Happy New Year! I’m really excited about what’s to come in 2017 for the real estate market on the Outer Banks. There seems to be a burst in consumer confidence, and I hope that positive effect comes to us in full force. We definitely need it!
We had a huge year for sales in 2012 and things have been pretty stable since then. It doesn’t surprise me that we saw no increase in the number of sales for 2016 from 2015. I do suspect we will have a very strong year for 2017 in terms of number of sales:
| Year: | 2012 | 2013 | 2014 | 2015 | 2016 |
| Total # Sold: | 2042 | 2093 | 2139 | 2292 | 2289 |
| Increase from Previous Year | 21% | 2% | 2% | 7% | 0% |
The big question on everyone’s mind is still about price. We have already seen the interest rates tick up a bit. That definitely makes it a little more challenging for prices to rise. The other issue is of course, inventory. While our inventory levels are down quite a bit, 14% to be exact, we still have an over 12 month supply of properties for sale, in the overall market.
In a few of our specific markets, like Duck and Corolla, the inventory levels are much higher, nearly 24 months’ supply. The number of buyers would have to triple to bring inventory to an 8 month supply. Which is still slightly high. With the latest bridge developments, I’m not sure why the number of buyers would go up that much. So those areas could still be plagued with an extreme oversupply of inventory, continuing to suppress the pricing.
Meanwhile, the opportunity to buy a home at a great price, with great rental income is high! Click here for the checklist of what to know before buying on the Outer Banks.
If you’re thinking of selling this year, let’s chat about what I can do for you!
