Soundfronts.com – OBX Market Report (January 2022) Rick Kinne – Village Realty OBX This representation is based in whole or in part on data supplied by, and to the Subscribers of the Outer Banks Association of REALTORS® Multiple Listing Service. Information 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 activity in the market. Based on information from the Outer Banks Association of REALTORS® for the period (2/1/2021) through (1/31/2021).
Soundfronts.com OBX Market Report – January 2022 • This report is provided to you by Rick Kinne (REALTOR) with Village Realty Holdings, LLC in Nags Head, North Carolina. My Outer Banks real estate market report is a monthly feature for my soundfronts OBX Facebook 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 stipulations and provide some context: OBAR’s disclosure is printed on all of OBAR’s statistical reports and reads as follows: “This representation is based in whole or in part on data supplied by, and to the Subscribers of the Outer Banks Association of REALTORS® Multiple Listing Service. Information 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 activity in the market.”
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Clearly, sales take place through For Sale By Owner (FSBO’s), Real Estate Agents who are not Realtors and therefore don’t have MLS access, etc. However, I don’t believe that amount is significant.
This representation is based in whole or in part on data supplied by, and to the Subscribers of the Outer Banks Association of REALTORS® Multiple Listing Service. Information 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 activity in the market. Based on information from the Outer Banks Association of REALTORS® for the period (2/1/2021) through (1/31/2021).
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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 vacation/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 January 2022 numbers…
This representation is based in whole or in part on data supplied by, and to the Subscribers of the Outer Banks Association of REALTORS® Multiple Listing Service. Information 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 activity in the market. Based on information from the Outer Banks Association of REALTORS® for the period (2/1/2021) through (1/31/2021).
Sales – All Classes
This representation is based in whole or in part on data supplied by, and to the Subscribers of the Outer Banks Association of REALTORS® Multiple Listing Service. Information 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 activity in the market. Based on information from the Outer Banks Association of REALTORS® for the period (2/1/2021) through (1/31/2021).
Sales – Residential
This representation is based in whole or in part on data supplied by, and to the Subscribers of the Outer Banks Association of REALTORS® Multiple Listing Service. Information 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 activity in the market. Based on information from the Outer Banks Association of REALTORS® for the period (2/1/2021) through (1/31/2021).
Residential Inventory
The Absorption Rate for Homes as of February 1, 2022 is 3 Months (calculation assumes under contract listings are active) This representation is based in whole or in part on data supplied by, and to the Subscribers of the Outer Banks Association of REALTORS® Multiple Listing Service. Information 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 activity in the market. Based on information from the Outer Banks Association of REALTORS® for the period (2/1/2021) through (1/31/2021).
Residential Days on Market
This representation is based in whole or in part on data supplied by, and to the Subscribers of the Outer Banks Association of REALTORS® Multiple Listing Service. Information 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 activity in the market. Based on information from the Outer Banks Association of REALTORS® for the period (2/1/2021) through (1/31/2021).
Sales – Lots and Land
This representation is based in whole or in part on data supplied by, and to the Subscribers of the Outer Banks Association of REALTORS® Multiple Listing Service. Information 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 activity in the market. Based on information from the Outer Banks Association of REALTORS® for the period (2/1/2021) through (1/31/2021).
Lots and Land Inventory…
The Absorption Rate for Land as of February 1, 2022 is 6 Months (calculation assumes under contract listings are active) This representation is based in whole or in part on data supplied by, and to the Subscribers of the Outer Banks Association of REALTORS® Multiple Listing Service. Information 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 activity in the market. Based on information from the Outer Banks Association of REALTORS® for the period (2/1/2021) through (1/31/2021).
Lots and Land Days on Market
This representation is based in whole or in part on data supplied by, and to the Subscribers of the Outer Banks Association of REALTORS® Multiple Listing Service. Information 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 activity in the market. Based on information from the Outer Banks Association of REALTORS® for the period (2/1/2021) through (1/31/2021).
Total Inventory…
This representation is based in whole or in part on data supplied by, and to the Subscribers of the Outer Banks Association of REALTORS® Multiple Listing Service. Information 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 activity in the market. Based on information from the Outer Banks Association of REALTORS® for the period (2/1/2021) through (1/31/2021).
