Soundfronts.com – OBX Market Report (September 2019) 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 (10/1/2018) through (9/30/2019).
Soundfronts.com OBX Market Report – September 2019 • 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 (10/1/2018) through (9/30/2019).
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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 September 2019 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 (10/1/2018) through (9/30/2019).
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 (10/1/2018) through (9/30/2019).
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 (10/1/2018) through (9/30/2019).
Residential Sales…
Absorption Rate: Total Absorption rate in our MLS is now at 11 months for homes and 25 months for land in September! 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 (10/1/2018) through (9/30/2019).
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 (10/1/2018) through (9/30/2019).
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 (10/1/2018) through (9/30/2019).
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 (10/1/2018) through (9/30/2019).
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 (10/1/2018) through (9/30/2019).
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 (10/1/2018) through (9/30/2019).
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 (10/1/2018) through (9/30/2019).
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 (10/1/2018) through (9/30/2019).
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 (10/1/2018) through (9/30/2019).
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 (10/1/2018) through (9/30/2019).
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 (10/1/2018) through (9/30/2019).
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 (10/1/2018) through (9/30/2019).
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 (10/1/2018) through (9/30/2019).
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 (10/1/2018) through (9/30/2019).
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 (10/1/2018) through (9/30/2019).
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 (10/1/2018) through (9/30/2019).
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 (10/1/2018) through (9/30/2019).
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 (10/1/2018) through (9/30/2019).
Wrap-up… • • • • • • •
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Sales continued on an upward trend in September. Sales are up 3% YTD (all classes). Residential sales are up 5% over last year in September. Condo sales are down 23% and single family home sales are up 7%. Lots/Land sales are down 8% over last year There were still well over 400 listings under contract at the end of September (the highest since September 2017! Overall inventory is up 3%. Residential inventory is down 2% and Lots/Land are up 12% for the third straight month. Kill Devil Hills and Hatteras Island lead our market in new construction permit value as of the end of September There are only 134 active construction permits compared to 210 at this time in 2018. Kill Devil Hills and Roanoke Island lead the way with 27 and 21 respectively (end of September Data) Absorption is a direct reflection of inventory for both homes and land. Homes remained at 11 months while land increased to 25 months in September. Supply still clearly exceeds demand. We remain a strong and 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 (10/1/2018) through (9/30/2019).
Wrap-up…So, what does it mean to you? • • •
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Vacation rental activity remained strong in September but are beginning to wind down! With land/lot sales declining, if you are considering a purchase, it is a good time to buy land and build new. Seller’s – Prices for homes continue to rise in some towns but we are seeing a slight decline in others. See the sales by town pages. Although inventory is up over 2018 levels, it remains low. The right time to sell always depends on your circumstances and goals. The current state of our market should not deter you. Nice homes that are priced correctly are still moving quickly. DOM remains low. Will there be another Seller’s market? Who knows and if so, when? Buyer’s – It is still a Buyer’s market. Interest rates have remain low and there is plenty of inventory (more homes to choose from). Homes that are well maintained and priced correctly move quickly with some selling at or above asking price! So, get pre-approved and be ready to make a move! 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 (10/1/2018) through (9/30/2019).