A busy summer is flying by. It’s odd because as active as it has been, no one could have predicted the current outcome in the real estate world back in March when the COVID-19 talk began. Real estate on the Outer Banks is booming! Several buyer mindsets are prevalent.
There are those who have made the decision to live their best life now. Why put it off until tomorrow when you can do it today. For many, that is buying a second home on the Outer Banks. Vacation rentals remain strong so that income can make second-home ownership more feasible. Working from home is not only easier but more accepted than in the past. That makes the idea of that home you are working from being in a place you really want to live easier to realize.
That increased activity is reflected in the July statistical report from the Outer Banks Association of REALTORS. Up until this month, the highest total number of sales on the Outer Banks occurred in May of 2005 (401 units sold). In July 2020, this record was broken with 441 sales, and, with 906 units still Under Contract, August may also be a record month.
For the year, total sales are up 12%. And check out the number of properties under contract, up 101% over last year. Inventory remains down, 32% compared to last year, with residential inventory down 42%.
The median sale price is climbing now, up 12% overall. In the individual areas that are up, Kill Devil Hills is up 14%, Nags Head 8%, Colington 6%, Currituck Mainland 2%, and all Hatteras 1%. Roanoke Island and Corolla are flat. Median sales price decreases are seen in Duck down 12%, Ocracoke 9%, Southern Shores 5%, and Kitty Hawk 2%.
The average days on market is up 6% at 126 days. I was a little surprised by that as many agents have noticed homes going under contract very quickly as of late, many with multiple offers. It is always true that when a property is priced right, not overpriced, it will sell quicker. But it is especially true today with residential inventory down 42%.
There are also more stories of buyers putting a house under contract before seeing it in person to ensure they get the home they want. It is more important than ever to work with a REALTOR who is well versed in the new world of virtual real estate.
Are you in your dream home now? Do you need something bigger, ready to downsize, bigger yard, no yard? Whatever the case may be if you are in a position to make a change or need to because of your circumstances, talk to your REALTOR®. They can assist you in getting into the situation that is best for you.
Some of the information in this article is based on information from the Outer Banks Association of REALTORS® MLS for the period January 1, 2019, through August 6, 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