Outer Banks Real Estate Sales Surge

Sept. 24, 2009 - PRLog -- Outer Banks real estate sales have seen a dramatic increase in the number of real estate transactions taking place. The trend started late in the summer and looks like it will continue into the fall, which traditionally is the second strongest selling season on the Outer Banks.  The number of real estate contracts is going up all across the Outer Banks from Corolla and Duck to Nags Head and Hatteras and everywhere in between.

Real Estate prices are still falling all across the Outer Banks as the number of foreclosures http://www.outerbankshome.com/real-estate-news.html being dumped on the market at ridiculously low prices is causing the median price to continue on it's downward trend. It looks like there will be at least another year of these foreclosure sales. Once the banks finish selling off all of the foreclosures the market and prices should stabilize.

There is probably another year's worth of foreclosures before this feeding frenzy goes away. A good way to stay ahead of the foreclosure market is to keep your eye on the short sales. Very few short sales every make it to closing. Most of them end up getting foreclosed on before they come on the foreclosure market.

Currently there are 322 properties under contract in the Outer Banks Association of REALTORS Multiple Listing Service (MLS). That's 30% of everything sold throughout all of the Outer Banks in the MLS in all of last year. With the fall selling season just starting to get under way it looks like it will be a good year for real estate.

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Helping people buy and sell Outer Banks real estate http://www.outerbankshome.com from Corolla to Hatteras Island including Nags Head, Kitty Hawk, Duck, Southern Shores, kill Devil Hills, Colington, Manteo and everywhere in between. For help call Shore Realty at 800-647-1868