Soundfronts.com – OBX Market Report (June 2020) 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 (7/1/2019) through (6/30/2020).
Soundfronts.com OBX Market Report – May 2020 • 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: 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 (7/1/2019) through (6/30/2020).
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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 June 2020 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 (7/1/2019) through (6/30/2020).
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 (7/1/2019) through (6/30/2020).
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 (7/1/2019) through (6/30/2020).
Showings…
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 (7/1/2019) through (6/30/2020).
Residential 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 (7/1/2019) through (6/30/2020).
Residential Inventory…
Absorption Rate: Total Absorption rate in our MLS was 10 months for homes and 23 months for land as of July 1! 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 (7/1/2019) through (6/30/2020).
Lots and Land 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 (7/1/2019) through (6/30/2020).
Lots and Land 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 (7/1/2019) through (6/30/2020).
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 (7/1/2019) through (6/30/2020).
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 (7/1/2019) through (6/30/2020).
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 (7/1/2019) through (6/30/2020).
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 (7/1/2019) through (6/30/2020).
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 (7/1/2019) through (6/30/2020).
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 (7/1/2019) through (6/30/2020).
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 (7/1/2019) through (6/30/2020).
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 (7/1/2019) through (6/30/2020).
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 (7/1/2019) through (6/30/2020).
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 (7/1/2019) through (6/30/2020).
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 (7/1/2019) through (6/30/2020).
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 (7/1/2019) through (6/30/2020).
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 (7/1/2019) through (6/30/2020).
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 (7/1/2019) through (6/30/2020).
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 (7/1/2019) through (6/30/2020).
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 (71/2019) through (6/30/2020).
Wrap-up… • •
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Overall, our market has shown unbelievable resilience despite the COVID 19 circumstances! Residential Sales are up slightly over last year – 2% and are up by 14% from last month. Appraisers, Inspectors, Surveyors and Attorneys are overwhelmed and that could be slowing sales. Under Contract listings tell the real story with 842 listings under contract! We were at 549 units at this time last month as as low as 332 at one point in April. It will be interesting to see if the upward trend continues. Lots/Land sales are down 33% over this time last year and inventory is down 14% driving the median prices up by 25% Residential inventory is down by 38% over last year and overall inventory is down by 30%. Median prices are down in some areas and up in others (see individual pages by town). Absorption is a direct reflection of inventory for both homes and land. Homes were at 10 months as of July 1 while Land remained at 23 months. Although this represents an overall strong Buyers Market, it is a market average. Some jurisdictions are now clearly a Sellers 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 (7/1/2019) through (6/30/2020).
Wrap-up…So, what does it mean to you? •
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Vacation rental activity is extremely strong (up 145% by some counts). I personally believe that people are coming here rather than having to fly some where. Showing are down due to the inability to get into homes except for on their Saturday or Sunday turnover day With home inventory declining, if you are considering a purchase, it is a really good time to consider buying land and building new. The number of under contract listings have exceeded all expectations and are at an all-time record high! Seller’s – Prices for homes remain strong and inventory continues to decline. It is a great time to sell! Nice homes that are priced correctly are going under contract quickly at a record pace. DOM remains fairly low. Some jurisdictions are representative of a Seller’s market with inventory at 6 months or less. We will continue to watch carefully! Buyer’s – It is still a Buyer’s market overall. Interest rates remain low. Homes that are nice and priced correctly are moving quickly. So, get preapproved and be ready to make a move! Inspectors, Appraisers, and Attorneys are running behind which may have an impact on time to close.
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 rom the Outer Banks Association of REALTORS® for the period (7/1/2019) through (6/30/2020).
Wrap-up…So, what does it mean to you? • • •
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Will the restrictions eventually bring the market to a stand still? NO, the market is hot, hot, hot! How long will it take for this situation to impact home prices? Median rices are up 2% overall but vary by jurisdiction. Will we eventually see a spike in foreclosures due to rental homes not having any income? Distressed sales are up 350% but that consists of only 9 units. Diestressed property inventory is down by 10% over last year but that is representative of 1 unit. We are seeing more people buy homes and not put them in a rental program. They are either going to be used as a 2nd home or a permanent residence. We‘ll have to watch this to see if the market is shifting. It is always a good time to plan and strategize if you are interested in buying or selling. Call me to get started! Our market is hot! 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 rom the Outer Banks Association of REALTORS® for the period (7/1/2019) through (6/30/2020).
Appendix – Pandemic Watch - Market Day by Day since March 21, 2020
Market Day by Day…
Market Day by Day…
Market Day by Day…
Market Day by Day…
Market Day by Day…