Outer Banks, NC – December 8, 2011 – (RealEstateRama) — Ignoring the trend around the country the Outer Banks is continuing to see an increased in the number of real estate sales transactions. This is the third year in a row we have experienced an increase in the number of properties sold. While prices are still in decline the number of sales continues to increase. So far this year our little MLS has recorded 1,167 sold properties as compared to 1,120 last year during the same time frame. This is an increase of almost 5%.
While this might not seem like a big deal to the casual observer, to those of us on the scene it is light-years from the dramatic decline we experienced in the years 2006, 2007 and 2008. During that time the inventory of properties for sale in the Outer Banks MLS increased faster than the properties were selling. The real estate market became bloated with houses priced so far out of line with the market they had no chance of selling. This and the lack of sales increased the inventory numbers to an all time high.
Those sellers have given up and gone away. This, along with the increased numbers of real estate sales, has resulted in the amount of available inventory for sale declining. The current inventory of available properties for sale has decreased to the point where buyers are not so overwhelmed they hesitate to make a decision. The old law of supply and demand is starting to kick in and with this reduced inventory comes an increase in demand.
An increase of almost 5% in Outer Banks real estate sales during one of the country’s worst recessions is something to brag about. Too bad the 24 hour news shows can’t get off their butts and go look around the country for these kinds of stories. I am sure the Outer Banks is not the only area in the US experiencing a recovery in the real estate market after dealing with this recession for so long. It would do the country good to hear some good news once in a while.