Under Contract – All Classes
This representation is based in whole or in part on data supplied by, and to the Subscribers of the Outer Banks Association of REALTORS® Multiple Listing Service. Information 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 activity in the market. Based on information from the Outer Banks Association of REALTORS® for the period (2/1/2021) through (1/31/2021).
Dare County Foreclosures…
This representation is based in whole or in part on data supplied by, and to the Subscribers of the Outer Banks Association of REALTORS® Multiple Listing Service. Information 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 activity in the market. Based on information from the Outer Banks Association of REALTORS® for the period (2/1/2021) through (1/31/2021).
New Construction (Dare County)
This representation is based in whole or in part on data supplied by, and to the Subscribers of the Outer Banks Association of REALTORS® Multiple Listing Service. Information 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 activity in the market. Based on information from the Outer Banks Association of REALTORS® for the period (2/1/2021) through (1/31/2021).
Building Permits (Dare County)
This representation is based in whole or in part on data supplied by, and to the Subscribers of the Outer Banks Association of REALTORS® Multiple Listing Service. Information 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 activity in the market. Based on information from the Outer Banks Association of REALTORS® for the period (2/1/2021) through (1/31/2021).
Building Permits (Currituck County)
This representation is based in whole or in part on data supplied by, and to the Subscribers of the Outer Banks Association of REALTORS® Multiple Listing Service. Information 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 activity in the market. Based on information from the Outer Banks Association of REALTORS® for the period (2/1/2021) through (1/31/2021).
Building Permits (Currituck County)
This representation is based in whole or in part on data supplied by, and to the Subscribers of the Outer Banks Association of REALTORS® Multiple Listing Service. Information 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 activity in the market. Based on information from the Outer Banks Association of REALTORS® for the period (2/1/2021) through (1/31/2021).
Sales by Town…
This representation is based in whole or in part on data supplied by, and to the Subscribers of the Outer Banks Association of REALTORS® Multiple Listing Service. Information 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 activity in the market. Based on information from the Outer Banks Association of REALTORS® for the period (2/1/2021) through (1/31/2021).
Sales by Town…
This representation is based in whole or in part on data supplied by, and to the Subscribers of the Outer Banks Association of REALTORS® Multiple Listing Service. Information 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 activity in the market. Based on information from the Outer Banks Association of REALTORS® for the period (2/1/2021) through (1/31/2021).
Sales by Town…
This representation is based in whole or in part on data supplied by, and to the Subscribers of the Outer Banks Association of REALTORS® Multiple Listing Service. Information 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 activity in the market. Based on information from the Outer Banks Association of REALTORS® for the period (2/1/2021) through (1/31/2021).
Sales by Town…
This representation is based in whole or in part on data supplied by, and to the Subscribers of the Outer Banks Association of REALTORS® Multiple Listing Service. Information 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 activity in the market. Based on information from the Outer Banks Association of REALTORS® for the period (2/1/2021) through (1/31/2021).
Sales by Town…
This representation is based in whole or in part on data supplied by, and to the Subscribers of the Outer Banks Association of REALTORS® Multiple Listing Service. Information 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 activity in the market. Based on information from the Outer Banks Association of REALTORS® for the period (2/1/2021) through (1/31/2021).
Sales by Town…
This representation is based in whole or in part on data supplied by, and to the Subscribers of the Outer Banks Association of REALTORS® Multiple Listing Service. Information 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 activity in the market. Based on information from the Outer Banks Association of REALTORS® for the period (2/1/2021) through (1/31/2021).
Sales by Town…
This representation is based in whole or in part on data supplied by, and to the Subscribers of the Outer Banks Association of REALTORS® Multiple Listing Service. Information 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 activity in the market. Based on information from the Outer Banks Association of REALTORS® for the period (2/1/2021) through (1/31/2021).
Sales by Town…
This representation is based in whole or in part on data supplied by, and to the Subscribers of the Outer Banks Association of REALTORS® Multiple Listing Service. Information 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 activity in the market. Based on information from the Outer Banks Association of REALTORS® for the period (2/1/2021) through (1/31/2021).
