Hi y’all. It’s Gordon Jones, owner/broker with Coldwell Banker Seaside Realty here on the Outer Banks and in Elizabeth City. I’ve committed to myself to bring a monthly video market report to add my voice (and video ) to the real estate discussion here on the Outer Banks and in Northeast North Carolina. I’m happy to be back with my second update (you can find my first update here), and I’m very please to be able to share more positive real estate news. The positive real estate trends on the Outer Banks are continuing; Overall sales up 25% over last year Residential sales up 21% Land sales up 40% The numbers are clearly great, and to “build” on the positivity :), I’ve been talking to local builders, and they are seeing a flurry of activity as buyers of the land are proceeding to plan for new construction. A very welcomed sign for the OBX building and real estate industry. Let’s continue with some more numbers… Under contracts up 11% over 2011 Inventory down 3% over 2011 Residential inventory down 7% over 2011 Again, all of these numbers look great, but I’d like to point out the decline in inventory as a strong indicator of the increased strength in the market. As inventory declines, demand increases, and strong demand makes for a strong market. This should lead to firm pricing, and if the trends continue, increased pricing. On the flip side, distressed sales continue to play a role in the Outer Banks real estate market. This puts a downward pressure on pricing, but the

Tagged with:

Filed under: Real Estate

Like this post? Subscribe to my RSS feed and get loads more!