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Jan. 13, 2021

2020 Report & Market Update



What a great year 2020 ended up being on the Outer Banks of North Carolina, in spite of a challenging start to the year with Dare County shutting down tourists, traffic and owners.

 

So far, 2021 is looking strong, and we’re excited to serve you well here on the Outer Banks with your real estate needs. Based on OBAR’s Monthly Market Analysis, the numbers are an indicator of what happened in our market in 2020 compared to 2019, and they can help us observe the trend of the market going into 2021. 

 

The residential market (lot with a house on it) and vacant lot purchases were up 44% over 2019. In December 2019, we had 219 home sales, a 14% increase over 2018. Yet in 2020, we had 393, a 79% increase. Customarily, our market begins to slow from Thanksgiving through the Super Bowl; however, that has not been the case this year. At present, we have been writing offers and showing properties right through the holidays, never hitting that market “lull” experienced in previous years. 

 

To go a bit broader and look at a year-over-year experience, in 2019 there were 2,606 units sold (including residential, vacant land and commercial properties). In December 2020, by year’s end, there were 3,742 units sold, a 44% increase over the previous year. 

 

December Under Contracts dropped considerably, possibly due to the influx of real estate closings that occurred. 

 

Looking into areas of the Outer Banks, Duck, Corolla, Nags Head and others, reports indicate they were up, some even considerably. Corolla was up 129% over 2019, which is a huge jump. If you’re looking to move into the lower beaches of Hatteras Island, they were up 64% year over year, a meaningful improvement. 

 

Looking back in history at 2005, we saw the same peak, and the 2005 sold data was exceeded in 2020. You may be asking: Could this mean we are headed for a slowdown? As far as we can tell, no indicators show anything on the horizon to curtail the energy in this real estate market at present. Unless something happens economically, this market is in a great place.

 

So whether you’re considering selling or looking for an opportunity out there for buying, let us help you navigate this process and protect your interests. If you “buy it right,” you always “sell it right.” There are areas with great value if you’re considering buying. Reach out, and we will connect you with the Colony Realty team member who will best suit your needs and search location, whether on Hatteras Island or the Outer Banks and/or northern beaches.

 

 

Buying a home? 

Check out our free home search: 

https://www.findouterbankshomes.com/  

 

Selling a home? 

Check out our free home value report: 

https://www.findouterbankshomes.com/homevalue/homevaluation 

 

John Head | Colony Realty 

Cell: 252-592-4OBX (4629) 

john@colonyrealtycorp.com 

www.findouterbankshomes.com 

 

Frisco: 

52327 NC Hwy 12 

PO Box 336 

Frisco, NC 27936 

252-995-5500 

 

Kill Devil Hills: 

3118 N Croatan Hwy Ste 103 

Kill Devil Hills, NC 27948 

252-441-3051

Posted in Market Update
Nov. 5, 2020

Market Update, and Meet Chrissy!



Find out how the market is moving in the Outer Banks, and meet Chrissy Brady, our newest member of the Colony Realty Sales Team.

 

Want to sell your home? Get a FREE home value report
Want to buy a home? Search all homes for sale

 
Posted in General
Sept. 25, 2020

Welcome Nicole Gray to the Team



We are honored to introduce Nicole Gray to you all. She brings a wealth of knowledge and experience with her in her new position at Colony Realty!

 

Want to sell your home? Get a FREE home value report
Want to buy a home? Search all homes for sale

 
Posted in General
Aug. 10, 2020

July Market Update & 'Thank You' to our Clients!



The market on the Outer Banks is hot! Watch for more information on the current market trends and what is coming for real estate here on the beach.

 

Want to sell your home? Get a FREE home value report
Want to buy a home? Search all homes for sale

 
Posted in Market Update
June 10, 2020

Market Update : The Market Is Hot

 

The market on the Outer Banks is hot! Watch for more information on the current market trends and what is coming for real estate here on the beach.

 

Want to sell your home? Get a FREE home value report
Want to buy a home? Search all homes for sale

 
Posted in Market Update
May 7, 2020

Welcome Back to the Outer Banks

 

It's been a wild year already, and as the Outer Banks reopens, we are eager to get back to normal. With Non Resident Property Owners having staggered reentry this week, and today's announcement to welcome back visitors on May 16th, 2020, we can't wait to have you on our gorgeous, untouched OBX Beaches again soon. We are so thankful for you, we value you, and all of us here on the Colony Realty team are wishing you and your families stay safe, healthy and have a summer filled with wonderful experiences. Don't ever hesitate to reach out if we can assist you in any way with your real estate needs here on the Outer Banks. We are always here to help. Dare County Reentry Information

 

Want to sell your home? Get a FREE home value report
Want to buy a home? Search all homes for sale

 
Posted in Outer Banks
May 1, 2020

COVID-19 Update

 

With all the uncertainty surrounding COVID-19,

let's look at what it means for you as a buyer or a seller, in the Outer Banks real estate market.

 

Want to sell your home? Get a FREE home value report
Want to buy a home? Search all homes for sale

 
Posted in Market Update
April 8, 2020

Wash Away The Daily Stresses

 

Let the stresses of social distancing be relieved

by the soft, silken sand and the lapping waves of the Atlantic Ocean.

 

Want to sell your home? Get a FREE home value report
Want to buy a home? Search all homes for sale

 
Posted in General
April 1, 2020

How We’re Handling the Health Crisis

Although the current real estate environment might be worrisome for buyers and sellers, rest assured that we can still help you succeed in achieving your real estate goals. Here’s how.
 
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Want to buy a home? Search all homes for sale
 
Today we’re discussing some of the more serious issues going on in real estate due to the health crisis. Before the pandemic, we were cruising along in an energetic market, but that has decreased noticeably in the current climate.

At our offices, we’re closed to walk-in traffic and have limited what staff can be there. Some of these things create a bit of anxiety for our clients or those considering buying or selling. We want to allay some of that uneasiness today. To learn more about what we can do for you during these uncertain times, watch the video above.
Posted in Colony Realty
March 10, 2020

We Can Help You Protest Your Property’s Assessed Value

If you were alarmed at your home’s assessed value on this year’s property taxes, we can help remedy the situation. Here’s what you need to know.
 
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Just about a week ago, I started getting a lot of phone calls from homeowners who had recently received their property tax assessments in the mail. Many are confused about the huge increase they have seen in their home’s assessed value over the past year. If you're in the same boat, it’s time to get in touch with the assessor’s office to see about protesting your assessed value.
If you have a home that we’ve taken a look at in the past or want us to give you a CMA of what your home is worth in today’s market, we can use that to support a lower value. You can also give me a call and I’ll be happy to send you some comps as well. That’s my offer to you. Even though we’re extremely busy, we’re always happy to help whenever we can. 
The right information is out there, but the county assessor isn’t using it.
The county assessor’s office doesn't take the uniqueness of your home into account, especially here in the Outer Banks. If your property’s value went up by $150,000, like some have, that’s not right. We’ve had a lot of sales over the last few years that the assessor should be able to see and factor into their estimation, but it doesn’t always work out that way.
It’s because they’re not using that information on their values. They’re using an algorithm that doesn’t take everything into account. We can help you use the information that they aren’t using to get a fair market value for your home.
If you need help or have any questions at all, don’t hesitate to reach out via phone or email. I look forward to hearing from you.