January 2024 Outer Banks Real Estate Market Overview
John Head, VP of Sales & Marketing, REALTOR®/Broker
Introduction:
Greetings from the picturesque Outer Banks of North Carolina! John Head here, part of the Colony Realty Sales Team, bringing you the much-anticipated January 2024 Market Statistical Report published by our esteemed Outer Banks Association of REALTORS. As we step into the new year, let’s unravel the numbers and gain insights into the evolving real estate landscape.
Overview of Market Trends:
In this snapshot, we’ll focus on the condensed version, providing a glimpse into the overall market conditions. A deeper dive will follow shortly to dissect specific segments such as single-family homes, lots, and commercial properties. This breakdown is crucial for anyone considering buying or selling in our vibrant market.
Inventory Insights:
Our total inventory has seen a 9% uptick, reaching a count of 877. Delving deeper, we observe that single-family homes make up a significant portion, numbering below 400. The remaining inventory encompasses condos, lots, and listings across our MLS, extending from Currituck to Hertford and Dare County mainland. For a more localized perspective on the beach areas, stay tuned for the detailed analysis in the upcoming sections.
Residential Days on Market:
While the overall report indicates a decrease in residential days on the market, a closer examination during our deeper dive reveals nuanced figures. Some sectors have seen an increase of almost 45 days. This underlines the importance of understanding the specific dynamics within the market segments to make informed decisions.
Market Outlook:
Overall, our real estate market remains robust. The residential inventory, though incrementally rising, is still relatively low, indicating a measured pace of new listings. A comparison with the numbers from 2022 and 2023 reflects a gradual increase in total inventories, providing valuable context for market observers.
Deeper Dive:
For those eager to delve into the finer details and explore the comprehensive report, a deeper dive awaits. Click the link below to access the full report, where we will dissect the numbers and trends, providing you with a more nuanced understanding of the Outer Banks real estate landscape.
Conclusion:
As we navigate the intricacies of the Outer Banks real estate market in January 2024, I encourage you to reach out to the agent who shared this update with any questions. Stay tuned for the upcoming detailed analysis, where we’ll unravel the complexities of single-family homes, lots, and commercial properties. Until then, have a fantastic day, and we look forward to seeing you at the beach soon! 🏖️🏡
For questions or further information, feel free to reach out to me, or any of our incredible team members.
Make it a great day until we see you here at the beach.
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Active Lots (referenced in video)
Residential Single Family (referenced in video)