Tag Archives: OBX

April OBX Real Estate Update: The Seaside Report – 5.17.12

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The fourth month of 2012, and the 4th month of The Seaside Report. And I am happy to report that the OBX real estate trends for 2012 are still rosy. 2012 is off to a great start for the Outer Banks real estate market.

But before I jump into the OBX real estate update for April 2012, let’s recap what The Seaside Report is and why we’re offering this monthly report about the Outer Banks real estate market.

As investors, homeowners, and vacationers, we need to understand the full picture of the Outer Banks real estate market to ensure we are making educated decisions, and our hope is that The Seaside Report will help develop this full perspective.

  • The main economic driver on the Outer Banks is real estate, but for years the OBX market has been lacking one report that could offer a full view of the real estate conditions – sales & vacation rentals.
  • To meet the need for a detailed analysis of the current Outer Banks real estate market, including the often ignored, but incredibly important, vacation rental market, we have created the monthly “Seaside Report.”
  • We have combined the forces of both sides of our business – Outer Banks real estate sales with Coldwell Banker Seaside Realty & OBX vacation rentals with Seaside Vacations – to bring you the first report to offer a comprehensive view of the OBX real estate market – real estate sales & vacation rentals.

As always, we appreciate your input, and we encourage you to leave your comments below. We are happy to address any questions you may have, and we are always interested in suggestions for improvement.

Outer Banks Real Estate Sales
(Data Source: OBAR)

Year-to-Date Sales

  • Overall – up 22% (664 units vs 543 units)
  • Residential – Up 14% (500 units vs 437 units)
  • Land – Up 55% (150 units vs 97 units)
  • Commercial – up 56% (14 units vs 9 units)

Year-to-Date Under Contract

  • Overall – up 16% (780 units vs 675 units)
  • Residential – up 8% (606 units vs 560 units)
  • Land – Up 39% (115 units vs 160 units)
  • Commercial – Up 100% (14 units vs 7 units)

Inventory – Inventory has continued to declined by are relatively constant rate of 1% over the last 12 months.

  • Residential property inventory down 5%.
  • Commercial property inventory down 8%.
  • Raw land inventory up 5%.

Distressed Property (Residential):

  • Distressed property sales contributed 23% to the total number of sales in April.
    •  Short Sales made up 7%
    • Bank Owned made up 15%.
  • Number of bank owned property sales declined by 29% while the number of Short Sale property sales stayed the same over April 2011.

Top 5 Outer Banks Real Estate Firms for April 2012

Rank

Firm

Volume
1

Coldwell Banker Seaside Realty – KH

$11,284,400
2

RE/MAX  – KDH

$8,997,000
3

Sun Realty – KDH

$6,148,050
4

Beach Realty & Construction – KH

$5,864,830
5

Midgett Realty – Avon

$5,195,961

Outer Banks Vacation Rental Market 
(Data Source: NAVIS GeoAnalytics)

Average Booking Window
Legend: 2011;  2012

This graph demonstrates the average number of days between booking and check-in date. This graph is summarized by month of booking, rather than month of stay.

For example, the reservations made at this time of year are about 85 days in advance of their check-in date. This booking window has dropped by 20 days from March. Considering that the summer is the busiest time of year on the Outer Banks, this decline in booking window makes sense. We should continue to see this booking window decline as we approach the summer months.

The takeaway message is that guests should book early for summer months in order to reserve the most desirable homes and weeks – at this point,  at least 85 days in advance, but that window is declining every day as we approach the summer months.

The Seaside Report: Average Booking Window - April 2012The Seaside Report: Average Booking Window – April 2012

The Seaside Report: Average Booking Window - YoY Variance - April 2012The Seaside Report: Average Booking Window – YoY Variance – April 2012

Average Length of Stay
Legend: 2011;  2012

The Length of Stay graph illustrates the average number of days between check-in date and check-out date of reservations, summarized by check-in month.

As would be expected for the Outer Banks, the average stay is about seven days for the summer months and varies in the shoulder season.

A strong takeaway here is that full weeks are a must for the summer months, but Spring and Fall offer great opportunities for shorter stays and discounted rates, while maintaining the great benefits of gorgeous weather, empty beaches, and ample attractions and activities.

