Wow, what a decade! It is now 2010, a full ten years from the Y2K hysteria, the dotcom bubble crash, and the tragedy that was 9/11. Fortunes were made and lost seemingly overnight over the past ten years. Here on the Outer Banks, we saw exponential growth in construction, tourism, and Real Estate values on our little spit of sand. At Resort Realty, we pride ourselves on being Outer Banks experts. Our annual “Resort Report” has been designed as a comprehensive analysis of the Outer Banks Real Estate Market from Corolla to Roanoke Island with data compiled from the entire calendar year.
Over the past decade, the Outer Banks has seen a rollercoaster 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.
The overall picture for calendar year 2009 saw a relative plateau-ing effect with regards to total sales and sales volume compared to the sharp decreases during the 2006 and 2007 calendar years. Sold transactions for 2009 increased by 7.0% while total listings on the market decreased by 6.5%. Total Sales Volume (Listing Side Volume only) was only down 4.8% from 2008 compared to a 22.6% decrease between 2007 and 2008.
Average sales price’s on the Outer Banks, however, have continued to decrease steadily from the highs in the mid 2000’s. These figures are affected greatly by the number of bank-owned and foreclosure properties that have sold over the past year. Taking this into account, the Average Sales Price for 2009 dropped 11.0% from 2008 and has dropped 23.9% from calendar year 2006.
It is our hope you will view this report as a trusted source for Outer Banks Real Estate and will call a Resort Realty expert with any questions. Although 2009 ended on a relatively down note, things are looking bright for the upcoming 2010 calendar year. We are proud to offer our local expertise and hope you find it educational in your Outer Banks Real Estate search. Remember, Nobody Knows the Outer Banks Better!®
