Outer Banks Real Estate From Corolla To Hatteras Continues Upward Trend For First Half Of 2011

It’s a full on recovery for the Outer Banks real estate market in 2011!! Sales are taking off at a pace not seen in years. The average selling price for Single Family Homes, Condos, and Townhouses are up 11.7% from 2010!!

What is driving all of the sales??

Buyers realized that now is the time to get a jump on the next market upswing while there are still great deals to be had. Also low interest rates, currently at 4.5-4.75% for a 30yr fixed and Jumbo loans at 5% up to $1,000,000. Home sales in the $500,000 + range have exploded, up 33% from 2010. Mortgage lenders are starting to sound the alarm for rates to go up as the Federal Reserve pulls back on their quantitative easing which is causing rates to remain so low. Even if home prices remain the same when rates go up your purchasing power will decrease. Active listings continue to decline as more and more property is being sold. This helps bring the number of listings more in line with our normal market cycle. So far the number of active listings is down 16% from 2010. In the last 2 months of showing property I have noticed when a great house hits the market it’s under contract almost immediately.

At the current sales pace I predict that by the end of next summer the OBX market will start to turn into a new sellers market. If you have the ability to purchase now don't put it off, it will only cost you more.