The big story for the MLS has been the lack of inventory. Over the last 12 months, inventory has declined by 36% with only 281 residential units currently available compared to 443 in January of last year. Early indications are that inventory will not recover any time soon.
Sales on the other had continue to increase – up 11% (Residential up 4%, Lots / Land up 44% and Commercial up 48%).
Median sales price has continued to climb with Residential up by 31%, Lots / Land up 20% and Commercial up 44%. With the largest gains being experienced in Colington (up 39%), Southern Shores (up 22%) and Duck up (21%).
Real estate is starting off the year with some great numbers showing that real estate in the Outer Banks is still going strong!