The April real estate market stats for the Outer Banks are out. The story these numbers tell is a repeating theme: Hot sales, cold inventory.
On May 7th the Outer Banks Association of Realtors released the April MLS Statistical Report. Total monthly sales are up 136%, yearly sales up 94% Residential sales are up 119%, lot/land sales up 252%. That certainly sounds hot, and it is.
However, we are comparing this April to April 2020 when business slowed dramatically due to the uncertainty of the marketplace. The OBAR report from one year ago stated total month-to-month sales were down 23%. Properties under contract were down 19%. I’m not saying our current market isn’t hot, just that certain month-to-month statistics are a bit inflated due to the rapid slowdown we experienced for a few months last year.
The same is true on a national basis, reflected in single-family sales and purchase applications. So, yes, sales are still hot even…