Outer Banks, NC – December 20, 2011 – (RealEstateRama) — This is the third year in a row with increased real estate sales across all sectors of the Outer Banks real estate market from the low end properties all the way up to oceanfront real estate.
The absorption rate for Outer Banks oceanfront real estate is now at 1.5 years. This means that there is 1.5 years of real estate inventory currently for sale. There are currently 245 houses, condos and vacant oceanfront lots currently for sale. If the Outer Banks real estate market maintains it’s current rate of sales it will take 18 months to sell everything.
In the past 12 months 156 oceanfront properties were sold and the are 40 properties currently under contract with buyers going through the closing process. If the current rate continues and we continue to sell 16.3 oceanfront properties every month it will take 18 months to sell off the 245 oceanfront properties currently for sale with the Outer Banks Association of Realtors.
With this being the third year in a row with increased real estate sales on the Outer Banks there is no reason to believe sales are going to slow down now. In fact, with a 20% increase this year and a 30% increase last year we should be able to see the absorption rate drop as sales continue to improve.
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