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Market Update August 16th, 2023

Market Update August 16th, 2023

John Head, VP of Sales & Marketing, REALTOR®/Broker

Good morning, Just coming to you with a July market update here on the 16th of August. And just wanted to give a little short synopsis today based on rising interest rates and inventory. So, because a lot of folks are thinking that I can hold off maybe on the buy side and wait and see what happens right now. It’s becoming very evident that if interest rates come down at all, we are gonna have another bit of a frenzy for buying because the inventory is so short. You’ve heard me mention this in previous reports.

Look at the inventory all in, which is residential, both single-family, townhouse, and condos. And look how far we’ve come down since the, really the crisis of ’08 and ’09 which really took us to about 12 to 13 to recover and kind of stabilize pricing.

So, our all-in inventory right now is 834. That includes residential, that includes lots, it includes all that’s out there, single family. And I only specifically look at Corolla to Hatters Village. I try to limit it to just the Outer Banks, and I don’t go into Carova Beaches. Ocracoke has a very limited inventory down there as well. And they’ve been able to maintain, just specifically to Ocracoke, a pretty steady price consistent even during the downturn of ’08-09 through ’12 and ’14.

They maintained a pretty consistent price point because inventories were low.

And that’s what we’re experiencing here on the entire Outer Banks of Dare County and Currituck County Outer Banks in this timeframe. So I have Olive Grove, Duck, all the way down to Hatters Valley. That’s all the villages in Hatters, all seven. And you see that currently with just single-family homes, that is 286. If I just look at all active residentials, that puts us at 357.

So again, if I just say single-family homes, we’re at 286 active listings from Corolla to Hatters Village. So I just wanted you to kind of see what the dynamics are here on the Outer Banks. We’re not in a free fall. We are at a slower pace because of the lack of inventory and higher interest rates. And people are saying, “I’m gonna wait ’til interest rates come down.”

This is a concern that I have.

With this such tight inventory level supply and demand, if interest rates reset from seven to five, five and a half, we’re gonna see a bit of a dog shark frenzy as we call it. Chasing everything that is out there active.

And so if you’re in the buying market and you find the house that really works for you and your family I encourage you to buy it.

Even if it’s seven, seven, and a quarter. And the main reason is do the interest rate refinance two or three years down the road. Because ultimately if the interest rates reset now or in the next six to 12 months, then we’re gonna see kind of a frenzy back to the buying side and puts the sellers in an even yet stronger position. So if you’re thinking about buying or selling, reach out to Colony Realty Sales. If you have questions about your primary home, we’re here to help you in any way, shape, or form.

That’s our job to provide you with the information.

So when it’s time to buy or sell, you’ve got the information to make an informed and educated decision. Until we see you here at the Outer Banks, have a great day. And if you need immediate assistance just reach out 252-592-4629 or call the agent that sent you this market update. And my email is

Thank you and have a great day, until we see you here at the beach!

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