I know that I always say “we have to look at the numbers to really know what’s happening in the market”🙄. And statistics don’t lie...BUT...they also don’t always predict the future, at least in the short term. So don’t laugh😂 when I say, "despite the numbers I feel good about the Outer Banks real estate market at least going into the 2nd quarter of 2024."
What the numbers say:
- Residential inventory is up⬆ almost 30%
- New listings are up⬆ 43% compared to January, ’23!
- However, sales are actually down⬇ 1%.
So why am I so optimistic about the next few months? We have a lot of buyers looking👀 and so do other agents from showing activity that we are seeing. We do need to pay attention to the numbers (of course!) and what they are telling me is that we are starting to see homes come on the market either priced too high, or in need of some attention, or in some cases BOTH. Buyers are able to be more selective than they have been in the past. If a home doesn’t fit their needs or “wow”🤩 them, they are holding out. The other part that we have to keep a close eye on is the increasing⤴ inventory. Spring is typically the time new listings hit the market more than other times of the year. I don’t anticipate inventory rising to an extent that it will affect pricing…yet🤔. (Anyone have a crystal ball🔮?!)
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