Soundfronts.com – OBX Market Report (July 2021) 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 (8/1/2020) through (7/31/2021).
Soundfronts.com OBX Market Report – July 2021 • 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 (8/1/2020) through (7/31/2021).
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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 July 2021 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 (8/1/2020) through (7/31/2021).
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 (8/1/2020) through (7/31/2021).
Sales – Residential
Residential Unit Sales - 2020 - 1412 units / 2021 - 2144 - up by 52% Residential Inventory - 2020 - 881 units / 2021 - 477 units - down 46% 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 (8/1/2020) through (7/31/2021).
Sales – Lots and Land
Lot / Land Unit Sales - 2020 - 234 / 2021 - 579 - up by 147% Lot / Land Inventory - 2020 - 699 units / 2021 - 583 units - down 17% 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 (8/1/2020) through (7/31/2021).
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 (8/1/2020) through (7/31/2021).
Distressed Sales…
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 (8/1/2020) through (7/31/2021).
Distressed Property 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 (8/1/2020) through (7/31/2021).
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 (8/1/2020) through (7/31/2021).
New Construction…
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 (8/1/2020) through (7/31/2021).
Building Permits…
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 (8/1/2020) through (7/31/2021).
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 (8/1/2020) through (7/31/2021).
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 (8/1/2020) through (7/31/2021).
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 (8/1/2020) through (7/31/2021).
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 (8/1/2020) through (7/31/2021).
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 (8/1/2020) through (7/31/2021).
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 (8/1/2020) through (7/31/2021).
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 (8/1/2020) through (7/31/2021).
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 (8/1/2020) through (7/31/2021).
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 (8/1/2020) through (7/31/2021).
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 (8/1/2020) through (7/31/2021).
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 (8/1/2020) through (7/31/2021).
OBAR Summary… MLS Statistics Despite some great numbers in July's statistical report, the OBX is still seeing a slump in certain areas in July which is normal for this time of year. But Residential Sales were up 65% compared to July 2020 which is a difference of 1,084 more units sold. Lots and Land sales were up an astounding 147% to 579 which is 345-unit difference from this time last year. This may also account for why 57 more building permits were issued so far this year compared to 2020. Town to Town Comparison Most towns saw a decrease in total Residential Units sold. Only Roanoke Island, Currituck Mainland, and Ocracoke saw marginal increases compared to July 2020. However, Hatteras, while down in Residential units sold, had a 36% increase in Median Price which is equivalent to $135,000 compared to this time last year. In Closing While we are seeing a bit of a slump in July which is normal for this time of year, overall sales are up overall year to date. And now we have almost 8 weeks of inventory which is a bit of a stress reliever for our agents. Last month we only had 5.5 weeks. We are still in a hot sellers’ market!
Wrap-up… • • • •
The real estate market remains hot but there are continued signs of cooling Residential Sales are up 52% and Land Sales up 147% over July 2020! Under Contract listings were at 708 units for this report and that is down by 23% over July 2020 - a sign of potential market cooling. Inventory has risen for the 3rd straight month but is still at historically low levels but housing prices have continued to rise Ø Ø
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Residential inventory is down by 46% over last year with the Median home price up by 34% or $490,000 (See individual pages by town). Lots/Land inventory is down 17%
Absorption is a direct reflection of inventory for both homes and land. Home absorption was at 3 months and Land was at 9 months as of August 1 . Still a clear Seller’s Market! The average Days on Market (DOM) is down 73% over this time last year and is at 34 days Appraisers, Inspectors, Surveyors and Attorneys remain overwhelmed. It is taking longer to get a home to closing but it’s not preventing record sales!
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 (8/1/2020) through (7/31/2021).
Wrap-up…So, what does it mean to you? • • •
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Vacation rental booking activity for 2021 is extremely strong and it appears this will be true for 2022 as well. Vacation rental homes can only be shown when vacant or on their turnover day With home inventory at historic lows, continuing to decline, it’s a really good time to consider buying land and building new. However, lumber and other building supplies are also up sharply! Seller’s – Prices continue to rise due to low inventory and demand. It is a great time to sell! Nice homes that are priced correctly are going under contract quickly and at a record pace. Multiple offers are commonplace with many homes selling over asking price. DOM remains low. Some are going under contract the same day they were listed. We are in a clear Seller’s market. Buyer’s – It is getting more difficult to find the “right” home due to reduced 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 preapproved, be ready to make a move, and expect to address multiple offers! Interest rates remain very low.
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 (8/1/2020) through (7/31/2021).
Wrap-up…So, what does it mean to you? •
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Nice homes are going under contract quickly! Be prepared for a purchase “sight unseen“ or based on a virtual tour. It can still be done. After all, 259 people did it in July and we are still at 700+ under contract! 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 (8/1/2020) through (7/31/2021).