2020 OBX Mortgage and Real Estate Review
A common effect of the pandemic in many parts of the country has been good real estate sales. This has been especially true on the Outer Banks since May.
As of mid-November, the number of sold properties in the Outer Banks Association of Realtors’ MLS system is almost identical to the highest number of annual sales ever recorded in this system. That was during the last boom year of 2005. It’s highly likely that the record will be surpassed by the time this article is published.
Another historical local real estate milestone reached is the lack of inventory. By mid-November, there were only 1,327 properties for sale in the local MLS system. That’s the lowest amount since I have been keeping count back in 2003. It’s also less than a third of our historical high inventories of 2005 and 2006.
What does this mean for sellers? It means that if are thinking about selling and have a number in mind then make sure you talk with your Realtor about the latest recent similar sales. What buyers will pay is changing.
If you are thinking about buying then make sure you have your Realtor set up MLS searches for you. When something meets your criteria, it will be immediately emailed to you. Without this service, it may be sold by the time you find out about it.
Please feel free to call on us to help you with this process.
Jeff Scott, Scott Team Realty
Related posts
