2011 Year End Report
Total Property Sales -- A total of 1315 units were sold in 2011 which was down from 2010 by just 3%.
# Residential property -- Almost one half of the homes sold (630) were in the $100-300k range. 219 sold in the $300-400k and 117 in the $400 - 500k range. There were 55 sales that were over $1 million dollars.
# Land -- Sales in 2011 were up 15% with 323 lots being sold.
# Commercial - -Sales were up 92% with sales of 25 in 2011 vs 13 in 2010.
How Sold -- Some cash buyers were out buying but with interest rates at historic lows most buyers obtained a conventional loan.
Distressed Properties -- Distressed properties accounted for approximately 14% of residential property inventory down from 16% last year while sales of distressed properties accounted for 31% of all sales in 2011 which was also down from 38% last year. Maybe we are running out of homes that have been foreclosed and become bank owned properties. Time will tell.
Overview:
Home prices declined a little in 2011, but the number of sales actually improved as investors decided it might be a good time to jump in the market to be buyers. The number of homes that were foreclosed dropped slightly which is always a good sign. Interest rates are still low and are no signs they will go up before the November election. After the election and in 2013 I would expect that will change, so 2012 will be the time to buy. Spring is the primary selling season so don't be left behind, the best homes sell first !!!!!!!!
Click here to see the full pdf report for 2011
Search all property listed for sale on the Outer Banks here for free:
www.joelambjr.com/mls_set.htm
Search Bank Owned Homes:
www.joelambjr.com/bankowned_obx.htm
Call or email me anytime I can be of help for you as you explore the options in buying on the Outer Banks.
Tim Moore
Broker/ Sales Mgr Joe Lamb Realty Tim@joelambjr.com 800-552-6257 ext 234
(O)
252-261-7724
This representation is based in whole or in part on data supplied by, and to the Subscribers of the Outer Banks Association of
REALTORS® Multiple Listing Service. Information contained herein is deemed reliable but not guaranteed. Data maintained by
the OBAR MLS is for its own use and may not reflect all real estate activity in the market. |
