Outer Banks December Market Report      

While we do have a slowdown in activity over the winter months, the real estate market is not a total loss for December – February.  There are still buyers looking and sellers wanting to move on, so don’t discount us just because you can’t jump in the ocean during your visit right now.

This year we saw a few things happen that are noteworthy:

  • Inventory went up moderately over last year (about 10%)
  • Number of sales stayed roughly the same (up only 1%)
  • Prices remained steady going neither up nor down for most areas
  • Yet, price reductions are sgingerbread housetill required for most homes to sell
  • Once priced to attract an offer, homes are selling at about 93% to 95% of asking price
  • Average days on market is still topping 240 days (for those that sold)
  • Distressed properties are still lingering
  • The OBX market as a whole is at a 17 month supply of homes for sale
  • Condition and price are recognized as the most important factors for buyers

If you’ve thought about selling your home, don’t wait until the spring.  Here are 5 reasons to go ahead and list now!

  • People who look for a home during the holidays are more serious
  • There are fewer transactions so the deal can close faster
  • Buyers have more time to look during the holidays
  • There will be a 30% increase in listings in the Spring which could impact your price then versus now.

We’ve had an exciting year in sales for 2014.  With interest rates going NO WHERE for the time being, it seems likely we can have another strong year of sales for 2015.

If you have thought about either buying or selling in the new year, contact me so we can come up with a strategy for you.