Thanks for taking a moment to view the Outer Banks Market Report Winter 2018-19 edition.
The last few months have been promising for Outer Banks real estate activity. Sales for the first two months of 2019 have been better than recent years. Part of this trend may be due to the lack of snow storms and relatively calm winter weather. When a snowstorm is forecasted for a weekend anywhere between Virginia Beach and Boston usually buyers postpone their trips to view homes here. Rarely did that occur this winter. According to the Outer Banks Association of Realtors’ MLS system. The number of transactions for the last three months was up over 5% compared to same period during the winter of 2017-18. Median prices were also up about 3% for the same time period. Average prices were very similar.
Increased Inventory
Inventory is slowly creeping up over last year’s historically low levels. Over the past ten years, the trend has been for inventory to be at its lowest point in January and at its highest point in June or July. This increase in inventory is likely due to the fact that prices are slowly coming back. Many sellers now believe that they can sell their property for an acceptable amount. In this area where many buyers don’t have to purchase and many sellers don’t have to sell, sellers often hold their property off the market until prices rise.
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