Year to Date Sales Volume Reaches $1.18 Billion in the OBX
The Outer Banks Association of REALTORS® has released the October 2020 real estate statistical report. It is hard to know exactly where to start when so many records are being broken in the OBX real estate market. First and foremost, we have almost surpassed 2005’s record YTD total volume sold, having seen an astronomical $1.18 BILLION. October saw the highest monthly units sold at 456 which is an 104% increase compared to the YTD this time last year. Monthly under contracts were 97% higher than this time last year with 926 under contract.
Inventory is down drastically with total inventory dropping 44% to 1,337 units, of which residential dropped 56% to a mere 656 units available. Even lots and land dropped to 627 compared to this time last year! Speaking of lots and land, sales were up a staggering 163% with 84 units sold. That is an increase of 52 lots!
Another interesting record breaker deals with distressed inventory. Compared to October 2019, distressed inventory was down 95% to 1 from 20 last year.
In the town to town comparison, Corolla saw a jaw dropping 126% increase in units sold compared to October 2019. 423 units were sold compared to 187 last year–that is a difference of 236! Duck was not far behind as far as percent increase with a rise of 114% compared to October 2019. Nags Head saw the largest increase in median value with a 15% increase equaling an epic $60,100.
Clearly, we are in the height of an enormous seller’s market. REALTORS® are clamoring for sellers. If you or someone you know is thinking about selling, NOW is the time to contact a local REALTOR®! You may search REALTORS® by visiting www.outerbanksrealtors.com. Curious about what homes in your area are listed for? Find out by visiting www.outerbanksrealtors.com/search-for-homes/.