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.
President – Coldwell Banker Seaside Realty