The Outer Banks real estate market continues on its slow but steady way back from a long downward cycle. According to the Outer Banks Association of Realtor’s MLS statistics, total residential sales are up 12% for the calendar year. Sales volume is up only 9% so properties are selling on average for slightly less this year compared to last year. The sold price per square foot for residential sales confirms this indicator as well. Since 2010, we have not had a single month where the average sold price per square foot of heated living area was over $190. Another indicator that points towards just a slight change in residential sales prices is the median sales price. It is only up 3% for the year.
A positive indicator for sellers is that inventory is down in almost every market segment compared to last year at this time. Once demand kicks in again next year we may actually see demand pressure sales prices. Probably the most positive sign in our current market is the absorption rate. As this rate goes down the market becomes more of a seller’s market. Local absorption rates have been trending down in almost all markets over the last year or so.
Distressed sales are almost no longer a factor in the local market. Distressed inventory is now below 5% of the total inventory and distressed sales are such a small part of the market that they have a minimal impact on property values.
Well priced properties sell quickly in this market. If you are a buyer don’t hesitate to make an offer on what you perceive to be a good value or you’ll likely miss it. If you are a seller if you are not getting lots of showings and offers then it’s likely the market believes you are over priced. Here’s a link to the entire report. Please feel free to contact Scott Team Realty if we can help you here.