By Outer Banks Association of REALTORS (OBAR) on March 19, 2021
It is interesting to see real estate statistics as we approach the one year anniversary of Dare County closing the bridges. Statistically speaking, real estate has rebounded handsomely for most areas.
Inventory is key in this current seller’s market. Last February we had 1,324 Residential Units available. This February, there were only 413 units available, a difference of 911 units. Lots/Land also showed a significant decrease of 166 units with only 586 units left last month.
While inventory is declining, sales are inclining rapidly. Residential sales were up 59% from February of last year, which totaled 86 more Residential Units sold than the same time last year, and an overall $118,000 increase in Median Price. There were 24 more Lots/Land Units sold compared to February 2020 with a $30,000 increase in Median Price.
Town to Town Comparisons
The town to town comparison is all about Corolla. Corolla saw a 36 unit increase in Residential Sales which is a 327% increase over the same time last year. Corolla also saw the highest increase in Median Sales Price at 63% which equaled a jaw dropping $250,000! Roanoke Island, Nags Head, and Duck all saw increases in Median Price well over the $100,000 mark.
We are eager to look at what real estate statistics will be in March once we compare this year’s real estate numbers to last year’s, due to the shutdown. One thing is for certain, Listing Agents are desperate for listings. NOW is the time to sell if you are thinking about it.