Sales by Town…
This representation is based in whole or in part on data supplied by, and to the Subscribers of the Outer Banks Association of REALTORS® Multiple Listing Service. Information 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 activity in the market. Based on information from the Outer Banks Association of REALTORS® for the period (2/1/2021) through (1/31/2021).
Sales by Town…
This representation is based in whole or in part on data supplied by, and to the Subscribers of the Outer Banks Association of REALTORS® Multiple Listing Service. Information 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 activity in the market. Based on information from the Outer Banks Association of REALTORS® for the period (2/1/2021) through (1/31/2021).
Sales by Town…
This representation is based in whole or in part on data supplied by, and to the Subscribers of the Outer Banks Association of REALTORS® Multiple Listing Service. Information 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 activity in the market. Based on information from the Outer Banks Association of REALTORS® for the period (2/1/2021) through (1/31/2021).
Wrap-up… • • • •
OBX real estate remains in high demand but there are signs of “seasonal” cooling and the lack of inventory is beginning to impact sales Residential Sales are down 16% and Land Sales down 22% over January 2021! Under Contract listings were at 646 as of February 1, 2022 and are down 15% over last year. MLS Inventory is at an all time record low and home prices remain high! Ø Ø
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Residential inventory is down by 37% over last year and is at only 281 units with the Median home price up by 38% or $591,932 (See individual pages by town). Lots/Land inventory is down 14% or 466 units
Absorption is a direct reflection of inventory for both homes and land. Home absorption was at 3 months and Land was at 6 months as of February 1, 2022 . A strong Seller’s Market! The average Days on Market (DOM) is down significantly over this time last year and is at 41 days for homes and 106 days for land Appraisers, Inspectors, Surveyors, and Attorneys remain busy with some reprieve as they all catch up
This representation is based in whole or in part on data supplied by, and to the Subscribers of the Outer Banks Association of REALTORS® Multiple Listing Service. Information 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 activity in the market. Based on information from the Outer Banks Association of REALTORS® for the period (2/1/2021) through (1/31/2021).
Wrap-up…So, what does it mean to you? • • •
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2022 is predicted to be another banner year for vacation rentals Vacation rental homes are much easier to get into with the rental season behind us Home inventory is at at the lowest it has been since the history of our MLS but there are also considerations for buying land and building new. The price of lumber and other building supplies, supply chain issues, and many builders are booked for the next 18 – 24 months. Seller’s – Prices continue to rise due to record low inventory and strong demand. It remains great time to sell! Nice homes that are priced correctly are going under contract very quickly. Multiple offers remain commonplace with many homes selling over asking price. DOM remains very low. Some homes are going under contract the same day they were listed. We are in a strong Seller’s market with only 747 properties available to sell (all classes). Buyer’s – It is difficult to find the “right” home due to record low inventory. Nice homes are moving very quickly despite higher prices and many are getting over asking price. We are not seeing the bargains that were once commonplace. So, be prepared - get pre-approved, be ready to make a move quickly, and expect to address multiple offers! Interest rates remain very low but Fannie and Freddie will be raising rates on all 2nd home purchases and high balance loans effective in April 2022.
This representation is based in whole or in part on data supplied by, and to the Subscribers of the Outer Banks Association of REALTORS® Multiple Listing Service. Information 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 activity in the market. Based on information from the Outer Banks Association of REALTORS® for the period (2/1/2021) through (1/31/2021).
Wrap-up…So, what does it mean to you? •
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Some Buyers are still purchasing “sight unseen“ or based on a virtual tour. Homes are moving too fast in many cases to wait for weekend showings. It can still be done. After all, 278 people did it in January and we are still at 646 under contract! As winter winds down, will we begin to see more inventory come on the market or will sales continue to be negatively impacted by extremely low inventory? The impact of higher interest rates on 2nd homes and high balance loans remains to be seen. It is always a good time to plan and strategize if you are interested in buying or selling. Call me today to get started! Please feel free to call, e mail or text me at any time with questions or assistance...
This representation is based in whole or in part on data supplied by, and to the Subscribers of the Outer Banks Association of REALTORS® Multiple Listing Service. Information 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 activity in the market. Based on information from the Outer Banks Association of REALTORS® for the period (2/1/2021) through (1/31/2021).