Tag Archives: distressed

Outer Banks Real Estate Update – January 2011

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The traffic on the Outer Banks was busy compared to last January and pending sales are up. The OBX had 133 pending sales in January 2011 & 110 in January 2010.  The Outer Banks real estate market continues to improve.

Inventory is also declining slightly. Last year at this time there were 3,548 active listings and now there are 3,058 – this is a 14% decline.  Less inventory = more sense of urgency to BUY!

Distressed Sales: It’s important for sellers know where the buyers are spending their money and for buyers to understand current market values.  Pricing needs to be set competitively, even if the competition is a distressed property.

Here are the results for January:

Property Type

Total Units Sold Bank Owned Short Sales % Units Distressed
Residential 82 24 10 41%
Land 14 2 3 36%
Commercial 1 1 0 100%
Total 97 27 13 41%

Outer Banks November Sales Statistics

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Below are some great statistics on the local Outer Banks real estate market for November provided by The OBX Team.

 

OBX housing market overall:

·         100 residential homes in the Outer Banks sold.

·         November had an increase of 5 and 3 units sold from September and October respectively.

·         An additional 42 homes sold November 2009 compared to November 2008.

 

OBX distressed sales (foreclosures and short sales):

·         Distressed sales made up 27% of the total sales

·         17 foreclosed homes were sold in the month of November, along with 10 short sales for a total of 27 transactions.

·         Down from distress homes being 34% of the total sales in the month of October.

 The OBX Team is a group of three Realtors from Coldwell Banker Seaside Realty that is ready to handle all of your buying and selling needs. 

Outer Banks Real Estate Update

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Real estate professionals on the Outer Banks continue to see a positive shift in real estate activity.

Recent statistics demonstrate that there are many interested buyers in OBX real estate.  For the fifth month in a row, the number of homes sold on the Outer Banks was above 100. On top of the sale of homes, the sale of raw land also saw an increase.

Low mortgage rates have helped stimulate sales in the area.  Professionals are also seeing the number of luxury homes sold increase as well.  This could be because rates for jumbo loans have been dropping and 10% down programs are being offered to 2nd home buyers.

Distressed sales have also been helping some to boost the Outer Banks real estate market.  In September, 25% of homes sold were considered distressed.  Out of the 100 plus number of homes sold, 17 were bank owned and 7 were short sales.

Distressed Sales Help Drive Outer Banks Real Estate

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Distressed sales made up 29% of all residential properties sold in the Outer Banks in the month of July.  Distressed properties include short sales and bank owned homes.  Bank owned homes made up 20% of all sold residential homes for July. 

Distressed properties tend to push real estate values down.  An increase in distressed property sales can be viewed from a positive light because the sales demonstrate that buyers are coming back into the market, and as the distressed properties are cleared out prices can stabilize and eventually grow.

Outer Banks Foreclosure Report

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In the month of July the Outer Banks received very encouraging news that 101 properties were sold in the area.  July was the third consecutive month that saw over 100 closings.  Even more encouraging is the fact that this July was up 13 sales compared to 2008. 

 

Bank owned homes and short sales account for a large percentage of these transactions.  29 out of 101 sales were distressed properties.  Of the 29 distressed homes, 20 were banked owned.  Here’s a great source for the Outer Banks Foreclosure Report. 

 

Local Real Estate professionals feel the market will continue to improve, and distressed properties will continue to have a large impact.