Home numbers down, prices up; condo sales soar by 20 percent

By on July 5, 2018

Market statistics for May released by the Outer Banks Association of REALTORS® showed a mixed bag but generally good news for sales along the beach.

“While the national market statistics seem to be in a little bit of a tailspin, residential real estate in the Outer Banks is doing well.” MLS Director of OBAR, Daniel Sutherland.

Single-family home sales dropped in May below the national rate, but average prices were up by 8 percent, Sutherland said.

Condomimium sales on the Outer Banks were up a whopping 20 percent compared to the national average of only 1.6 percent as released by the National Association of REALTORS® (NAR).

Closings on the Outer Banks also bucked national trends,

“Closings were down in a majority of the country last month and declined on an annual basis in each major region,” said Lawrence Yun, NAR’s chief economist.

But Outer Banks market statistics showed a 15 percent increase in closings compared to April and a 1 percent increase as compared to this time last year.

According to Sutherland, “with the days on market drastically dropping in May while inventory is still low and residential sales prices on the rise it would indicate that real estate in Dare County is doing well. We are in a seller’s market”.

Local market statistics show Kitty Hawk with the highest increase in the median sale price by 10 percent this year to date. Colington is second with an 8 pecent increase in median sale price.

The market statistics for the Outer Banks are generated monthly and exclusively for the Outer Banks Association of REALTORS®. Information is deemed reliable but not guaranteed.

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