We’re reporting that 2108 ended up being the second best year for OBX real estate sales since the boom years of the early 2000’s. The number of transactions in the local MLS was down just slightly compared to 2017. Poor weather and higher interest rates may have had an effect on sales. A great piece of news is that the average and median sales prices went up in just about every area. The sold price per square foot also continues to climb as sellers are able to demand more for their properties.
Absorption Rates
A key indicator of market forces is the absorption rate. This is the amount of time it would take all the inventory to sell at the current rate of people buying properties here. For the most part, absorption rates across the Outer Banks are as low or are lower now than they have been in years. Assuming demand continues, we should continue to see appreciation.
Updates Make a Difference
Outer Banks Realtors continually hear from buyers that we have very few updated and well maintained homes for sale. A well maintained home with updated flooring, kitchens and bathrooms will commands a sales price much closer to asking price. Unfortunately these updates rarely pay for themselves. If you are thinking of selling sometime in the next five years then now is a good time to update. That way you can get some use out of those updates before selling.
2019 Expectations
Well priced properties continue to sell quickly and may have multiple offers in this current market. If you are considering selling today it’s likely we can help you get more for it than we could at this time last year. If you are buying then be prepared to invest some time and money into the property right away. Being able to either live with items that need updating or being able to get those items completed will provide you with many more buying options. See the entire report here and you can see our report archive here.
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