Outer Banks real estate sales, inventory in September declines from a year ago

Outer Banks real estate sales, inventory in September declines from a year ago

October 15th, 2023

Data for September from the Outer Banks Association of Realtors Multiple Listing Service shows declines in all major statistical categories when compared to 2022, mirroring slips reported nationwide.

“According to the latest data provided by the National Association of REALTORS┬«, existing home sales have improved in the Midwest, they were unchanged in the Northeast and have slipped in the South and the West,” OBAR reported. “However, all four regions have recorded year-over-year declines in sales and inventory.”

Last month’s sales of residential units in Dare, Currituck and Ocracoke were down nine percent from a year ago, commercial by 44 percent and lots/land by 31 percent. Total inventory dropped by 16 percent, with residential off four percent and lots/land by 29 percent. Under contract listings are off 20 percent.

Over the first 9 months of 2023, 2,445 new listings were added to the MLS, down 26 percent from 2022 and 38 percent from 2021.

Residential listings’ average days on the market have increased from 34 days at the end of Sept. 2022 to 52 days in 2023, almost equal to Sept. 2021’s report.

Lots and land listing have spent an average of 119 days on the MLS this year, compared to 147 in 2022 and 170 in 2021.

For September, 185 new residential construction permits were issued in Dare County with a total value of $88.5 million. That’s down from 259 last year valued at just over $136 million.

In Currituck County, 150 new residential permits were issued in September valued at $194.9 million. In 2022, 311 permits were issued with a value of $110.5 million.

  • Click to download the OBAR September 2023 MLS Statistical Report
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