The Seaside Report: Average Length of Stay - April 2012The Seaside Report: Average Length of Stay – April 2012

The Seaside Report: Average Length of Stay - YoY Variance - April 2012The Seaside Report: Average Length of Stay – YoY Variance – April 2012

Average Stay Value
Legend: 2011;  2012

The Stay Value graph illustrates the average revenue actualized or projected for reservations, summarized by check-in month.

The clear message with this graph is that demand is high and supply is low during the summer months, and as a result, prices are driven higher during the summer months. As mentioned above, Spring and Fall offer great opportunities for shorter stays and discounted rates, while maintaining the great benefits of gorgeous weather, empty beaches, and ample attractions and activities.

July is the clear peak, and prices begin to fall towards the end of August – when kids go back to school.

It is interesting to note that the stay values are slightly higher for 2012 compared to 2011. This seems to signal that discounts are less likely for 2012. October dips a bit right now, but there is plenty of time for that stay value to recover leading up to October.

The Seaside Report: Average Stay Value - April 2012The Seaside Report: Average Stay Value – April 2012

The Seaside Report: Average Stay Value - YoY Variance - April 2012The Seaside Report: Average Stay Value – YoY Variance – April 2012

Bookings
Legend: 2011;  2012

The Bookings graph illustrates the number of reservations actualized or on the books, summarized by check-in month.

This graph gives a good view of the “strength” of the reservations over the previous year. Reservations are up, which indicates that early reservations are wise and prices should remain constant.

A couple points of interest; June is very strong over last year (+27%), but July is slightly under-performing in comparison to 2011 (-15%). This will be a trend to keep an eye on. My guess is July will recover with last minute bookings.

In general, bookings usually increase right up to the summer check-in days as last minute vacationers scramble to find available homes. July bookings should catch-up, and we should continue to see a strong growth in the remaining months ahead.

The Seaside Report: Bookings - April 2012The Seaside Report: Bookings – April 2012

The Seaside Report: Bookings - YoY Variance - April 2012The Seaside Report: Bookings – YoY Variance – April 2012

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Outer Banks Real Estate News: Coldwell Banker Seaside Realty Ranked #12 in North America!

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Coldwell Banker Seaside Realty

Coldwell Banker Seaside Realty

We are very proud to announce that Coldwell Banker Seaside Realty has been named among the Top 20 Coldwell Banker offices in North America - #12 to be exact!

Below is the list of top 20 offices, and here’s a quick reminder of who we are and what we do…

Founded in Kitty Hawk, NC in 1990, Coldwell Banker Seaside Realty is a dynamic full service real estate company, servicing the entire Albemarle region. More than 50 licensed agents provide both residential and commercial buying/selling assistance in Northeast North Carolina. Offices located in Kitty Hawk and Elizabeth City, NC. More information can be found on the Coldwell Banker Seaside Realty website at www.ColdwellBankerOBX.com.

Top 20 Coldwell Banker offices in North America 

 

RANK COLDWELL BANKER CITY/STATE or PROVINCE
1 Premier Realty Henderson, NV
2 United, Realtors Austin, TX
3 Weir Manuel Plymouth, MI
4 Homestead Group Select Professionals Camp Hill, PA
5 Evergreen Olympic Realty, Inc. Olympia, WA
6 United, Realtors Houston, TX
7 United, Realtors Houston, TX
8 United, Realtors Katy, TX
9 Preferred Real Estate Winnipeg, MB
10 Tomlinson Associated Brokers Kennewick, WA
11 Boyd & Hassell, Inc., Realtors Hickory, NC

12

Seaside Realty

Kitty Hawk, NC
13 Grass Roots Realty Grass Valley, CA
14 Hartung & Noblin Tallahassee, FL
15 Sun Ridge Real Estate Roseville, CA
16 United, Realtors Cypress, TX
17 Barbara Sue Seal Properties Portland, OR
18 Island Properties Wailea, HI
19 Trails and Paths Mesa, AZ
20 Home Owners Realty, Inc. Grand Junction, CO
Office Size 4 (36-50 Sales Associates)
Total Number of Offices Participating: 170

 

Outer Banks Real Estate Update: Video Market Report – April 23, 2012

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Coldwell Banker Seaside Realty

Coldwell Banker Seaside Realty

Hi y’all. It’s Gordon Jones, owner/broker with Coldwell Banker Seaside Realty here on the Outer Banks and in Elizabeth City.

I’ve committed to myself to bring a monthly video market report to add my voice (and video :) ) to the real estate discussion here on the Outer Banks and in Northeast North Carolina.

