The Outer Banks real estate market is showing signs of continued slowing. Residential sales are down for the month, and the year, while residential inventory is moving up. Land and Lot sales are slowing and we saw an increase in foreclosures over the past three months. Rising mortgage rates may be causing home buyers to hesitate jumping into the market. With the Federal Reserve expected to raise interest rates in 2019 these housing trends may continue.
Year over year November sales are down 25% from 2017. However, total yearly sales are only down by 5%.
Under contract listings are down 12% for November.
Inventory is starting to rise and stands at 1,519. Up by 5% from last month.
Residential Unit Sales
Year to year residential sales are down sharply by 21%. Monthly sales are also down by 26%
Days on the Market
Homes are staying on the market an average of 119 days. This is down 16% from last year.
Lots / Land Sales
Land sales continue to decline - There were 25 sales in November, down 40%.
Foreclosures are down for the year. However, for the last 3 months there has been a steady increase. Something to keep an eye on.
Based on information from the Outer Banks Association of REALTORS® MLS. Information contained herein is deemed reliable but not guaranteed and may not reflect all real estate activity in the market. Opinions expressed are solely my own and do not express the views or opinions of my employer.
Author:Steven Donald Phone: 252-489-0982 Dated: December 16th 2018 Views: 176 About Steven: Steve Donald and At The Beach Realty
At the Beach Realty is a local firm located in Kitty Hawk, N...
View our latest blog posts in your RSS reader. Click here to access.
Since 1996 I have been proudly selling real estate on the Outer Banks of North Carolina. I can think of no other career than to help people realize their dream of home ownership on these beautiful barrier islands. I represent buyers and sellers, whether you are a first time buyer, seasoned investor or somewhere in between. You can count on myself and my team to be with you every step of the way. Honesty and Integrity are the core values of our company.