The Outer Banks real estate market wraps up the year with the highest number of sales in MLS History!
The year-end stats
Counting all property sales 4,392 units were sold, a 17% increase over 2020. The December Statistical Report for the Outer Banks Association of REALTORS®, just released, also highlights the continuing issue with record-low inventory. We’ll deal with that below. First, the hot sales!
Total residential sales volume broke through the 2 billion dollar mark to end the year at $2,095,414,391, a 42% increase over 2020. Land sales volume is up 88%, and commercial volume is up 97%.
Residential unit sales year-to-date total 3370, up 9% over 2020 and 58% over 2019. The year-to-date residential median sales price is now $485,454, an increase of 16% over last year and a 44% increase over 2019. The year-to-date average sales price rose 48% over 2020 to 619,839, an 84% increase compared to 2019’s figure of $337,638.
Yearly lot/land sales, which total 968, are up 54% for 2021 and were up 45% in 2020. Compared to 2019 that is a 123% increase. The year-to-date median sales price is $110,242, an increase of 15% over last year, and 34% compared to 2019. The average sale price is up 26% over last year to $159,596, a 31% increase over 2019.
Inventory and market pace
Historically low inventory is a continuing issue that will likely be a factor moving forward. On the day the data was retrieved by OBAR (Jan. 7) there were 311 active residential listings, compared to 560 in 2020, a decrease of 44%, That number in 2019 was 1341 representing a decrease of 75% when compares to 2021.
The average days-on-market figure for the year dropped from 110 days in 2020 to 52 days in 2021. You will see below in some of the individual areas where the number is closer to 30 days. The median days on market for 2021 was 12, compared to 46 in 2020.
To further illustrate just how fast inventory is moving in 2021 41% of new listings were under contract or sold within the first 7 days, compared to 19% in 2020, and 11% in 2019. When your REALTOR® is urging you to move quickly they are not trying to push you into making a quick decision. However, it is their job to let you know when the market is.
On to the December stats for the individual areas which represent all of 2021. Remember what I pointed out about the days-on-market figure for some of the areas:
- Corolla – Sales down 7%, median sales price up 29% to $725,450. Average days on market 44, compared to 132 in 2020.
- Duck – Sales down 14%, median sales price up 25% to $650,000. Average days on market 83 compared to 130 in 2020. But without the co-ownerships, where 5 plus weeks are sold, not the property itself, sales were down 19%, median sales price up 39% to $787,500. Average days on market 41 compared to 121 in 2020.
- Southern Shores – Sales down 13%, median sales price up 28% to $655,000. Average days on market 35 compared to 101 in 2020.
- Kitty Hawk – Sales are down 8%, median sales price up 27% to $500,000. Average days on market 29 compared to 52 in 2020.
- Colington – Sales up 22%, median sales price up 20% to $360,000. Average days on market 31 compared to 87 in 2020.
- Kill Devil Hills – Sales up 23%, median sales price up 24% to $410,000. Average days on market 26 compared to 65 in 2020.
- Nags Head – Sales up 17%, median sales price up 30% to $625,000. Average days on market 43 compared to 80 in 2020.
- All Hatteras – Sales up 31%, median sales price up 39% to $523,000. Average days on market 90 compared to 179 in 2020.
- Roanoke Island – Sales down 4%, median sales price up 20% to $427,500. Average days on market 56 compared to 85 in 2020.
- Currituck Mainland – Sales up 18%, median sales price up 21% to $333,022. Average days on market 32 compared to 82 in 2020.
- Ocracoke – Sales up 119%, median sales price up 22% to $431,750. Average days on market 202 compared to 2316 in 2020.
Information in this article is based on information from the Outer Banks Association of REALTORS® MLS for the period January 1, 2019, through January 8th, 2022.
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, Norfolk, and formerly on Beach 104 every morning on the “Moose & Jody Show” for over 14 years. Michael has built successful businesses on the Outer Banks. He is active in the community as well as a founding board member and Vice President 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 and understands the uniqueness of the area. Learn more at mooseobx.com