Outer Banks, NC – December 17, 2011 – (RealEstateRama) — You don’ t see a whole lot of turnover along the Southern Shores oceanfront. People who own beachfront homes in Southern Shores tend to hold onto their properties longer than their contemporaries in most of the other areas of the Outer Banks. There is also a larger proportion of second home owners vs rental property owner amongst the Southern Shores property owners and with the the oceanfront lots in Southern Shores being twice as wide as anywhere else around resulting in half as many lots along the Southern Shores beachfront. (most oceanfront lots measure 50 feet wide and Southern Shores lots measure 100 ft. wide)
So, it is not surprising to find that there are currently only 6 oceanfront houses for sale in all of Southern Shores. The inventory is consistently low which has helped maintain prices. In the previous 12 months there were 4 oceanfront front homes sold in Southern Shores and there is 1 home currently under contract with a buyer in the process of closing. If the real estate market stays consistent it will take a little over 1 year to sell off all of the oceanfront homes currently for sale in Southern Shores. This makes the Southern Shores oceanfront home absorption rate at a little over 12 months. Not bad for what is claimed to be the worst recession ever.
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 at Shore Realty 800-647-1868, helping people buy and sell real estate on the Outer Banks since 1989.