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Soundfronts.com – OBX Market Report (February 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 (3/1/2017) through (2/28/2018).


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 (3/1/2017) through (2/28/2018).


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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.”

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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 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 (3/1/2017) through (2/28/2018).


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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 (3/1/2017) through (2/28/2018).


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 (3/1/2017) through (2/28/2018).


Summary (What a difference a month makes)… •  Declining affordability, rising interest rates, and declining inventory had a serious impact on February residen,al property sales. •  ResidenKal Sales Volume: Sales of Single Family homes were down 17% and sales of Condominiums were down 9%. All told, 83 units were sold in February making it the weakest month for residen,al sales since November 2011. •  Lot / Land Sales - Lots / Land sales were up 19% when compared with 2017 unit sales and total volume sold up 48%. Inventory was down by 18%.

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 (3/1/2017) through (2/28/2018).


Summary Cont’d… •  Under Contract LisKngs: Up from last month from304 to 393 Units •  Inventories: Inventory con,nues to decline with only 1,434 residen,al units availabe (down 5% from one year ago), 658 lots (down 18% from one year ago, and 57 commercial proper,es (down 22% from one year ago •  AbsorpKon Rate: Total Absorp,on rate for homes in our MLS is now 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 (3/1/2017) through (2/28/2018).


Wrap-up… • 

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Although sales declined in February for reasons already stated, our market con,nues to be strong! It remains a stable but rising 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. Inventory con,nues to decline and prices con,nue to rise/ increase. Both of these factors are indica,ve of a rising market. So, I con,nue to say our market is strong, stable and rising…

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 (3/1/2017) through (2/28/2018).


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

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Seller’s - Prices are rising and inventory is way down. 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 – Although inventory is down, it is s,ll a Buyer’s market. However, interest rates are rising and February is the first we have seen poten,al impact. 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 (3/1/2017) through (2/28/2018).

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February 2018 OBX Market Report  

Real Estate Market Report for the Outer Banks of North Carolina - February 2018.

February 2018 OBX Market Report  

Real Estate Market Report for the Outer Banks of North Carolina - February 2018.

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