The ultra-hot OBX real estate market rolls on, record sales three months in a row!
COVID may have shut us down in March, but we certainly have more than made up for that lost time. The Outer Banks Association of Realtors released the September data on October 9th. Total sales for the month compared to last September are up 120%. For the year, total sales are up 30%, and residential sales are up 32%. 978 properties were under contract on the day the data was pulled, which is a 127% increase over the same time last year. The median sales price is up 33% to $425,000.
There is one significant statistic that is down, inventory. Total inventory is down 41% with residential inventory down 53% and lots and land down 20%.
For the individual towns, the northern beaches lead the pack with Corolla up 97%, median sales price up 2%. Duck is up 91%, sales price down 5%. Southern Shores up 14%, sales price up 1%. Kitty Hawk is up 4% with sales price up 3%. Colington up 5%, sales price up 11%. Kill Devil Hills up 3% with sales price up 14%. Nags Head up 20%, sales price up 14%. All Hatteras up 49%, sales price up 4%. Roanoke Island is up 63%, sales price up 6%. Currituck Mainland is up 12%, sales price up 4%.
People want to know about what is happening with housing prices and how long this increase will last? To answer the questions, I point to the experts with the data to back it up. In the slide below, you can see eight out of the nine polled show increases.
Others want to know about the recovery we may, or may not, be in. For the housing sector, there is no question we are in a “V” shaped recovery. Fannie Mae’s Economic and Strategic Research Group says, “housing data over the past month continued to show a strong “V” shaped rebound, helping drive the broader economy.”
The Nitty Gritty
The housing sector is strong. Real estate on the Outer Banks is likely to be strong for a while. If you are selling, don’t wait! But get the right advice on pricing and getting the house ready to sell for the right price.
For buyers, understand the market and find a REALTOR® you trust to guide you through the process. While the average days-on-market is 114, the best properties are going under contract much faster, some in five days and less! Extremely low inventory is a driving factor. Out of town buyers will want a REALTOR® well versed in the ways of virtual real estate transactions.
The Outer Banks is a great place to live, as those of us here already know. And that is the number one reason people continue to buy here.
Information in this article is based on information from the Outer Banks Association of REALTORS® MLS for the period January 1, 2019, through October 7, 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.