2019 was a pretty good year for real estate
The Outer Banks Association of REALTORS® Multiple Listing Services Director Dan Sutherland has released the 2019 Year End Multiple Listing Services (MLS) Statistical Report for the 2019 year. Overall it appears that real estate had a good year in the OBX. Sales have been steadily climbing since 2008. In 2019, Total Property Sales increased 8% with residential up 8%, lots not recording a loss, and commercial dramatically up by 57%.
Under Contract listings declined significantly in December, but still show an increase of 8% for 2019. This is due to November’s record breaking 247 sales reported.
Also in 2019, overall inventory declined 5% and according to Sutherland, “Indicates that the OBX is still considered a ‘sellers market’, unlike many other counties.” Colington and Mainland Currituck tied for the highest increase in residential units sold at 23% (152 in Colington and 206 in Currituck). However, while Currituck saw an overall rise in the Median Sale Price (MSP) at $263,250 for 2019, Colington showed an overall minor decrease with the MSP dropping 1% to $271,375 (only a $3,625 difference).
The destruction continues..