I’m happy to be back with my second update (you can find my first update here), and I’m very please to be able to share more positive real estate news.

The positive real estate trends on the Outer Banks are continuing;

  • Overall sales up 25% over last year
  • Residential sales up 21%
  • Land sales up 40%

The numbers are clearly great, and to “build” on the positivity :) , I’ve been talking to local builders, and they are seeing a flurry of activity as buyers of the land are proceeding to plan for new construction. A very welcomed sign for the OBX building and real estate industry.

Let’s continue with some more numbers…

  • Under contracts up 11% over 2011
  • Inventory down 3% over 2011
    • Residential inventory down 7% over 2011

Again, all of these numbers look great, but I’d like to point out the decline in inventory as a strong indicator of the increased strength in the market. As inventory declines, demand increases, and strong demand makes for a strong market. This should lead to firm pricing, and if the trends continue, increased pricing.

On the flip side, distressed sales continue to play a role in the Outer Banks real estate market. This puts a downward pressure on pricing, but the good news is that this effect is waning.

  • Distressed property sales made up 25% of total volume for March 2012, compared to 44% in February 2012 and 37% in March 2011.

From an “on the ground” perspective, I’ve been talking with agents, and they are very excited about the increased level of activity. Some have even likened it to the real estate activity on the Outer Banks in 2003 and 2004. That’s a big comparison. :)

So, what do these numbers mean? Well, these trends seem to indicate that it is a good time to sell your home if it is priced correctly. Pricing is always key. But it’s very positive to see this growth. And from a buyers standpoint, I would suggest that you make your offers a bit more competitive because you know there will be competition out there looking over your shoulder.

Thanks for tuning in. I’m looking forward to sharing my thoughts with you each month. Please join the conversation. If you have any thoughts or questions, please leave a comment, and I’ll be happy to share my thoughts.

Thanks,
Gordon Jones
Owner/Broker - Coldwell Banker Seaside Realty

March OBX Real Estate Update: The Seaside Report – 4.18.12

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Here is our third monthly installment of The Seaside Report, and it is great to have such positive information to share. 2012 is starting off great for the Outer Banks real estate market.

Before I dive into the report, here’s a quick recap of what The Seaside Report is and why we’re offering this monthly report about the Outer Banks real estate market.

The main economic driver on the Outer Banks is real estate, and to meet the need for a detailed analysis of the current OBX real estate market, including the often ignored, but incredibly important, vacation rental market, we have created the monthly “Seaside Report.”

We have combined the forces of both sides of our business – Outer Banks real estate sales with Coldwell Banker Seaside Realty & OBX vacation rentals with Seaside Vacations – to bring you the first report to offer a comprehensive view of the OBX real estate market – real estate sales & vacation rentals.

As investors, homeowners, and vacationers, we need to understand the full picture of the Outer Banks real estate market to ensure we are making educated decisions, and our hope is that The Seaside Report will help develop this full perspective.

As always, we appreciate your input, and we encourage you to leave your comments below. We are happy to address any questions you may have, and we are always interested in suggestions for improvement.

Outer Banks Real Estate Sales
(Data Source: OBAR)

As I mentioned, 2012 is off to a fantastic start for the OBX real estate market. In fact, the numbers for the Month of March are the best since October 2005! Overall sales are up 25% and listing being placed under contract are up 11%.

Year-to-Date Sales

  • Overall – up 25% (471 units vs 376 units)
  • Residential – Up 21% (363 units vs 300 units)
  • Land – Up 40% (98 units vs 70 units)
  • Commercial – up 67% (10 units vs 6 unit)

Year-to-Date Under Contract

  • Overall – up 11% (569 units vs 511 units)
  • Residential – up 1% (436 units vs 431 units)
  • Land – Up 32% (121 units vs 92 units)
  • Commercial – Up 100% (12 units vs 6 units)

Inventory:

  • Overall, inventory has declined by 3% when compared with inventory in March 2011.
  • Residential inventory declined by 7%.
  • Commercial inventory declined by 8%.
  • Land inventory increased by 4%.

Distressed Sales:  (Distressed = Bank Owned and Short Sales)

  • Distressed sales remain at 13% of the active inventory.
    • Distressed sales have maintained this approximately this level for the last 12 months.
  • However, distressed property sales only made up 25% of the total sales volume in March 2012, compared to 44% in February 2012 and 37% in March 2011.
  • The sale of properties listed as short sales declined to 11% of all sales, and the sale of bank owned properties declined to 14% of all sales; for a total of 25% of all sales.

