Soundfronts.com – OBX Market Report (June 2018) 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 (7/1/2017) through (6/30/2018).
Soundfronts.com OBX Market Report – January 2018 • 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 stipulations and provide some context. So:
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 (7/1/2017) through (6/30/2018).
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First - OBAR’s disclosure. It 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 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 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 (7/1/2017) through (6/30/2018).
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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 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 (7/1/2017) through (6/30/2018).
This representation is based in whole or in part on data supplied by, and to the Subscribers of the Outer Banks Association of REALTORSÂŽ Multiple Listing Service. Information 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 activity in the market. Based on information from the Outer Banks Association of REALTORSÂŽ for the period (7/1/2017) through (6/30/2018).
Summary…
Absorption Rate:
Total Absorption rate for homes in our MLS remains at 11 months and land dropped to 18 months!
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 (7/1/2017) through (6/30/2018).
Summary Cont’d…
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 (7/1/2017) through (6/30/2018).
Summary Cont’d…
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 (7/1/2017) through (6/30/2018).
Wrap-up… •
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Overall sales are hitting their seasonal decline. However, our market continues to be strong! It remains a stable Buyer’s market but by all counts. Why? A Buyer’s market is when supply exceeds demand. With 11 and 18 months supply available, it’s clear that supply still exceeds demand. We can’t begin to talk about a Seller’s market until there is less than 6 months supply/inventory available. Although inventory appears to have stabilized the lack of inventory is still impacting the market. prices continue to rise/increase and Days on Market (DOM) continues to decline. So, I say our market is strong, stable Buyer’s 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 (7/1/2017) through (6/30/2018).
Wrap-up…So, what does it mean to you? • It remains a good time to Buy or Sell! •
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Seller’s - Prices are rising and although inventory has stabilized, it remains low. The right time to sell really depends on your circumstances and goals but you can certainly do well in this market. Nice homes that are priced well are moving quickly. Will there be another Seller’s market? Who knows and if so, when? Buyer’s – It is still a Buyer’s market. However, interest rates are rising and inventory is still low. Rates are expected to increase 3 times in 2018. It is still a good time to buy. Homes that are priced well are selling quickly and don’t remain on the market very long! So, be ready to make a move! Please feel free to call, e mail or text me at any time...
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 (7/1/2017) through (6/30/2018).