The Outer Banks Association of Realtors released the May statistical report on June 8th. Monthly sales in all classes were down 30% when compared to May of last year, and yearly sales are down 5%
The number under contract, all classes in the report is the highest since OBAR started tracking the data, 549 on May 31st, 621 on the day the report was released, and today, June 11, there are 642 under contract.
In our pre-COVID-19 world, that number would mean real estate sales through the roof and setting records! However, those in the business will tell you closings are being drawn out due to the pandemic which is hampering appraisers, inspectors, and others in the real estate service sector. Appraisers are running up to four weeks behind for example. I’m going to circle back here later.
Total inventory is down 19% with residential inventory down 23%, land down 12%.
The question I am asked most often is about home prices. For the total market, the median sale price is down 12%, but not all towns/areas are down. The median sale price in Corolla is up 5%, Duck is up 6%, Kill Devil Hills is up 11%, Nags Head up 4%, Currituck Mainland up 2%, and all Hatteras up 1%. Those areas down include. Southern Shores and Kitty Hawk at 5%, Colington down 1%, Roanoke Island down 2%, and Ocracoke down 9%. Even in those areas that are negative there are certain price points that are still very strong.
Showings in May were strong and at the end of the month, according to the data from ShowingTime, they were still up 2.6% over the same time last year and up 8.3% over the pre-pandemic peak. They have cooled a bit in June currently down 24.3% from the same time last year and 16.8% from the pre-pandemic peak. Even though it is down a bit showings are still 57.6% ahead of the 2020 weekly average. Also, the data does not currently include virtual showings booked through ShowingTime so the number could be higher.
Remember the Outer Banks didn’t re-open until May 16th so showing property and conducting real estate transactions was difficult, to say the least. And as I pointed out there are still difficulties in getting the properties to close. However, the number of properties in all classes going under contract from May 16th through June 10th is 442. The business of real estate is still going on in good numbers.
If you are in the position where you need to buy or sell talk to your real estate professional. Have them take a look at your situation. There are some positives for both buyers and sellers in our current market. Interest rates are still low, pricing hasn’t been greatly affected, inventory is low. But every situation is different. A REALTOR® will give you an honest assessment.
Information in this article is based on information from the Outer Banks Association of REALTORS® MLS for the period January 1, 2019 through June 11, 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