Over the past couple months we’ve been talking about the stellar real estate activity on the Outer Banks. The winter months are generally a slow period for the real estate market, but the winter of 2012 has been anything but slow.
The Outer Banks is currently experiencing market activity that we have not seen for quite a while…and we just ended the 1st quarter!
Here’s a link to the Seaside Report from March that gives a full overview of the OBX real estate market through February – including vacation rental activity. (Side note: April’s Seaside Report will be out next week.)
And here’s a quick overview from the March Seaside Report to give you a little taste of the great activity…
- Overall – up 24% (254 units vs 206 units)
- Residential – Up 19% (202 units vs 170 units)
- Land – Up 45% (48 units vs 33 units)
- Commercial – up 33% (4 units vs 3 unit)
Year-to-Date Under Contract
- Contract Overall – up 25% (381 units vs 306 units)
- Residential – up 15% (283 units vs 247 units)
- Land – Up 51% (89 units vs 59 units)
- Commercial – Up 200% (9 units vs 3 units)
If these trends continue, 2012 will be a fantastic year for real estate on the Outer Banks. And according to MSNBC.com, the conditions ARE right for these conditions to hold up. In fact, MSNBC.com even calls it the “Perfect Storm.”
“According to a new survey by the National Association of Realtors and Home Away… sales of vacation homes pushed up 7 percent in 2011 over the previous year.”
Has the perfect storm arrived for the OBX real estate market? There are no certainties in life, but according to my Magic 8 Ball, “all signs point to yes.”
If you’re in the market for an Outer Banks vacation home, we’d love to help you find the home of your dreams. Please reach out to us at www.ColdwellBankerOBX.com.
And to help you feel confident about your OBX realty company choices, here are the top 5 Outer Banks realty companies in February 2012 ranked by volume:
|1||Coldwell Banker-Seaside – Kitty Hawk||
|2||RE/MAX Ocean Realty – Kill Devil Hills||
|3||Sun Realty – Kill Devil Hills||
|4||Corolla Classic Vacations – Corolla||
|5||Midgett Realty – Avon||