Soundfronts.com – OBX Market Report (September 2021) 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 (10/1/2020) through (9/30/2021).
Soundfronts.com OBX Market Report – September 2021 • 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: 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 (10/1/2020) through (9/30/2021).
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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 2021 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 (10/1/2020) through (9/30/2021).
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 (10/1/2020) through (9/30/2021).
Sales – Residential
Residential sales 2020 - 2092 units. Residential sales 2021- 2340 units - up by 12% 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 (10/1/2020) through (9/30/2021).
Residential Inventory
Residential inventory 2020 - 723 units. Residential inventory 2021 - 501 units - down 31% The Absorption Rate for Homes as of October 1 is 4 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 (10/1/2020) through (9/30/2021).
Residential Days on 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 (10/1/2020) through (9/30/2021).
Sales – Lots and Land
Lot / land sales 2020 - 392 units. Lot / land sales 2021 - 746 units - up by 90% 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 (10/1/2020) through (9/30/2021).
Lots and Land Inventory…
Lot / land inventory 2020 - 664 units. Lot / Land inventory 2021 - 568 units - down 14% The Absorption Rate for Land as of October 1 is 8 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 (10/1/2020) through (9/30/2021).
Lots and Land Days on 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 (10/1/2020) through (9/30/2021).
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 (10/1/2020) through (9/30/2021).
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 (10/1/2020) through (9/30/2021).
New Construction (Dare County)
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 (10/1/2020) through (9/30/2021).
Building Permits (Dare County)
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 (10/1/2020) through (9/30/2021).
Building Permits (Currituck County)
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 (10/1/2020) through (9/30/2021).
Building Permits (Currituck County)
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 (10/1/2020) through (9/30/2021).
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 (10/1/2020) through (9/30/2021).
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 (10/1/2020) through (9/30/2021).
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 (10/1/2020) through (9/30/2021).
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 (10/1/2020) through (9/30/2021).
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 (10/1/2020) through (9/30/2021).
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 (10/1/2020) through (9/30/2021).
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 (10/1/2020) through (9/30/2021).
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 (10/1/2020) through (9/30/2021).
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 (10/1/2020) through (9/30/2021).
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 (10/1/2020) through (9/30/2021).
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 (10/1/2020) through (9/30/2021).
Wrap-up… • • • •
The OBX real estate market remains hot but is showing signs of cooling Residential Sales are up 12% and Land Sales up 90% over September 2020! Under Contract listings were at 783 units for this report and that is down by 20% over September 2020 - a sign of market cooling. Inventory has risen for the 5th straight month but is still at historically low levels. However, housing prices have continued to rise Ø Ø
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Residential inventory is down by 31% over last year with the Median home price up by 17% or $495,000 (See individual pages by town). Lots/Land inventory is down 14%
Absorption is a direct reflection of inventory for both homes and land. Home absorption was at 4 months and Land was at 8 months as of October 1 . Still a clear Seller’s Market! The average Days on Market (DOM) is down 52% over this time last year and is at 55 days Appraisers, Inspectors, Surveyors and Attorneys remain somewhat overwhelmed. It is taking longer to get a home to closing but it’s not preventing record 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 (10/1/2020) through (9/30/2021).
Wrap-up…So, what does it mean to you? • • •
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It has been a banner year for vacation rentals. There are more people here than I have ever seen in October. 2022 is booking up as well. Vacation rental homes can only be shown when vacant or on their turnover day (usually Saturday or Sunday) With home inventory at historic lows, it’s a really good time to consider buying land and building new. Although the price of lumber and other building supplies are not at pre-Covid prices, they have come down recently. Seller’s – Prices continue to rise due to low inventory and strong demand. 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 remain commonplace with many homes selling over asking price. DOM remains low. Some homes are going under contract the same day they were listed. We are in a clear Seller’s market. Buyer’s – It is a bit more difficult to find the “right” home due to reduced inventory. Nice homes are moving very quickly despite higher prices and many are getting over asking price. We are not seeing the argains that were once commonplace. So, be prepared - get pre-approved, be ready to make a move, and expect to address multiple offers! Interest rates remain very low.
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 (10/1/2020) through (9/30/2021).
Wrap-up…So, what does it mean to you? •
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Nice homes are going under contract quickly! Some are purchasing “sight unseen“ or based on a virtual tour. It can still be done. After all, 304 people did it in September and we are still at 700+ under contract! It is always a good time to plan and strategize if you are interested in buying or selling. Call me today to get started! 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 from the Outer Banks Association of REALTORS® for the period (10/1/2020) through (9/30/2021).