The May real estate market stats for the Outer Banks are out. High demand is still a force keeping sales hot, and home prices rising.
On June 9th the Outer Banks Association of Realtors released the May MLS Statistical Report. Sales are still strong. Inventory is still extremely low.
Just like last month, we are comparing current monthly stats to May of 2020 when the market was essentially on hold. You can see in the graph that it was in July of last year where our current market conditions really ramped up.
The stats show total monthly sales are up 143%, total yearly sales up 105%. Yearly Residential sales are up 95%, lot/land sales up 151%.
Lack of inventory remains an issue. In May residential inventory is down 68% compared to last year, 75% compared to 2019. Lot/land inventory is down 25%, total inventory is down 50%.
“Days on market” is down 55% to 52 days. “Median days on market”, which I think is a better…