Outer Banks Real Estate Market November 2018

Outer Banks Real Estate Market November 2018

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. 


Total Sales 

Year over year November sales are down 25% from 2017. However, total yearly sales are only down by 5%. 


Under Contract 

Under contract listings are down 12% for November. 


Residential Inventory 

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 

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.


Steven Donald Headshot
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Phone: 252-489-0982
Dated: December 16th 2018
Views: 219
About Steven: Steve Donald and At The Beach Realty //// At the Beach Realty is a local firm located in Kitty ...

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