By Outer Banks Association of REALTORS (OBAR) on July 20, 2020
The numbers do not lie! Real Estate in the OBX is booming. As of today there are 867 under contract listings (up 24 since the statistical report was posted on July 7th). That is 108% higher than it was this time last year. However, sales are only up 6% compared to this time last year. The increase does not match the listings under contract.
This may be attributable to the extension of the due diligence period. All professionals involved in the due diligence period are requesting a 45 day due diligence period because they are backlogged almost 4 weeks due to the surge in under contract listings. If you are in the process of buying or selling a home you will need patience and understanding because there is nothing that your REALTOR® can do to speed up the current due diligence process because of this.
There were many interesting statistics indicating that we are definitely in a sellers market. Inventory is down across the board compared to this time last year. Residential inventory is down 38% (604 fewer currently available), however, overall, the median price has climbed 2% which is a difference of $8,000. Lots/Land inventory is down 14% (119 fewer currently available), however, the median price has jumped 25% which is a difference of an astounding $19,000.
Unfortunately, due to COVID-19, Distressed Sales were up 350%, but this amounts to only 7 more distressed properties compared to this time last year. Thankfully, Foreclosures remained consistent compared to last month, but still drastically lower than last year.
Outer Banks Towns and Areas
Last month, Roanoke Island saw the largest amount of residential units sold–up by a whopping 57% with 30 more homes closing compared to this time last year. Kill Devil Hills saw the largest jump in Median Price at 13% which equates to a staggering $36,450 difference compared to this time last year.
What Does This Mean for You?
If you are a homeowner and thinking about selling you property–NOW is the time to do so. Inventory is low which is causing prices to rise. If you are interested in buying a home–NOW is the time to do so because prices will continue to climb in the foreseeable future.
Based on information from the Outer Banks Association of REALTORS® MLS for the period January 1, 2017 through July 20, 2020