Outer Banks Real Estate Market Enjoys Strong Summer Not Seen In 6 years

July was an outstanding month for property sales on the Outer Banks. Buyers have made their mind up that now is the right time to invest in the Outer Banks real estate market. So far in 2011 there are no signs of a slowdown as pending homes sales in July were at the highest levels for any previous July going all the way back to the boom year of 2005. The number of active listings has declined 18% in July from a year ago. Prices on average are starting to rise and year to date the average sold price has increased 5% from 2010. Distressed property sales continue to fall as the active foreclosures and short sales have declined almost 20% from 2010. With mortgage rates in the low 4% range I antisipate the fall selling season will be better than the spring. 2011 will also go down as a record year for the rental market and number of vistiors. Rental income is strong and stable with room to grow which combined with sales prices back to 2003 levels makes for a great investment opportunity. The Outer Banks market, as I have said many times over the years, does not follow the national market. This is the first time I have made this statement here and that's if you are seriously looking to buy on the Outer Banks now is the time. The market has turned, mortgage rates are at all time lows, and the stock market is unpredictable. The Outer Banks offers an opportunity to purchase income producing property at depressed values plus you get enjoy your property and all that the Outer Banks has to offer.