Outer Banks Real Estate MLS Report April 2018

Outer Banks Real Estate MLS Report- April 2018 Summary:

Residential Properties – April MLS statistics indicate that properties are staying on the market longer since mortgage rates increased in February; however, the statistics also show that residential properties are coming off the market at a rate not experienced during the last three years.

April statistics also show that, overall, residential sales have declined from 2017 by 5% – with single-family detached home sales down by 8%. On the other hand, condominium sales are up by 30%. This is the second month in a row where condominium sales have been this high.

Residential inventory was down slightly (3%) but considered stable. Although the downward trend started in 2007, the last two months have showing that this trend is flattening.

New Construction– New Construction building permits in Dare County are up 15% since 2017.

Lot / Land Properties – Last month, the MLS reported that Lots / Land unit sales were down slightly; however, unit sales are now up (3%), and average sale price is up by 14% and median sale price is up by 35%.

Data Obtained: May 7, 2018