Outer Banks Real Estate Market Update

The Outer Banks Real Estate Market is showing signs of improvement, in line with what is happening with home sales, nationwide. One indicator is that although total number of units sold for the first half of 2014 are down slightly, the total volume of sales is up by about 11%, meaning the average price of sold properties has increased.  Another indicator is that the total number of distressed properties sold has decreased by by 41% when compared to the first half of 2013.  Active listings are on the increase, making it a good time for buyers, with more properties to choose from. It will be interesting to monitor these trends throughout the second half of the year to see if they continue.  With mortgage rates low and favorable mortgage products available for both conventional and jumbo loans, it a good time to buy or sell on the Outer Banks.  All statistical information is taken from The Outer Banks Association of Realtors® June 2014 MLS Statistical  Report.

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