Top 5 Outer Banks Real Estate Firms Year-to-Date

Rank

Firm

Volume

1

Coldwell Banker Seaside Realty – KH

$32,688,690

2

RE/MAX Ocean Realty – KDH

$26,059,676

3

Sun Realty – KDH

$17,452,720

4

Twiddy & Co. – Duck

$16,789,950

5

Village Realty – NH

$16,652,700

Average Booking Window  Outer Banks Vacation Rental Market 
(Data Source: NAVIS GeoAnalytics)

Legend: 2011;  2012

This graph demonstrates the average number of days between booking and check-in date. This graph is summarized by month of booking, rather than month of stay.

For example, the reservations made at this time of year are about 105 days in advance of their check-in date. This booking window has dropped by 35 days from February. Considering that the summer is the busiest time of year on the Outer Banks, this decline in booking window makes sense. We should continue to see this booking window decline as we approach the summer months.

The takeaway message is that guests should book early for summer months in order to reserve the most desirable homes and weeks – at this point, about 105 days in advance, but that window is declining every day as we approach the summer months.

The Seaside Report: Average Booking Window - March 2012The Seaside Report: Average Booking Window – March 2012
Seaside Report: Average Booking Window - YoY Variance - March 2012Seaside Report: Average Booking Window – YoY Variance – March 2012

Average Length of Stay
Legend: 2011;  2012

The Length of Stay graph illustrates the average number of days between check-in date and check-out date of reservations, summarized by check-in month.

As would be expected for the Outer Banks, the average stay is about seven days for the summer months and varies in the shoulder season.

A strong takeaway here is that full weeks are a must for the summer months, but Spring and Fall offer great opportunities for shorter stays and discounted rates, while maintaining the great benefits of gorgeous weather, empty beaches, and ample attractions and activities.

Although, it is interesting to note that there is a small spike in September. September is usually considered the start of the “shoulder season,” with guests traditionally taking advantage of the flexibility to take mini-vacations shorter than 7 days. It is encouraging to see guests staying for 7+ days in September.

Seaside Report: Average Length of Stay - March 2012Seaside Report: Average Length of Stay – March 2012
Seaside Report: Average Length of Stay - YoY Variance - March 2012Seaside Report: Average Length of Stay – YoY Variance – March 2012

Average Stay Value
Legend: 2011;  2012

The Stay Value graph illustrates the average revenue actualized or projected for reservations, summarized by check-in month.

The clear message with this graph is that demand is high and supply is low during the summer months, and as a result, prices are driven higher during the summer months. As mentioned above, Spring and Fall offer great opportunities for shorter stays and discounted rates, while maintaining the great benefits of gorgeous weather, empty beaches, and ample attractions and activities.

July is the clear peak, and prices begin to fall towards the end of August – when kids go back to school.

It is interesting to note that the stay values are slightly higher for 2012 compared to 2011. This seems to signal that discounts are less likely for 2012.

Seaside Report: Average Stay Value - March 2012Seaside Report: Average Stay Value – March 2012
Seaside Report: Average Stay Value - YoY Variance - March 2012Seaside Report: Average Stay Value – YoY Variance – March 2012

Bookings
Legend: 2011;  2012

The Bookings graph illustrates the number of reservations actualized or on the books, summarized by check-in month.

This graph gives a good view of the “strength” of the reservations over the previous year. Reservations are up, which indicates that early reservations are wise and prices should remain constant.

A couple points of interest; June is very strong over last year (+29%), but July is slightly under-performing in comparison to 2011. This will be a trend to keep an eye on. August and September are also up slightly from 2011, and there are still a few months to go.

In general, bookings usually increase right up to the summer check-in days as last minute vacationers scramble to find available homes. July bookings should catch-up, and we should continue to see a strong growth in the remaining months ahead.

Seaside Report: Bookings - March 2012Seaside Report: Bookings – March 2012
Seaside Report: Bookings - YoY Variance - March 2012Seaside Report: Bookings – YoY Variance – March 2012
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Market Conditions Just Right for Vacation Rental Real Estate – Even MSNBC Says So!

