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.
Owner/Broker – Coldwell Banker Seaside Realty