By Outer Banks Association of REALTORS (OBAR) on January 20, 2020
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).
MLS Director Dan Sutherland has been with the association since 2005. He became the full time MLS Director in 2006, and began releasing monthly real estate statistics in 2007. Prior to OBAR, Dan served in the United States Navy from 1970 until 1997, 10 of those aboard submarines. After retiring from the U.S. Navy, he worked for the Newport Shipyard as a Nuclear Engineer.