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Magic 8 Ball - Signs Point to Yes

Magic 8 Ball - Signs Point to Yes

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…

Year-to-Date Sales

  • 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:

Top 5 Outer Banks Real Estate Firms: February 2012

Rank

Firm

Volume
1 Coldwell Banker-Seaside – Kitty Hawk

$20,832,100
2 RE/MAX Ocean Realty – Kill Devil Hills

$14,057,176
3 Sun Realty – Kill Devil Hills

$11,218,720
4 Corolla Classic Vacations – Corolla

$7,935,708
5 Midgett Realty – Avon

$7,891,356

181 Happy Indian Court Video Tour

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Outer Banks Home For Sale: 181 Happy Indian Court

Outer Banks Home For Sale: 181 Happy Indian Court

How great is Happy Indian as your street name?! Almost makes you want to buy right there.

But hold tight, take a quick video tour of this awesome Outer Banks home, and you’ll find a whole bunch of reasons to be a happy buyer on Happy Indian Court.

You can find the full property details here, and below the video is a quick overview.

Enjoy the tour of 181 Happy Indian Court with the smiling (and party loving!) owners, Peggy and Jack.

  • VERY PRIVATE 28,500 SQ FT LOT WITH CUSTOM IN-GROUND POOL + ROOM FOR A TENNIS COURT/GUEST HOUSE
  • FANTASTIC HOME WITH OPEN FLOORPLAN
  • VAULTED CEILING
  • WALL OF WINDOWS VIEWS OF THE GORGEOUS GROUNDS
  • MASTER BEDROOM SUITE WITH LUXURY BATH & WALK-IN CLOSET
  • EACH BATHROOM HAS IT’S OWN BATH
  • GOURMET KITCHEN WITH GRANITE COUNTERS, STAINLESS APPLIANCES, WET BAR & WINE COOLER
  • JUST REFINISHED HARDWOODS
  • CUSTOM BOOK SHELVES SURROUND GAS FIREPLACE
  • TONS OF STORAGE
  • EXPANSION POSSIBILITIES ON LOWER LEVEL FOOTPRINT
  • 2 CAR GARAGE
  • WALK TO OCEAN ACCESS
  • YOU WILL LOVE IT!

 

February 2012 OBX Real Estate Market Update: The “Seaside Report” – 3.16.12

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The main economic driver on the Outer Banks is real estate, and to meet the need for a detailed analysis of the current Outer Banks real estate market, including the often ignored but incredibly important vacation rental market, we have created the monthly “Seaside Report.”

We have combined the forces of both sides of our business – Outer Banks real estate sales with Coldwell Banker Seaside Realty & OBX vacation rentals with Seaside Vacations – to bring you the first report to offer a comprehensive view of the OBX real estate market – real estate sales & vacation rentals.

As always, we appreciate your input, and we encourage you to leave your comments below. We are happy to address any questions you may have, and we are always interested in suggestions for improvement.

Outer Banks Real Estate Sales
(Data Source: OBAR)

2012 is off to a fantastic start for Outer Banks real estate. The winter months are typically a slow period for real estate, but January was a very strong month, and February has continued the trend. These are very strong trends for the 2012 OBX real estate market.

Year-to-Date Sales

  • 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)

Inventory

  • Overall, inventory has declined by 1% when compared with inventory in 2011
  • Land inventory has increased by 5%
  • Commercial inventory has increased by 9%.
  • Residential inventory continues to decline and is down by 6%.

Distressed Sales:  (Distressed = Bank Owned and Short Sales)

  • 13% of the active inventory in the MLS
  • Sale of distressed property accounted for 44% of residential property sales in February.
  • Total distressed property sales were down by 4% from 2011.
Top 5 Outer Banks Real Estate Firms: February 2012

Rank

Firm

Volume
1 Coldwell Banker-Seaside – Kitty Hawk

$20,832,100
2 RE/MAX Ocean Realty – Kill Devil Hills

$14,057,176
3 Sun Realty – Kill Devil Hills

$11,218,720
4 Corolla Classic Vacations – Corolla

$7,935,708
5 Midgett Realty – Avon

$7,891,356

 Outer Banks Vacation Rental Market 
(Data Source: NAVIS GeoAnalytics)

Average Booking Window
Legend: 2011;  2012

This graph demonstrates the average number of days between booking and check-in date. This graph is summarized by month of booking, rather than month of stay.

