May 2020 Real Estate Statistics–Better Than Expected!

By on June 15, 2020

Since COVID-19 hit, real estate statistics have naturally been all over the place. While residential sales have dropped as predicted in the Outer Banks, there are still a lot of silver linings to consider.

The most remarkable statistic is the number of listings placed Under Contract (UC). While there were record breaking numbers in January and February, there was a predictable decline once the bridges were closed and REALTORSĀ® adjusted to virtual showings and paperless transactions. However, in May there were 606 listings under contract. Even better, as of today, that number jumped to 696 (36 just from the weekend) which is officially the highest recorded number since OBAR began tracking statistics! REALTORSĀ® are busier than EVER! Keep in mind with this amount of closings, please be patient with home inspectors, appraisers, and attorneys who have now become back logged resulting in delayed closings. Other silver linings include:

  • ShowingTimeĀ®, a tool that REALTORSĀ® use to schedule showings for clients, reported that while there was a steep decline in showings in March and April, starting in May, they rebounded remarkably and as of June 4th, showings were up 8.3% compared to this time last year. It is believed that this is a result of REALTORSĀ® utilizing virtual open houses and tours during the Stay Home orders.
  • Distressed Properties are down 29% from this time last year.
  • Dare County Foreclosures are lower which may be due to stimulus money and loan forgiveness from mortgage companies.
  • Roanoke Island saw the highest percentage of residential sales in January-May of this year compared to last year with a 20% increase.
  • Kill Devil Hills saw the largest increase in Median Home Price compared to last year with a 11% increase. The median price of Kill Devil Hills homes was $285,000 last year at the same time. This year, itā€™s $315,000ā€”a $30,000 increase!
  • Inventory is extremely low right now which means that many areas in the Outer Banks are still considered a serious sellerā€™s market!

While overall residential sales naturally declined in many areas, there are still some very positive statistics coming out of real estate in the Outer Banks. Now might just the perfect time to sell your home!

Based on information from the Outer Banks Association of REALTORSĀ® MLS for the period January 1, 2019 through June 15, 2020




See what people are saying:

  • Sunny

    I hope all the NRPOs who complained about the bridge closing put their houses up for sale.

    Saturday, Jun 20 @ 8:46 am