We now have 6 months worth of data in and the results are pretty much what we expected for the real estate market performance. Here are the bullet points:
- Up in NUMBER of sales by 9%
- Down in average sale PRICE by 8%
- Numerous homes in each market are selling in less than 100 days
- Of the homes selling quickly, it’s just a few % points of asking price
- Distress inventory is less than 5%
- Active inventory on the OBX remains over 3,000 listings
- 10% of active inventory is under contract, which means 90% is NOT
Here’s a quick breakdown by marketplace:
NOTE: The days reported INCLUDES the time it took to close the transaction, which is generally 35 to 50 days.
The good news is, if you price it right, it will sell! Buyers are looking and ready for the best values and aren’t afraid to take action.
If you’d like more information about buying or selling on the Outer Banks, please contact me right away!