For example, the reservations made at this time of year are about 140 days in advance of their check-in date. This booking window has dropped by 30 days from January. Considering that the summer is the busiest time of year on the Outer Banks, this decline in booking window makes sense. We should continue to see this booking window decline as we approach the summer months.

The takeaway message is that guests should book early for summer months in order to reserve the most desirable homes and weeks – at this point, about 140 days in advance, but that window is declining every day as we approach the summer months.

Seaside Report: Average Booking Window - February 2012Seaside Report: Average Booking Window – February 2012
Seaside Report: Average Booking Window - YoY Variance - February 2012Seaside Report: Average Booking Window – YoY Variance – February 2012

Average Length of Stay
Legend: 2011;  2012

The Length of Stay graph illustrates the average number of days between check-in date and check-out date of reservations, summarized by check-in month.

As would be expected for the Outer Banks, the average stay is about seven days for the summer months and varies in the shoulder season.

A strong takeaway here is that full weeks are a must for the summer months, but Spring and Fall offer great opportunities for shorter stays and discounted rates, while maintaining the great benefits of gorgeous weather, empty beaches, and ample attractions and activities.

Seaside Report: Average Length of Stay - February 2012Seaside Report: Average Length of Stay – February 2012
Seaside Report: Average Length of Stay - YoY Variance - February 2012Seaside Report: Average Length of Stay – YoY Variance – February 2012

Average Stay Value
Legend: 2011;  2012

The Stay Value graph illustrates the average revenue actualized or projected for reservations, summarized by check-in month.

The clear message with this graph is that demand is high and supply is low during the summer months, and as a result, prices are driven higher during the summer months. As mentioned above, Spring and Fall offer great opportunities for shorter stays and discounted rates, while maintaining the great benefits of gorgeous weather, empty beaches, and ample attractions and activities.

July is the clear peak, and prices begin to fall towards the end of August – when kids go back to school.

Seaside Report: Average Stay Value - February 2012Seaside Report: Average Stay Value – February 2012
Seaside Report: Average Length of Stay - YoY Variance - February 2012Seaside Report: Average Length of Stay – YoY Variance – February 2012

Bookings
Legend: 2011;  2012

The Bookings graph illustrates the number of reservations actualized or on the books, summarized by check-in month.

This graph gives a good view of the “strength” of the reservations over the previous year. Reservations are up, which indicates that early reservations are wise and prices should remain constant. A couple points of interest; June is very strong over last year (+30%), but July is slightly under-performing in comparison to 2011. This will be a trend to keep an eye on.

Seaside Report: Bookings - February 2012Seaside Report: Bookings – February 2012
Seaside Report: Bookings - YoY Variance - February 2012Seaside Report: Bookings – YoY Variance – February 2012
Sign Up for The Seaside Report - OBX Real Estate Update

Sign Up for The Seaside Report - OBX Real Estate Update

Outer Banks Real Estate Update: Video Market Report – February 22, 2012

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Coldwell Banker Seaside Realty

Coldwell Banker Seaside Realty

Hi y’all.

It’s Gordon Jones with Coldwell Banker Seaside Realty here on the Outer Banks with an OBX real estate update for you.

I’ve committed to myself to bring a monthly market report to y’all to add my voice (and video :) ) to the real estate discussion here on the Outer Banks. So, please stay tuned for continued updates.

For my initial update, I’m going to focus on some data from January, and I’m happy to say that it’s been a pretty remarkable January. 2012 is definitely off to a great start here on the Outer Banks.

January is typically a slow period for real estate sales. The spring is usually when sales start to pick up, but that’s not the case this year.

In January, sales for Outer Banks real estate were up 7% and under contracts were up a whopping 38% over 2011. These are significant numbers considering that this is a slow time of year. If these trends continue, it should be a fantastic year for OBX real estate.

We are also seeing the inventory decline which is positive news from a supply and demand perspective. Distressed properties (foreclosures, short sales, and bank owned) are still making an impact at 31% of sales, but the trend line is moving down with an 8% decline from 2011.

So, what do these numbers mean? Well, these trends seem to indicate that it is a good time to sell your home if it is priced correctly. Pricing is always key. But it’s very positive to see this growth. And from a buyers standpoint, I would suggest that you make your offers a bit more competitive because you know there will be competition out there looking over your shoulder.

