Soundfronts.com – OBX Market Report (March 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 (4/1/2019) through (3/31/2020).
Soundfronts.com OBX Market Report – March 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 (4/1/2019) through (3/31/2020).
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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 March 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 (4/1/2019) through (3/31/2020).
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 (4/1/2019) through (3/31/2020).
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 (4/1/2019) through (3/31/2020).
Residential Sales…
Absorption Rate: Total Absorption rate in our MLS is now at 9 months for homes and 21 months for land as of March 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 (4/1/2019) through (3/31/2020).
Residential 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 (4/1/2019) through (3/31/2020).
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 (4/1/2019) through (3/31/2020).
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 (4/1/2019) through (3/31/2020).
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 (4/1/2019) through (3/31/2020).
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 (4/1/2019) through (3/31/2020).
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 (4/1/2019) through (3/31/2020).
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 (4/1/2019) through (3/31/2020).
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 (4/1/2019) through (3/31/2020).
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 (4/1/2019) through (3/31/2020).
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 (4/1/2019) through (3/31/2020).
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 (4/1/2019) through (3/31/2020).
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 (4/1/2019) through (3/31/2020).
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 (4/1/2019) through (3/31/2020).
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 (4/1/2019) through (3/31/2020).
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 (4/1/2019) through (3/31/2020).
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 (4/1/2019) through (3/31/2020).
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 (4/1/2019) through (3/31/2020).
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 (4/1/2019) through (3/31/2020).
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 (4/1/2019) through (3/31/2020).
Wrap-up… • • • •
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Surprisingly, March sales up 7% compared to March 2019 and yearly sales up 14% compared to 2019! The MLS projects that April sales will be down due to COVID 19 Lots/Land sales are up 11% over this time last year! Under Contract listings are starting to fall. They are down 2% from 2019 and down 12% from last month when they were at record levels. Clearly, this is due to homes continuing to sell while visitor and non-resident owner access restrictions continue due to COVID 19. Residential inventory is down 18% over last year and overall inventory is down by 13%. Absorption is a direct reflection of inventory for both homes and land. Homes were at 9 months as of March 1 while Land remained at 21 months. Supply still clearly exceeds demand. Technically, we remain a strong and stable Buyer’s market with absorption moving in the right direction for Sellers.
COVID 19 HAS and WILL IMPACT WHAT WAS A GREAT START FOR 2020! 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 (4/1/2019) through (3/31/2020).
Wrap-up…So, what does it mean to you? • • • •
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Vacation rental activity is at a stand still with restrictions in place! 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 are being depleted and will continue to so while restriction remain in place Seller’s – Prices for homes remain strong and inventory is still low. The right time to sell always depends on your circumstances and goals. My recommendation would be list nowt if you need to sell If you don’t have to sell now, consider holding off on listing so that you don’t build up Days on Market while visitors are not able to come and view your home. Nice homes that are priced correctly are still moving. DOM still remains low. It appears we may be heading toward a Seller’s market with inventory now at 9 months. We will watch carefully! Buyer’s – It is still a Buyer’s market. However, Interest rates are also being impacted by COVID 19. Be sure to shop around. Some are buying with only virtual showings. Get pre-approved and be ready to make a move! How long will restrictions remain in place?
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 (3/1/2019) through (2/29/2020).
Wrap-up…So, what does it mean to you? • • • •
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Will the restrictions eventually bring the market to a stand still? How long will it take for this situation to impact homw prices? Will we eventually see a spike in foreclosures due to rental homes not having any income? We have more questions than answers but now is a good time to plan and strategize if you are interested in buying or selling. Call me to get started! Everyone believes that our market will come back strong when this is over 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 (3/1/2019) through (2/29/2020).