Page 1

Soundfronts.com – OBX Market Report (April 2018) Rick Kinne – Village Realty OBX This representa,on is based in whole or in part on data supplied by, and to the Subscribers of the Outer Banks Associa,on of REALTORS® Mul,ple Lis,ng Service. Informa,on contained herein is deemed reliable but not guaranteed. Data maintained by the OBAR MLS is for its own use and may not reflect all real estate ac,vity in the market. Based on informa,on from the Outer Banks Associa,on of REALTORS® for the period (5/1/2017) through (4/30/2018).


Soundfronts.com OBX Market Report – January 2018 •  Hi. Rick Kinne here with Village Realty in Nags Head, North Carolina. This Outer Banks real estate market report is a monthly feature for my soundfronts OBX page and soundfronts.com website, intended to keep you informed of the local real estate market. •  Before we get started, I need to preface the report with some s,pula,ons and provide some context. So:

This representa,on is based in whole or in part on data supplied by, and to the Subscribers of the Outer Banks Associa,on of REALTORS® Mul,ple Lis,ng Service .Informa,on contained herein is deemed reliable but not guaranteed. Data maintained by the OBAR MLS is for its own use and may not reflect all real estate ac,vity in the market. Based on informa,on from the Outer Banks Associa,on of REALTORS® for the period (5/1/2017) through (4/30/2018).


• 

First - OBAR’s disclosure. It is printed on all of OBAR’s sta,s,cal reports and reads as follows: “This representa,on is based in whole or in part on data supplied by, and to the Subscribers of the Outer Banks Associa,on of REALTORS® Mul,ple Lis,ng Service. Informa,on contained herein is deemed reliable but not guaranteed. Data maintained by the OBAR MLS is for its own use and may not reflect all real estate ac,vity in the market.”

• 

Clearly, sales take place through FSBO’s, Agents who are not Realtors and therefore don’t have MLS access, etc. Personally, I don’t believe that’s a significant amount.

This representa,on is based in whole or in part on data supplied by, and to the Subscribers of the Outer Banks Associa,on of REALTORS® Mul,ple Lis,ng Service. Informa,on contained herein is deemed reliable but not guaraaneed. Data maintained by the OBAR MLS is for its own use and may not reflect all real estate ac,vity in the market. Based on informa,on from the Outer Banks Associa,on of REALTORS® for the period (5/1/2017) through (4/30/2018).


• 

The Outer Banks market covered by OBAR is a bit unique. It’s a mixed market but it’s primarily a vaca,on/rental home market. Coverage stretches from lower Currituck County and the Dare County mainland, all along the beaches from Carova through Ocracoke.

Now for the numbers…

This representa,on is based in whole or in part on data supplied by, and to the Subscribers of the Outer Banks Associa,on of REALTORS® Mul,ple Lis,ng Service. Informa,on contained herein is deemed reliable but not guaranteed. Data maintained by the OBAR MLS is for its own use and may not reflect all real estate ac,vity in the market. Based on informa,on from the Outer Banks Associa,on of REALTORS® for the period (5/1/2017) through (4/30/2018).


This representa,on is based in whole or in part on data supplied by, and to the Subscribers of the Outer Banks Associa,on of REALTORS® Mul,ple Lis,ng Service. Informa,on contained herein is deemed reliable but not guaranteed. Data maintaine11by the OBAR MLS is for its own use and may not reflect all real estate ac,vity in the market. Based on informa,on from the Outer Banks Associa,on of REALTORS® for the period (5/1/2017) through (4/30/2018).


Summary (2018 starFng out slow)… •  ResidenFal Sales: April MLS sta,s,cs indicate that proper,es are staying on the market longer since mortgage rates increased in February; however, the sta,s,cs also show that residen,al proper,es are coming off the market at a rate not experienced during the last three years. •  Overall, residen,al sales have declined from 2017 by 5% - with single-family detached home sales down by 8%. On the other hand, condominium sales are up by 30%. This is the second month in a row where condominium sales have been this high.

This representa,on is based in whole or in part on data supplied by, and to the Subscribers of the Outer Banks Associa,on of REALTORS® Mul,ple Lis,ng Service. Informa,on contained herein is deemed reliable but not guaranteed. Data maintained by the OBAR MLS is for its own use and may not reflect all real estate ac,vity in the market. Based on informa,on from the Outer Banks Associa,on of REALTORS® for the period (5/1/2017) through (4/30/2018).


Summary Cont’d… •  Residen,al inventory was down slightly (3%) but considered stable. Although the downward trend started in 2007, the last two months have showing that this trend is flafening. •  New Construc,on- New Construc,on building permits in Dare County are up 15% since 2017 •  Lots and Land Sales: Last month, the MLS reported that Lots / Land unit sales were down slightly; however, unit sales are now up (3%), and average sale price is up by 14% and median sale price is up by 35% •  AbsorpFon Rate: Total Absorp,on rate for homes in our MLS remains at 11 months and land remains at 16 months!

This representa,on is based in whole or in part on data supplied by, and to the Subscribers of the Outer Banks Associa,on of REALTORS® Mul,ple Lis,ng Service. Informa,on contained herein is deemed reliable but not guaranteed. Data maintained by the OBAR MLS is for its own use and may not reflect all real estate ac,vity in the market. Based on informa,on from the Outer Banks Associa,on of REALTORS® for the period (5/1/2017) through (4/30/2018).


Wrap-up… • 

• 

• 

Although sales con,nued to decline in April our market con,nues to be strong! It remains a stable Buyer’s market but by all counts. Why? A Buyer’s market is when supply exceeds demand. With 11 and 16 months supply available, it’s clear that supply s,ll exceeds demand. We can’t begin to talk about a Seller’s market un,l there is less than 6 months supply/inventory available. Although inventory appears to have stabilized prices con,nue to rise/increase. So, I say our market is strong, stable Buyer’s Market…

This representa,on is based in whole or in part on data supplied by, and to the Subscribers of the Outer Banks Associa,on of REALTORS® Mul,ple Lis,ng Service. Informa,on contained herein is deemed reliable but not guaranteed. Data maintained by the OBAR MLS is for its own use and may not reflect all real estate ac,vity in the market. Based on informa,on from the Outer Banks Associa,on of REALTORS® for the period (5/1/2017) through (4/30/2018).


Wrap-up…So, what does it mean to you? •  It is a good ,me to Buy or Sell! • 

• 

• 

Seller’s - Prices are rising and inventory has stabilized. The right ,me to sell really depends on your circumstances and goals but you can certainly do well in this market. Will there be another Seller’s market? Who knows and if so, when? Buyer’s – It is s,ll a Buyer’s market. However, interest rates are rising and inventory appears to be stabilizing. Rates are expected to increase 3 ,mes in 2018. It is s,ll a good ,me to buy. Homes that are priced well are selling quickly and don’t remain on the market very long! If you have ques,ons about this report, feel free to call, e mail or text me at any ,me...

This representa,on is based in whole or in part on data supplied by, and to the Subscribers of the Outer Banks Associa,on of REALTORS® Mul,ple Lis,ng Service. Informa,on contained herein is deemed reliable but not guaranteed. Data maintained by the OBAR MLS is for its own use and may not reflect all real estate ac,vity in the market. Based on informa,on from the Outer Banks Associa,on of REALTORS® for the period (5/1/2017) through (4/30/2018).

Profile for rickkinne59

April 2018 obx market report  

Outer Banks real estate market report for April, 2018.

April 2018 obx market report  

Outer Banks real estate market report for April, 2018.

Advertisement