OBX Real Estate In February Still Hot, Inventory Not!

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Real estate on the Outer Banks, and around the country, continues to lead our economic recovery as we, hopefully, get closer to the end of the COVID pandemic. On the OBX for the year so far residential sales are up 68%, lot and land sales are up 100%. For the month of February residential sales are up 59% over last February, lots and land up 74%.

 

 

Inventory, or lack of it, is still the big issue for our market, and much of the country. On the Outer Banks, residential inventory is down 69%, the lowest since the Multiple Listing Service began keeping records in 2005. Lots and Land inventory is down 22%

Available inventory is an issue in most of the country with February year-over-year inventory nationally down 48.7%. In North Carolina that number is negative 59.1%, and in Virginia, it is down 51.1% So while lack of inventory is an issue for many areas it is especially so in northeast North Carolina and The Outer Banks.

The February statistics also show the average days on market is at 72 days. However, to understand the current market dynamics the more important number may be median days on market. That number is 22. Average days on market is skewed by homes that took hundreds of days, years in some cases, to sell. One house selling in February was on the market for 1552 days. That is over four years! 

There are many more homes selling much quicker which is why that median days on market is much more indicative of how fast this market is moving. Buyers need to be ready to move when that perfect house comes along. Of the 237 properties that sold in February 103 sold in 2 weeks or less, 134 in a month or less.

A good REALTOR®, like me, can develop different strategies and offer sound advice on the real estate process whether you are a buyer or seller. In times like these having a knowledgeable professional on your side is invaluable. Text, email, or call me today to discuss your situation.

Now to the statistics for the individual areas. Yearly sales and the median price are:

  • Corolla – Up 327%  – Median Sales Price up 63% to $649,000
  • Duck – Down 71% – Median Sales Price up 47% to $585,000
  • Southern Shores – Up 60% – Median Sales Price up 26% to $466,000
  • Kitty Hawk – Down 25% – Median Sales Price up 12% to $439,500
  • Colington – Up 20% – Median Sales Price up 26% to $306,250
  • Kill Devil Hills – Up 81% – Median Sales Price Down 2% to $373,950
  • Nags Head – Up 5% – Median Sales Price Up 35% to $647,000
  • All Hatteras – Up 112% – Median Sales Price Up 21% to $454,500
  • Roanoke Island – Up 75% – Median Sales Price Up 44% to $381,000
  • Currituck Mainland – Down 26% – Median Sales Price Up 4% to $275,750

 

Information in this article is based on information from the Outer Banks Association of REALTORS® MLS for the period January 1, 2019, through March 5, 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 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

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