Real Estate sales records are broken again in October! The market is strong, we just need properties to sell!
The Outer Banks Association of Realtors released the statistical report on November 9th. Our real estate market remains strong with a record-setting 456 units sold in October. That is a 104% increase over last October. The yearly volume up to 1.18 billion dollars in sales. For the year so far residential sales are up 40%, lots and land up 36%.
Compared to last October residential sales are up 96% for the month, and the median sales price is up 37% to $457,750. Lots and land sales for the month are up 163%!
To the individual areas, where some see more of an increase than others, January through October sales are:
- Up 126% in Corolla – median sales price up 7% to $522,000
- Up 114% in Duck – median sales down 2% to $490,000
- Up 29% in Southern Shores – median sales price up 6% to $502,500
- Up 4% in Kitty Hawk – median sales price up 3% to $385,000
- Up 2% in Colington – median sales price is up10% to $299,000
- Up 2% in Kill Devil Hills – median sales price up 14% to $325,000
- Up 30% in Nags Head – median sales price up 15% to 460,000
- Up 58% All Hatteras – median sales price up 6% to $360,000
- Up 60% on Roanoke Island – median sales price up 11% to $349,625
- Up 14% Currituck Mainland – median sales price up 7% to $280,758
- Down on Ocracoke Island – median sales price up 1% to $355,000
The number of building permits are up 71.5% with Kill Devil Hills seeing the largest increase, up 54%.
So most everything is up except inventory. There are still plenty of potential buyers but finding an acceptable property is oftentimes difficult. Total inventory is down 44% with residential inventory down 56%, lots and land down 23%.
Low inventory is not just a problem for the Outer Banks as this slide from the National Association of REALTORS® shows. Lack of inventory is a problem nationwide.
The Nitty Gritty
If you need to sell or have been thinking about selling you are in the right market right now to do just that. Your home will sell quickly if it is priced correctly. That is still important. Work with a REALTOR® who can price the property correctly to get maximum value for it.
For buyers, there are still great properties coming on the market every day. But the best properties go away quickly, sometimes in less than a day. Get a pre-qualification letter from your lender. Cash buyers will need proof of funds. And there are some properties that will require this information before they allow the home to be shown. If you think you are ready to buy, get that information together now before you talk to a REALTOR®.
Information in this article is based on information from the Outer Banks Association of REALTORS® MLS for the period January 1, 2019, through November 5, 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, Norfolk, and formerly on Beach 104 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.