This market report covers the areas from Corolla to Hatteras Island and is for the period January 2012 - March 2012.
Like the national market, the outer banks real estate market continues to improve. Through March 31st, 380 properties were sold, including 10 commerical properties and 79 lots/land. This is an increase from the prior year of nearly 14%! In addition to the year to date numbers improving, every month continues to improve as well. In January, 2012, a total of 97 properties were sold. February saw an increase over January of nearly 19%, jumping to 115 properties sold. And in March, we saw a 46% increase over February, with 168 sold properties! Properties are consistently going under contract as well, with 157 properties that went under contract in March compared to 147 in February. And as properties are now selling, more sellers are feeling confidence that their property will sell for a reasonable price, and so the number of properties coming on the market in March improved as well.