Thanks for tuning in. I’m looking forward to sharing my thoughts with you each month. Please join the conversation. If you have any thoughts or questions, please leave a comment, and I’ll be happy to share my thoughts.

Thanks,
Gordon Jones
President - Coldwell Banker Seaside Realty

Tiny Changes Can Go a Long Way When Selling Your Home

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ColdwellBanker.com gives us some helpful hints and simple tasks to consider when selling a home…

Selling a home can seem like a tedious task and it’s common for homeowners to feel discouraged if their home doesn’t sell right away. But the truth is, image is everything and making small changes to spruce up a property can make a home much more appealing to the general public.

After a home has been inspected, scrubbed down and ready to go on the market, consider a few helpful tips that may make the home more attractive.

Clean up the outside

First impressions can be the difference between a successful open house and limited buyer attention. Clean up and landscape the outside. Plant a colorful flower bed. Replace old house numbers with new, shiny placards. Removing clutter and presenting a neat, clean outside can make the home seem more inviting to potential buyers, according to MainStreet.com. Homeowners who have the budget may also go above and beyond by installing a new door or painting the current one to add a splash of color and appeal to the home.

Replace old appliances and freshen features

When buyers walk into a home, they may immediately try to see themselves living in that space. When a house has old cabinets, counters and tiles, it can make the space seem more outdated than it really is. Although purchasing new fixtures and tiles can be an investment, it may be one worth making in order to attract more potential buyers. In addition, removing old appliances or storing them below in cabinets can also make rooms, such as kitchens and dining areas, appear more fresh-faced and modern.

A coat of paint can also go a long way in livening up a home or a particular room, and the right color can make certain smaller rooms appear more spacious and inviting. Most real estate agents agree that neutral and light or bright colors can make a room stand out while still giving it a fresh and clean appearance.

De-clutter the house

Over the years, homeowners accumulate new furniture, pictures, keepsakes and family heirlooms. And while these treasures make existing homeowners feel comfortable, they can make a home appear smaller and cluttered. For this reason, sellers should consider boxing up items they do not currently use and adding more space to their living area. A few accent pieces can be sufficient in making the place feel homey without infringing on the living space.

Seven Staging Secrets from a Pro

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This recent post from Coldwell Banker’s Blue Matter gives us some inside scoop on staging homes for sale like a pro. Here are seven tips to help boost your home’s appeal and give homeowners a competitive edge when placing homes on the market. 
  • Stage rooms with one purpose.  Rooms that have many uses can confuse or even deter homebuyers, so staging rooms with one purpose is vital.  Determine who your most likely target market will be, whether it’s young professionals with no kids, families, or even empty nesters.  Then present your areas to fit their needs.  If you’ve been using a room as a guest room/kids playroom/home office, pick the one use that best suits your buyers.
  • Tackle the easy “do-it-yourself” projects. Spruce up your home by updating kitchen and bathroom fixtures and updating cabinet hardware.  Add a fresh coat of paint in a neutral palate that won’t distract from your home’s features. 
    A fresh coat of neutral paint goes a long way

  • Focus on the living areas.  Potential buyers should envision themselves entertaining friends and family in the living areas of the home.  Make sure those areas feel as spacious as possible by removing any unnecessary furniture to allow for easy traffic flow.
  • Make sure the master bedroom appeals to both sexes.  Remember that the master bedroom is a room that a couple will be sharing, so the décor should appeal to both sexes.  It should feel like a calm and peaceful refuge, not a frilly boudoir.  Remove any feature that seems too gender-specific and paint the walls a neutral colour.
  • De-clutter & depersonalize. Buyers want to picture their family living in a home, not the previous owners.  You’re going to be moving anyway, so start now by packing away family photos, personal mementos knickknacks. Store away valuables under lock and key. Some property owners find they need to store some of their belongings off premises to create an open feel.
  • Furnish the home, but don’t overdo it.  While an empty house may look spacious, it’s often hard for buyers to visualize their belongings in a home if they’re just looking at bare walls and floors. Leave the basic components that allow the viewer to define each room.
  • Don’t forget the outside spaces.  First impressions can play a key role in a consumer’s decision-making process, so don’t neglect your home’s curb appeal.  Make sure the home’s exterior is inviting by trimming the bushes, mowing the lawn and painting faded window trim.  Buyers will appreciate the seller’s efforts with the yard work, and will tend to assume that the same attention to detail has been devoted throughout the property.