Soundfronts.com – OBX Market Report (December 2017) Rick Kinne – Village Realty OBX This representa,on is based in whole or in part on data supplied by, and to the Subscribers of the Outer Banks Associa,on of REALTORS® Mul,ple Lis,ng Service. Informa,on contained herein is deemed reliable but not guaranteed. Data maintained by the OBAR MLS is for its own use and may not reflect all real estate ac,vity in the market. Based on informa,on from the Outer Banks Associa,on of REALTORS® for the period (1/1/2017) through (12/31/2017).
Soundfronts.com OBX Market Report – October 2017 • Hi. Rick Kinne here with Village Realty in Nags Head, North Carolina. This Outer Banks real estate market report is a monthly feature for my soundfronts OBX page and soundfronts.com website, intended to keep you informed of the local real estate market. • Before we get started, I need to preface the report with some s,pula,ons and provide some context. So:
This representa,on is based in whole or in part on data supplied by, and to the Subscribers of the Outer Banks Associa,on of REALTORS® Mul,ple Lis,ng Service .Informa,on contained herein is deemed reliable but not guaranteed. Data maintained by the OBAR MLS is for its own use and may not reflect all real estate ac,vity in the market. Based on informa,on from the Outer Banks Associa,on of REALTORS® for the period (1/1/2017) through (12/31/2017).
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First - OBAR’s disclosure. It is printed on all of OBAR’s sta,s,cal reports and reads as follows: “This representa,on is based in whole or in part on data supplied by, and to the Subscribers of the Outer Banks Associa,on of REALTORS® Mul,ple Lis,ng Service. Informa,on contained herein is deemed reliable but not guaranteed. Data maintained by the OBAR MLS is for its own use and may not reflect all real estate ac,vity in the market.”
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Clearly, sales take place through FSBO’s, Agents who are not Realtors and therefore don’t have MLS access, etc. Personally, I don’t believe that’s a significant amount.
This representa,on is based in whole or in part on data supplied by, and to the Subscribers of the Outer Banks Associa,on of REALTORS® Mul,ple Lis,ng Service. Informa,on contained herein is deemed reliable but not guaranteed. Data maintained by the OBAR MLS is for its own use and may not reflect all real estate ac,vity in the market. Based on informa,on from the Outer Banks Associa,on of REALTORS® for the period (1/1/2017) through (12/31/2017).
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The Outer Banks market covered by OBAR is a bit unique. It’s a mixed market but it’s primarily a vaca,on/rental home market. Coverage stretches from lower Currituck County and the Dare County mainland, all along the beaches from Carova through Ocracoke.
Now for the numbers…
This representa,on is based in whole or in part on data supplied by, and to the Subscribers of the Outer Banks Associa,on of REALTORS® Mul,ple Lis,ng Service. Informa,on contained herein is deemed reliable but not guaranteed. Data maintained by the OBAR MLS is for its own use and may not reflect all real estate ac,vity in the market. Based on informa,on from the Outer Banks Associa,on of REALTORS® for the period (1/1/2017) through (12/31/2017).
This representa,on is based in whole or in part on data supplied by, and to the Subscribers of the Outer Banks Associa,on of REALTORS® Mul,ple Lis,ng Service. Informa,on contained herein is deemed reliable but not guaranteed. Data maintaine11by the OBAR MLS is for its own use and may not reflect all real estate ac,vity in the market. Based on informa,on from the Outer Banks Associa,on of REALTORS® for the period (1/1/2017) through (12/31/2017).
Summary • Total Unit Sales: 2560 units sold! Best year since 2005! • Total Sales Volume: $766,057,072! Best year since 2005! • Average Home Price: $387,064 - highest average home sale price! Best year since 2014! • Median Home Price: $313,021 - highest median home price! Best year since 2014! This representa,on is based in whole or in part on data supplied by, and to the Subscribers of the Outer Banks Associa,on of REALTORS® Mul,ple Lis,ng Service. Informa,on contained herein is deemed reliable but not guaranteed. Data maintained by the OBAR MLS is for its own use and may not reflect all real estate ac,vity in the market. Based on informa,on from the Outer Banks Associa,on of REALTORS® for the period (1/1/2017) through (12/31/2017).
Summary Cont’d… • Inventories: Lowest monthly inventory since 2010! • Days on the Market: Rapidly declining Days on the market! Down 43% in December! • AbsorpRon Rate: Total Absorp,on rate for homes in our MLS is down to 9 months and land improved to 16 months in December!
This representa,on is based in whole or in part on data supplied by, and to the Subscribers of the Outer Banks Associa,on of REALTORS® Mul,ple Lis,ng Service. Informa,on contained herein is deemed reliable but not guaranteed. Data maintained by the OBAR MLS is for its own use and may not reflect all real estate ac,vity in the market. Based on informa,on from the Outer Banks Associa,on of REALTORS® for the period (1/1/2017) through (12/31/2017).
Wrap-up… •
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Our market con,nues to be strong! It remains a stable but rising Buyer’s market but by all counts, we had a banner year. Why? A Buyer’s market is when supply exceeds demand. With 10 and 16 months supply available, it’s clear that supply s,ll exceeds demand. We can’t begin to talk about a Seller’s market un,l there is less than 6 months supply/inventory available. That said, 2017 was the best year since 2005! Inventory con,nues to drop and prices are increasing. Both of these factors are indica,ve of a rising market. So, I con,nue to say our market is strong, stable and rising…
This representa,on is based in whole or in part on data supplied by, and to the Subscribers of the Outer Banks Associa,on of REALTORS® Mul,ple Lis,ng Service. Informa,on contained herein is deemed reliable but not guaranteed. Data maintained by the OBAR MLS is for its own use and may not reflect all real estate ac,vity in the market. Based on informa,on from the Outer Banks Associa,on of REALTORS® for the period (1/1/2017) through (12/31/2017).
Wrap-up…So, what does it mean to you? • •
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It is a good ,me to Buy or Sell! Seller’s - Prices are rising and inventory is down. The right ,me to sell really depends on your circumstances and goals but you can certainly do well in this market. Will there be another Seller’s market? Who knows and if so, when? Buyer’s – have some advantage due to the amount of supply available. Interest rates are s,ll low but are creeping up. It remains a good ,me to buy. We’ll con,nue to keep an eye on interest rates. If you have ques,ons about this report, feel free to call, e mail or text me at any ,me...
This representa,on is based in whole or in part on data supplied by, and to the Subscribers of the Outer Banks Associa,on of REALTORS® Mul,ple Lis,ng Service. Informa,on contained herein is deemed reliable but not guaranteed. Data maintained by the OBAR MLS is for its own use and may not reflect all real estate ac,vity in the market. Based on informa,on from the Outer Banks Associa,on of REALTORS® for the period (1/1/2017) through (12/31/2017).