The final numbers are in and as predicted, sales on the Outer Banks went a little flat. I wasn’t
expecting the rise in inventory to come along with it.
Reprinted with permission from OBAR is the following Director’s Report:
MLS Director Report – 2018 was a good year; however, they are some trends that bear
watching. Sales are flat (less than a 1% change) while listings in an Under Contract
status have declined sharply (9%). Inventory, on the other hand, is up (5%). Median
sale price, depending on area, is also flat.
Also worth noting is that specifically Residential Inventory (not including commercial properties
or vacant land) was actually up by 6% for the year.
If you didn’t read last month’s article, you can read it here. It’s a reminder that these real estate
cycles typically take 20 years to complete, at least according to 100 years of recorded history.
Since the cycle started in 2008/2009, we are only half way through. Holding on to a home in
this market, expecting it to improve in 12 to 24 months is probably not realistic. Looking for
change in 7 to 10 years is much more realistic.
If you are considering a long term investment here, prices are still low and rents are doing very
well! Interest rates are still around 5% and very reasonable. The outlook for 10 to 15 year
investors is strong.
As far as what we can expect for 2019? I would say more of the same. With rising insurance
costs, rising interest rates, stock market fluctuations, we will likely see the same amount of
activity for this year. Let’s just hope the inventory stays where it is.
If you’d like to see what the market value of your home is, contact me for a free evaluation.
