Soundfronts.com – OBX Market Report (November 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 (12/1/2019) through (11/30/2020).
Soundfronts.com OBX Market Report – October 2020 • 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. 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.”
•
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 (12/1/2019) through (11/30/2020).
•
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 November 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 (12/1/2019) through (11/30/2020).
Sales – Residential and 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 (12/1/2019) through (11/30/2020).
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 (12/1/2019) through (11/30/2020).
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 (12/1/2019) through (11/30/2020).
Inventory All Classes…
Absorption Rate: Total Absorption rate in our MLS was 5 months for homes and 15 months for land as of December 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 (12/1/2019) through (11/30/2020).
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 (12/1/2019) through (11/30/2020).
Residential and Lot 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 (12/1/2019) through (11/30/2020).
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 (12/1/2019) through (11/30/2020).
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 (12/1/2019) through (11/30/2020).
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 (12/1/2019) through (11/30/2020).
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 (12/1/2019) through (11/30/2020).
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 (12/1/2019) through (11/30/2020).
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 (12/1/2019) through (11/30/2020).
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 (12/1/2019) through (11/30/2020).
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 (12/1/2019) through (11/30/2020).
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 (12/1/2019) through (11/30/2020).
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 (12/1/2019) through (11/30/2020).
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 (12/1/2019) through (11/30/2020).
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 (12/1/2019) through (11/30/2020).
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 (12/1/2019) through (11/30/2020).
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 (12/1/2019) through (11/30/2020).
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 (12/1/2019) through (11/30/2020).
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 (12/1/2019) through (11/30/2020).
Wrap-up… • •
Although the market remains HOT it is beginning to go into the seasonal cool off! Residential Sales are up 41% and Land Sales up 40% in November! Ø Ø
• • • •
•
The highest number of residential sales in the month of November since 2005 The highest number of Land sales in the month of November (ever).
We are seeing a slight slow down in Under Contract listings at 841 units but that is up 109% over over November 2019! Lots/Land inventory is down 24% Residential inventory is down by 58% over last year with the Median home price up by 39% or $477,500 (See individual pages by town). Absorption is a direct reflection of inventory for both homes and land. Home absorption was at 5 months as of December 1 while Land dropped to 15 months. A clear Seller’s Market Appraisers, Inspectors, Surveyors and Attorneys remain overwhelmed. It is taking longer to get a home to closing but it has yet to hamper 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 (12/1/2019) through (11/30/2020).
Wrap-up…So, what does it mean to you? • •
• •
•
Vacation rental activity has slowed but it remains extremely strong for this time of year and booking for 2021 are very strong. Vacation rental homes that remain rented can only be shown on their turnover day (Saturday or Sunday) but it has been easier to book showings, inspections, and appraisals due to reduced rental activity With home inventory declining, if you are considering a purchase, it’s a really good time to consider buying land and building new. Seller’s – Prices are on the rise and inventory continues to decline. 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 becoming common place with some homes selling over asking price. DOM remains fairly low. We are in a clear Seller’s market. Buyer’s – Overall, it remains a good time to buy but it is getting more difficult due to reduced inventory. Interest rates remain low. Nice homes that are priced correctly are moving quickly and some are getting over asking price. We are not seeing the bargains that were once commonplace. So, be prepared - get pre-approved and be ready to make a move! Inspectors, Appraisers, and Attorneys are running behind which is impacting 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 (12/1/2019) through (11/30/2020).
Wrap-up…So, what does it mean to you? • • •
•
• • • •
Will the pandemic eventually bring the market to a stand still? NO, the market is extremely hot right now! It has had the opposite affect. How long will it take for this situation to impact home prices? Median prices vary by jurisdiction but are up 39% overall. Will we eventually see a spike in foreclosures due to rental homes not having any income? No, distressed sales are down and distressed inventory is down 71%. More people are buying homes and taking them out of a rental program and using them as 2nd homes or permanent residences. It remains to be seen if this is temporary or a true market shift. Can Under Contract listings remain high as inventory is reduced? They are beginning to come down (see by day at the end of this report). It is always a good time to plan and strategize if you are interested in buying or selling. Call me today to get started! If buying, be prepared for a multiple offer situation! Think ahead about what you are willing to pay if you really want that home. 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 (12/1/2019) through (11/30/2020).
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…
Market Day by Day…
Market Day by Day…
Market Day by Day…
Market Day by Day…
Market Day by Day…
Market Day by Day…
Market Day by Day…
Market Day by Day…
Market Day by Day…
Market Day by Day…