Outer Banks Real Estate Market Update February 2018

Outer Banks Real Estate Market Update February 2018

There was a sharp decrease in residential property sales on the OBX in February attributed to declining affordability, rising interest rates and declining inventory. Sales of single family homes were down 17% and sales of Condominiums were down 9%. It was the weakest month for residential sales since November 2011. Lots / Land sales were up 19% when compared with 2017 unit sales and total volume sold up 48%. Active listings were down by 18%.

One month doesn’t make a trend. The slow February follows a 2017 that was one of the best for the Outer Banks real estate market in years and a January that had the highest residential sales volume since 2006.  Let’s see how March unfolds.

Based on information from the Outer Banks Association of REALTORS® MLS for the period February 2018. Information contained herein is deemed reliable but not guaranteed and may not reflect all real estate activity in the market.

Steven Donald Headshot
Phone: 252-489-0982
Dated: March 10th 2018
Views: 406
About Steven: Steve Donald and At The Beach Realty //// At the Beach Realty is a local firm located in Kitty ...

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