Over the past decade, the Outer Banks has seen a roller coaster effect in its most prized commodity, real estate. We have seen the market go from some of the best times to buy and sell property to some of the worst. There is no hiding the fact that second and investment home markets like the Outer Banks are usually the first ones to feel a downturn in the real estate market. However, the good news is that historically markets like the Outer Banks are also on the forefront of the recovery as well.
Looking back on 2010, the year should be renamed in real estate circles to: The Year of the Bank Owned Property! This seemed to be the dominating phrase when it came to buying Outer Banks real estate in 2010. This economy and real estate cycle has been very unfortunate for many owners over the past year or two, and should by no means be celebrated from a Broker point of view. However, this has opened the door for many buyers to reenter the market and discover their dreams of Outer Banks property ownership. Today we find ourselves a little more cautiously optimistic with the release of our second annual Resort Report, which includes:
- 2010 market information and projections for this year;
- Total listings and sold transaction comparisons;
- Average sales prices, sales volume, and average days on market for both Residential and Lot/Land real estate from Corolla to Roanoke Island.