Sunday, January 22, 2006

With year-end results just available, it appears that 2005 will be remembered as the year that the strongest real estate boom in the island’s history began to moderate. After experiencing double-digit rates of appreciation for four years, the average selling price of residential properties increased about 8.2 percent last year, and the average selling price of unimproved lots grew around 7.6 percent.

The speed with which the transition from a seller’s market to a buyers market took place was amazing. Interestingly, real estate markets across the county experienced similar shifts. When comparing 2005 to 2004, many of the major market indicators abruptly changed direction in the second half of the year. Both the number of sales and the dollar volume of sales dropped noticeably in the second and the third quarters.

The good news is that prices have thus far held up, and the underlying market fundamentals that fueled the real estate boom on the island for the past four years still seem to be in place.

What do you see happening to the real estate market on the island this year?

9 Comments:

At 2:27 PM, Blogger AlbuquerqueRealtor said...

Super blog, love hearing about your part of the country!

 
At 5:54 PM, Blogger Margaret Rome said...

Really good information. You were missed in San Antonio!Thanks for sharing.
Margaret Rome
Baltimore,Md.
www.HomeRome.com

 
At 6:10 PM, Blogger Gena said...

Very nice! Good information about the Outer Banks and how to contact the professionals who know about the area.

 
At 4:12 PM, Blogger Hatteras Homeowner said...

As a Hatteras Island Homeowner I am quite tired of the ongoing problems with my property management company. **Please note that my current company isn't Outer Beaches** Do any of you have suggestions on management companies or have you faced similar problems with cleaning, maintenance, etc.

Thanks !!

 
At 4:28 PM, Blogger Tom & Louise Hranicka said...

The comments and question that you asked are fairly common. When it comes to property management, there seem to be a few 'universal truths'.

-- All companies have 'warts' in some form or another. In other words, none of the companies are perfect.

-- Considering the number of rental properties on the island (over 2,400) and the limited time frame that the companies have each week to clean and maintain the properties, they do a pretty good job. The reality is that, despite their best efforts, none of the companies will clean and maintain your home at the same level that you would if you were able to be there.

To place the performance of your company in perspective, you may want to visit several homes that are managed by other companies and compare their maintenance and cleanliness with your home.

Hope this helps!

 
At 1:49 PM, Blogger workhard said...

Hi..your posts are good..

Idaho Real Estate

 
At 6:00 AM, Blogger Elena said...

The real estate market is changing on Hatteras Island. More properties are selling at lower prices. It's a great time to be a buyer on Hatteras Island!

Thanks !!!!
Flat Fee Real EstateK

 
At 6:28 AM, Blogger HcoRealEstate said...

This comment has been removed by the author.

 
At 7:37 AM, Blogger Vijay Kumar said...

Reading your post made me impressed. Good writing skills made me understand all your thoughts and ideas. Keep it up! I have also avail information about the best new project..Panchsheel Pratishtha

 

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