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Soundfronts.com – OBX Market Report (March 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 (4/1/2017) through (3/31/2018).


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 (4/1/2017) through (3/31/2018).


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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 (4/1/2017) through (3/31/2018).


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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 (4/1/2017) through (3/31/2018).


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 (4/1/2017) through (3/31/2018).


Summary (2018 starFng out slow)… •  ResidenFal Sales: Residen,al sales are down by 8% and single-family home sales are down by 11%. •  Under Contract LisFngs: Lis,ngs that were placed under contract were also down by 9% in this year •  Condominium Sales: However, condominium sales are up by 22% and their median sale price is down by 10%.

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 (4/1/2017) through (3/31/2018).


Summary Cont’d… •  Days on Market: The number of days that a lis,ng remains on the market declined by 24% since 2017 •  Inventories: Residen,al inventory, for the first ,me in a long ,me, is stable. This sta,s,c will need to be monitored to see if there is a trend. •  Lots and Land Sales: Lots / Land unit sales are down slightly; however, average sale price and median sale price are up significantly - 27% and 26% respec,vely. •  AbsorpFon 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 (4/1/2017) through (3/31/2018).


Wrap-up… • 

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Although sales con,nued to decline in March for reasons already stated, 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. Inventory appears to have stabilized in March but 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 (4/1/2017) through (3/31/2018).


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 has stailized. 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 (4/1/2017) through (3/31/2018).

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March 2018 obx market report  

March 2018 Real Estate Market Report for the Outer Banks of North Carolina

March 2018 obx market report  

March 2018 Real Estate Market Report for the Outer Banks of North Carolina

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