The Fall real estate market is turning out to be much like the rest of the year with strong demand and low inventory. At least it is somewhat easier to show the few properties that are available!
The October stats from the Outer Banks Association of REALTORS® show strong sales driven by the continued high demand from potential buyers. Yearly residential sales are up another 16% on top of the 40% increase from last year. That is a 63% increase in sales over 2019.
The year-to-date residential median sales price is now $479,400, an increase of 19% over last year’s 20% jump from 2019. That represents a 44% increase over 2019, which was $333,665. The year-to-date average sales price rose 40% over 2020 to $611,848, a 54% increase compared to 2019’s figure of $397,000.
Yearly lot/land sales, which total 824, are up 72% for 2021 and were up 37% in 2020. Compared to 2019 that is a 135% increase. Year-to-date prices took a dip in 2019 with the median price down 16% to $79,775, and the average price down 9% to $122,033. The current year-to-date median price is up 34% to $107,050, and the average price is up 26% from that dip to $154,017.
I get asked about inventory more than any other real estate topic. Nearly everyone knows of a situation where housing is needed, both buyers and renters. On the day the data was retrieved by OBAR (Nov. 5th) there were 425 active residential listings, compared to 646 last year, and 1482 in 2019, a decrease of 71%. On the day I wrote this (Nov. 18th) report that number was down to 387.
Low inventory combined with high demand has reduced the “days on market” from 116 days in 2020 to 53 days in 2021.
Looking ahead, nationally experts are expecting prices to continue to increase, and home sales to continue to rise. Doug Duncan, the Senior VP and Chief economist with Fannie Mae says “we forecast mortgage rates to average 3.3% in 2022, which, though slightly higher than 2020 and 2021, by historical standards remains extremely low and supportive of mortgage demand and affordability.” These three factors will continue to cause our low inventory issues to continue. It is not a bubble, it is simply a lack of inventory.
Below are the year to date stats for the individual areas for October:
- Corolla – Sales up 4%, median sales price up 28% to $718,500. Average days on market 44, compared to 144 in 2020.
- Duck – Sales down 10%, median sales price up 12% to $580,000. Average days on market 85 compared to 141 in 2020. But without the co-ownerships, where 5 plus weeks are sold, not the property itself, sales were down 17%, median sales price up 34% to $752,000. Average days on market 42 compared to 131 in 2020.
- Southern Shores – Sales down 5%, median sales price up 24% to $630,500. Average days on market 38 compared to 114 in 2020.
- Kitty Hawk – Sales are flat, median sales price up 28% to $505,000. Average days on market 23 compared to 56 in 2020.
- Colington – Sales up 13%, median sales price up 17% to $350,000. Average days on market 33 compared to 95 in 2020.
- Kill Devil Hills – Sales up 33%, median sales price up 22% to $403,000. Average days on market 27 compared to 70 in 2020.
- Nags Head – Sales up 28%, median sales price up 27% to $610,000. Average days on market 45 compared to 86 in 2020.
- All Hatteras – Sales up 40%, median sales price up 49% to $558,000. Average days on market 94 compared to 180 in 2020.
- Roanoke Island – Sales down 2%, median sales price up 21% to $430,500. Average days on market 54 compared to 94 in 2020.
- Currituck Mainland – Sales up 20%, median sales price up 16% to $320,000. Average days on market 32 compared to 89 in 2020.
- Ocracoke – Sales up 160%, median sales price up 23% to $435,000. Average days on market 205 compared to 269 in 2020.
Information in this article is based on information from the Outer Banks Association of REALTORS® MLS for the period January 1, 2019, through November 18th, 2021.
Mike is a long-time “Outer Banker”, both as a vacationer and a full-time resident. You may also know him as “Moose”, his nickname since he was 15 years old, and his on-air radio name for decades in Raleigh, Greensboro/Winston-Salem, Norfolk, and formerly on Beach 104 every morning on the “Moose & Jody Show” for over 14 years. Michael has built successful businesses on the Outer Banks. He is active in the community as well as a founding board member and Vice President of “Outer Banks Forever”, Past President of “The First Flight Society”, a founding member of “The Outer Banks Bicycle & Pedestrian Coalition”, and Past President and current member of “First Flight Rotary. Moose shares your love of the Outer Banks and understands the uniqueness of the area. Learn more at mooseobx.com