society represents,” said Jim Gillespie, president and chief executive officer of Coldwell Banker Real Estate LLC. “Their extensive understanding of the real estate market on the Outer Banks and dedication to their customers truly embodies the ideals of Coldwell Banker.”
While this was a challenging year for the real estate industry, millions of people continue to buy and sell homes based on their lifestyles and needs. “This was undoubtedly a difficult year in our industry, but people need to remember that real estate is cyclical, and positive signs over recent months signal a tipping point for the residential real estate market,” notes Gillespie.
About Coldwell Banker Seaside Realty
Founded in Kitty Hawk, NC in 1990, Coldwell Banker Seaside Realty has office locations in Kitty Hawk and Nags Head, NC. More than 50 licensed agents provide both residential and commercial buying/selling assistance in Northeastern North Carolina.
About Coldwell Banker®
Since 1906, the Coldwell Banker® organization has been a premier provider of full-service residential and commercial real estate. Coldwell Banker is the oldest national real estate brand in the United States and today has a network of nearly 97,000 agents working in more than 3,300 offices in 49 countries and territories. The Coldwell Banker brand is known for creating innovative consumer services as recently seen by being the first national real estate brand to augment its web site www.coldwellbanker.com for smart phones, the first to create an iPhone application featuring international listings and the first to fully harness the power of video in real estate listings, news and information through its Coldwell Banker On LocationSM YouTube channel. The Coldwell Banker system is a leader in specialty markets such as resort, new homes and luxury properties through its Coldwell Banker Previews International® marketing program.
Existing home sales have picked up pace in the month of April.
According to the National Association of Realtors, existing home sales have jumped 7.6% in April. This brings the seasonally adjusted rate of 5.77 million units, the upwardly revised rate was up tp 5.36 million in March. Year over Year existing home sales also jumped 22.8%.
“The upswing in April existing-home sales was expected because of the tax credit inducement, and no doubt there will be some temporary fallback in the months immediately after it expires, but other factors also are supporting the market,” said Lawrence Yun, NAR chief economist.
The number of foreclosures dropped 2% in April from a year ago. This is the first annual decrease that has taken place in more than five years according to a report released by RealtyTrac last week.
33,837 properties were foreclosed in April, which represents a 9% decrease from March. According to the report, that equals about one in every 387 homes facing foreclosure during the month.
Corolla Club & Resort
A public hearing was held regarding the new Corolla Club and Resort on Monday.
It seems that supporters of the development view the development as a means to offer new housing opportunities for visitors to the area. Opposition to the new resort claim that the project dosen’t go with the current atmosphere of the area and seems out of place for Corolla.
The Builder-developer, SAGA Construction, states that the development will help the area by creating jobs and providing accommodations for vacationers on the Outer Banks.
During the public hearing, three major issues were addressed:
(1) Is the development compatible with surrounding residential areas?
(2) Should the land be protected because of its unique environmental qualities?
(3) Will Corolla neighborhoods be negatively impacted by the new development?
County Planner Ben Woody stated in the hearing that the development fit the criteria for a special-use permit and fits in with the overall plan for the community. Before the testimony began, Sumit Gupta, principal owner and developer of SAGA, said the new development was carefully designed and would benefit Currituck County.
It was a hotly contested issue, and testimony and closing statements extended past 1 a.m. At the end of the lengthy hearing, the commissioners, without comment, unanimously approved the developer’s application for a special use permit with some recommended changes from the planning staff.
In April housing starts rose 41 percent over last year, this is the biggest year over year gain since 1994.
Home builder confidence levels have risen to the highest level in two and a half years. The Housing Market Index increased three points to 22 which is the highest since August of 2007. Wells Fargo also reported that this is the second straight month that we have seen a gain.
According to a recent article in The Daily Advance, the general consensus on the Outer Banks seems to be that bookings are up from this time last year for vacation rental homes.
There has been a strong influx of spring vacationers to the OBX, and summer reservations continue to rise. Last year, visitors were requesting shorter stays that usual, but in 2010 the length of stays are increasing. Guests are planning ahead and booking further in advance to ensure that their favorite vacation home is reserved and their family can rest at ease and countdown to their Outer Banks vacation.
We have great vacation rental homes available, and we would love to help you plan your trip to the OBX.
Coldwell Banker CEO Jim Gillespie appeared on CNBC yesterday to discuss the current state of the housing market. The topics of discussion included the amount of foreclosures in the nation and the inventory levels of different markets.
Here’s a link to the segment: http://www.cnbc.com/id/15840232?play=1&video=1493082948
According to Market Watch, the pending home sales index rose a seasonally adjusted 5.3% in March, and was up 21.1% compared with a year earlier.
The Southern region reported the largest gain in sales contracts for the month of March. The South rose 12.7%, 1.9% in the West and 1.2% in the Midwest. The Northeast was the only region to post a decline at 3.3%.