By Outer Banks Association of REALTORS (OBAR) on June 17, 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 REALTORS® 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! Keep in mind that with this number 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:
While overall residential sales naturally declined in many areas, there are still some very positive statistics coming out of real estate on the Outer Banks.
Based on information from the Outer Banks Association of REALTORS® MLS for the period January 1, 2019 through June 15, 2020