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Sales by Town…
This representation is based in whole or in part on data supplied by, and to the Subscribers of the Outer Banks Association of REALTORS® Multiple Listing Service. Information contained herein is deemed reliable but not guaranteed. Data maintained by the OBAR MLS is for its own use and may not reflect all real estate activity in the market. Based on information from the Outer Banks Association of REALTORS® for the period (5/1/2022) through (4/30/2023).
Wrap-up… So, what does it mean for you?
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• There is still demand for OBX real estate but low inventory and high interest rates continue to impact sales
• Residential Sales are down 39% and Land Sales are down 40% over April 2022!
• Under Contract listings are down 37% over last year. There are 418 units under contract as of May1, 2023.
• MLS Inventory is stable over 2022 and home prices remain high!
Ø Residential inventory is up by 15% over last year and is at only 371 units with the Median home price at $544,950! (See individual pages by town).
Ø Lots/Land inventory is down 1% over last year and is at 768 units
• Absorption is a direct reflection of inventory for both homes and land. Home absorption was at 4 months and Land was at 9 months as of May1, 2023 . Representative of a moderate Seller’s Market!
• The average Days on Market (DOM) is also trending up - 56 days for homes and 138 days for land
• Appraisers, Inspectors, Surveyors, and Attorneys are back to a normal pace
• It will be increasingly harder to show homes as we go into the rental season
• Unfortunately, home inventory did not increase in April and many are questioning if it is a new normal. There are still considerations for buying land and building new. The price of lumber and other building supplies, supply chain issues, and many builders are booked for the next 18 – 24 months.
• Seller’s –It remains a great time to sell! Nice homes that are priced correctly are going under contract in a reasonably short amount of time. Multiple offers are not as prevalent as they were during the market peak and not as many are selling over asking price. DOM has increased but is still reasonable. We are holding steady with a moderate seller’s market overall. We will continue to keep a close eye on inventory!
