December 20, 2011 – (RealEstateRama) — Hatters Island, on the south end of the Outer Banks, is in the middle of an oceanfront home shortage. No need to worry though, because the shortage is only because there are not enough oceanfront houses for sale to accomadate all of the potential buyers. Despite the best efforts of the media to scare everyone away from the real estate market, Hatteras Island is experiencing a boom in the sales of oceanfront single family homes resulting in the shortage.
From Rodanthe to Hatteras Village there are currently only 32 oceanfront houses listed for sale across the entire island with the Outer Banks Association of Realtors. If you think this is a lot of oceanfront homes consider 32 oceanfront homes were sold in the past 12 months and there is currently 11 more under contract with buyers in the process of closing. That’s 43 oceanfront home sales on Hatteras Island in the past year.
This puts the absorption rate for oceanfront homes on Hatteras Island at 9.5 months. What this means is, the available 32 oceanfront houses currently for sale on Hatteras Island will be sold and gone 9.5 months from now. Good news for oceanfront property owners.
If you are planning to sell your oceanfront home then now is a good time. There are plenty of buyers waiting for the right property to come on the market at market value. If you can price your home at market value then you can sell your property. To find out what the market value is for your OBX property call Greg Cremia, helping people buy and sell real estate on the Outer Banks since 1989. Call 800-647-1868 Shore Realty