Winter time on the Outer Banks! Usually this is a time for locals to kick back and relax and enjoy the natural bueaty of the beach without the crowds during the summer. However, at Resort Realty this is one of the busier times of the year. So much for winter relaxation!
Historically, the heavy reservation season for Outer Banks Vacation Rentals has been over the winter (December, January, and February). While this is still true today, the booking window continues to shrink as supply outpaces demand. So far for 2010 we are seeing a much better call volume and heavier daily reservation count compared to 2009. While overall reservations where not off by much in 2009, the later than usual booking window caused rampant discounting and a reduction in overall rental revenues.
We see the later booking trend to continue into the forseeable future. In today’s internet age it makes comparison shopping between companies extremely easy, thus making a large segment of Outer Banks Vacation Rentals extremely price senstive. The good news is that the Outer Banks continues to be a top destination for a huge part of the U.S. population and continues to attract first time visitors on a yearly basis which increases the awareness and popularity of our area.
As of January overall weekly reservations and rental revenues are up compared to 2009, but still off 2008 numbers. Daily reservation counts are continuing to increase throughout the month and prime weeks (July and August) are renting earlier. Stay tuned for Resort Realty’s continued market updates on 2010’s Outer Banks Vacation Rental market.
