After shutdown lull, OBX real estate heats up

By on June 17, 2020

(Outer Banks Association of Realtors)

Since COVID-19 hit, real estate statistics have naturally been all over the place. While residential sales have dropped as predicted in the Outer Banks, there are still a lot of silver linings to consider.

The most remarkable statistic is the number of listings placed Under Contract (UC). While there were record breaking numbers in January and February, there was a predictable decline once the bridges were closed and REALTORS® adjusted to virtual showings and paperless transactions. However, in May there were 606 listings under contract. Even better, as of today, that number jumped to 696 (36 just from the weekend) which is officially the highest recorded number since OBAR began tracking statistics! Keep in mind that with this number of closings, please be patient with home inspectors, appraisers, and attorneys who have now become back logged resulting in delayed closings. Other silver linings include:

  • ShowingTime®, a tool that REALTORS® use to schedule showings for clients, reported that while there was a steep decline in showings in March and April, starting in May, they rebounded remarkably and as of June 4th, showings were up 8.3% compared to this time last year. It is believed that this is a result of REALTORS® utilizing virtual open houses and tours during the Stay Home orders.
  • Distressed properties are down 29% from this time last year.
  • Dare County foreclosures are lower which may be due to stimulus money and loan forgiveness from mortgage companies.
  • Roanoke Island saw the highest percentage of residential sales in January-May of this year compared to last year with a 20% increase.
  • Kill Devil Hills saw the largest increase in Median Home Price compared to last year with a 11% increase. The median price of Kill Devil Hills homes was $285,000 last year at the same time. This year, it’s $315,000—a $30,000 increase.
  • Inventory is extremely low right now which means that many areas in the Outer Banks are still considered a serious seller’s market.

While overall residential sales naturally declined in many areas, there are still some very positive statistics coming out of real estate on the Outer Banks.

Based on information from the Outer Banks Association of REALTORS® MLS for the period January 1, 2019 through June 15, 2020

 


Recent posts in this category

Recent posts in this category

Comments

  • mikem

    Ask any realtor how the housing market is doing, and they will always tell you it is up and getting better.. even the day after the crash of 2008..

    Monday, Jun 15 @ 9:46 pm
  • Rob Jay

    Hmmm….an article written by the Outer Banks Association of Realtors (OBAR) that tells folks to buy now or else?

    Seems legit.

    Tuesday, Jun 16 @ 1:43 pm
  • Lee

    Maybe all those upset nrpo are selling out cheap just to spit dare county. I only wonder will the next group of nrpo be as disrespectful and entitled as the last.

    Wednesday, Jun 17 @ 9:10 am
Join the discussion