The Outer Banks real estate market has put 2011 in the rear view. The market started off hot in 2011 and continued throughout the summer until Hurricane Irene came to town. Irene hit the brakes on the market right in the middle of the fall selling season for about 60 days and that put a damper on sales. Even with all of the hurricane clean up in September and October sales came roaring back towards the end of the year. Buyers have made their mind up that now is the right time to invest in the Outer Banks real estate market. 2011 ended up being the best year the Outer Banks real estate market has seen since 2006. The number of houses sold hit its highest level since 2005, average sold price was up 5.5% from 2010 marking the first appreciation the Outer Banks has seen since 2005-2006. With that said I am real optimistic that the winter and spring selling season will be the best it's been since the last boom year of 2006. The number of active listings has declined 16% from one year ago and has brought inventory back to within our market average. Distressed property sales continue to fall as the active foreclosures and short sales declined almost 15% from 2010. With mortgage rates hovering around all time lows its never been a better time to get a loan . 2011 will also go down as a record year for the rental market and number of visitors. Rental income is strong and stable with room to grow which combined with sales prices back to 2004 levels offers a great investment opportunity. The Outer Banks market, as I have said many times over the years, does not follow the national market. Now is the time to seriously look at real estate on the Outer Banks. The market has turned, mortgage rates are at all time lows, and the stock market is unpredictable. The Outer Banks offers an opportunity to purchase income producing property which has reached its bottom plus you get enjoy your property and all of that the Outer Banks has to offer.
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