Memorial Day weekend is here. We know it is going to be busier with visitors coming in. The real estate world is going to be busy too. In fact, it already is.
The Outer Banks Association Of Realtors released its April statistical report on May 8, which I covered a couple of weeks ago.
To review total month to month sales were down 23% in April; however, when comparing 2019 to 2020, sales are up 4% for the year, with residential sales up 2%.” In January sales in all classes were up 22% and February was up 15%. Even March sales were up 7% as the COVID-19 shutdowns began. But as I said earlier everyone expected April to be down, as the world shut down.
As for Residential inventory, it was down 21% from last year and total inventory is down 17%.
So this is where the big update comes in. The report from OBAR included an MLS report of requests to show property through ShowingTime, a service used by Realtors to requesting property showings. As of May 7th, showings were down 63.7% from the pre-pandemic peak, and down 70.2% from the same time last year.
Fast forward to May 20th showings were up 8.3% from the pre-pandemic peak, and up 4% when compared to last year.
More showings should equal more sales. I understand that not everyone is in a position to buy or sell real estate at this point in time. There are still plenty of unknowns. But if you do want to explore your options just know the local real estate market is active and moving forward in many sectors. Reach out to your Realtor and let them analyze your situation so you can make the best decisions.
Information in this article is based on information from the Outer Banks Association of REALTORS® MLS for the period January 1, 2019, through May 22, 2020
Mike is a long-time “Outer Banker”, both as a vacationer and a full-time resident. You may also know him as “Moose”, his nickname since he was 15 years old, and his on-air radio name for decades in Raleigh, Greensboro/Winston-Salem, and Norfolk. In fact, you can still hear him on Beach 104 every morning on the “Moose & Jody Show”. Michael has built successful businesses on the Outer Banks. He is active in the community as well as a founding board member of “Outer Banks Forever”, Past President of “The First Flight Society”, a founding member of “The Outer Banks Bicycle & Pedestrian Coalition”, and Past President and current member of “First Flight Rotary. Moose shares your love of the Outer Banks, understands the uniqueness of the area, and can help you find your perfect home. Learn more at mooseobx.com