The 3rd quarter has come to a close, with the end of the 2012 fast approaching. Thereâ€™s also a lot happening in the housing market. This quarter and year overall has been characterized by reasonable pickup in the housing marketing both nationally and locally. Case-Shiller indexes have been positive in 20 metro-areas for 3 consecutive months-the first such move since the summer of 2010. Foreclosure inventory is dwindling in many parts of the nation. Demand is increasing for foreclosures (many of which are being picked up by investors). And, perhaps most significantly, interest rates are still near historic lows. The Fedâ€™s decision to move forward with QE 3 has spurred a large purchase and refinancing demand. In fact, as The New York Times reported recently, â€œFederal stimulus has ignited a boom in mortgage refinancing, benefiting both homeowners and banks. And the good times could continue as the government steps up its support of the broad housing market.â€
Thus far, OBX real estate sales are looking pretty good. Year-to-date overall sales are up 20% with lots / land listings leading the way up 42% and residential property sales up 15%. The market has seen strong sales among all price ranges, with the $200,000 to $300,000 price range the hottest. The year-to-date under contract numbers are still showing a significant rise over 2011 numbers.
OBX Foreclosures and Short Sales have fallen 44% since 2011 and are at the lowest level since we began keeping statistics. This is leveling out the market competition and giving sellers the opportunity get true market value for their property.
The OBX real estate market is coming into the fall selling season for vacation rental homes, where many homeowners, are NOW motivated to sell at the end of the vacation rental season. Speaking of rentals 2012 is on pace to be a record setting year for the number of tourists that visit the Outer Banks. This has lead to strong gross rental income. Most of our current buyers are investors only looking at CASH FLOW. Buyers are taking advantage of low interest rates and the great values. It's never been more affordable to own a house on the Outer Banks than now!!
For a detailed report with breakdown by OBX town within area (Oceanside, â€œBtwn Hwysâ€, Westside, Soundside) please email me at email@example.com .
If you want to know how to put these OBX real estate market stats to work in your favor, just shoot me an email and we can schedule a time to examine how the real estate market applies to your specific situation and price range.
Source:Â Outer Banks Association of Realtors Multiple Listing Service
Hugh â€œScooterâ€ Willey