The Outer Banks real estate market is sizzling! The temperature is hot and so is the real estate market. July 2020 saw the highest number of sales since 2005 with 441 sales and, with 906 units still Under Contract, August may also be a record month.
- Under contract listings are up 101% over July 2019. In Colington Harbour, which is the largest neighborhood in KDH, there is currently 33 homes for sale and 27 of them are under contract.
- Available inventory is down 32% with only 1,630 units available for sale. Lower inventory and high demand should support rising prices.
- Lot/land inventory is down 17% with 699 available for sale.
- Foreclosures - there is only 8 distressed properties for sale and 4 of those are already under contract.
- Building permits is up 22% from last year even with some lumber being in short supply. One of my contractors said he is having to shop multiple lumber yards to find product and the lack of supply is delaying his jobs.
Here are the median sales prices for selected towns on the OBX:
Based on information from the Outer Banks Association of REALTORS® MLS. Information contained herein is deemed reliable but not guaranteed and may not reflect all real estate activity in the market. Opinions expressed are solely my own and do not express the views or opinions of my firm.
Author:Steven Donald Phone: 252-489-0982 Dated: August 14th 2020 Views: 199 About Steven: Steve Donald and At The Beach Realty ////
At the Beach Realty is a local firm located in Kitty ...
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Since 1996 I have been proudly selling real estate on the Outer Banks of North Carolina. I can think of no other career than to help people realize their dream of home ownership on these beautiful barrier islands. I represent buyers and sellers, whether you are a first time buyer, seasoned investor or somewhere in between. You can count on myself and my team to be with you every step of the way. Honesty and Integrity are the core values of our company.