Real Estate Market Snapshot
Real estate on the Outer Banks is holding course in the positive column, but according to the Outer Banks Association of Realtors' June MLS Directer Report, There is some concern about mediocre land sales and contract activity.
Inventory is up 12% overall in comparison with June 2012, with 2,464 properties listed in 2019 verses 2,253 in 2018. Of that, residential inventory is up 7%, and lot inventory is up 22%. Although sales in general were only up a modest 1% in June 2019 over 2018, residential sales during the same period were somewhat better, with a $% increase indicating steady growth.
Despite increased inventory, sales of lots and land have dropped 12%, and overall under-contract listings are down 4% from 2018 to 2019. But on the bright side of things, commercial sales in June were up a striking 50% from the previous year.