The Outer Banks Real Estate Market July 2020

The Outer Banks Real Estate Market July 2020

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: 

Corolla - $490,000 

Duck - $437,000 

Southern Shores - $450,000 

Kitty Hawk - $369,000 

Kill Devil Hills - $324,000 

Colington - $286,750 

Nags Head - $432,500 

All Hatteras - $345,000 

Roanoke Island - $316,000 

Currituck Mainland - $268,000 

Ocracoke Island - $321,500 

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: 223
About Steven: Steve Donald and At The Beach Realty //// At the Beach Realty is a local firm located in Kitty ...