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Market Update July 19th, 2023

Market Update July 19th, 2023

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

We’ve been getting some great questions about the market. Many of you who have been our buyers, in my career of 25 years here on the Outer Banks, also have become sellers, and then also buyers again at some point depending on where life has taken you. For this reason, we want to hit on the topics because you’ve been asking about when it comes to the real estate market andd the market conditions here on the Outer Banks.

John Head, Colony Realty Sales team here on the Outer Banks of North Carolina coming to you on a Wednesday, July 19th. Attached with this email will be the normal link to the MLS statistics, and I’ve got two here because I want to make a comparison of some notes that were taken back in April to where we are in June. So, as of the June date, which comes out about the 8th or 10th in July, all inventory, which includes residential lots and commercial multifamily condos is 786, was down 24% year over year from June of 2022. All sales are down a little bit, 34%, 1,244 in total. And residential year to date is a count of 669, which is still down, but still strong.

I wanna make a little comparison here to April and the comments that were put into the statistical reports from the Outer Banks Association of Realtors saying we’re trending towards 2020 numbers.

Obviously, we hit what we now renamed the unicorn years coming into 2020 and we saw just an exponential growth in under contracts and pricing and we’re not seeing a big retreat from that price point, but we are seeing an adjustment. So we’re not having any inventory that we had then either. So I wanna take a quick look here at some numbers. So this is our residential single family detached homes and from all the villages from Corolla, both sides of the highway, all the way down to Hatteras Village and then also including Roanoke Island.

So right now, there’s a total of 253 listings. The average price point right now is 1.3 and the average days on market’s 87, which is a little back from a previous month. We were hovering right between 90, almost 99. So, just wanted to give you an idea that we were down below 30 in the unicorn years, but we climbed back up there. And you’ll see from Villages, I just wanted to break this down on the screen, you can actually see here, village to village what the average price point is, the days on market. And right now, for an example, because of the price points, mostly Nags Head Oceanside is probably one of the closest to the highest times on market other than on Hatteras Island, which is going to be Avon at 162 on the Sound side. And then Hatteras, again days on market, Oceanside, 167. So they’ve climbed up considerably since the 30 under two days on market.

But the market, and as you’ve heard me say time and time again is still hot. We saw a big trajectory going in appreciation.

That leveled off because of the fear that was spoken through the news networks late last year and early this year, recession. Real estate recession specifically. And then what really curtailed our continued numbers of appreciation has been the interest rates and the opening up as people are starting to travel to different locations. But we still have a very, very limited inventory.

You heard me take this number of 786 initially of all inventory but I wanted to break that down a little better. So we have 253 single family homes for sale currently. That is as of today, the 19th. Another in the vacant land, there’s 138 and then there’s an additional 58 that is fractional ownership condos.

And you see the average days on market’s a little longer on those, but you know, lots are still taking a lot longer to sell if out of the 153, we’re averaging 250 days. But keep in mind that my numbers, these numbers that I’m showing here on my screen don’t reflect the June numbers specifically because this is all inclusive. So I’m not including areas of lower Currituck, Camden, Elizabeth City, some parts of Moyock, Barco, Columbia. In Tyrrell County, Hertford, all the way around Elizabeth City and back. Some of our agents practice real estate there and we do have team members that do that as well. And we can get you information in those areas through what’s known as Flexmls, which is part of the Albemarle Association of Realtors.

If you would like to see information there or in the outskirts of the Outer Banks, or what they call the Inner Banks, we can certainly help you with that in that regard.

Just give us a shout out here at Colony Realty and we will get an agent assigned over to you who specializes in that outlier area. So take a look at these numbers, if you have questions, I think we’re in a still good, stable market. If the inventory jumped up, let’s just say it doubled and got up to around 500 single family homes, then we might see a little bigger, stronger negotiation points.

But we’re still seeing homes that come to the market priced according to the market value. Some with multiple offers, some getting driven over the list price yet. And so it’s just a matter of the buying and selling public, it’s what the motivation is. So right now, we’re in good condition here on the Outer banks. We probably experienced some of you here as you’re doing at home in the Northeast and maybe portions of the Midwest, Pennsylvania, maybe Ohio, the smoke. And it’s kind of filtered down over us in these but we are in the scorching July humid. So with the haziness of the smoke, it’s a little interesting, but it is sunshiny and warm and the water and the outdoor activities are still fun.

So if you’d like additional information, reach out to any of the agents. This comes directly through their links to you as our customers and clients. Or you can always reach out to me, Again, that’s or my cell phone number is 252-592-4629. Thank you.

If you have questions, give us a ring and sorry for the delay in this not getting it out the 15th but it’s been busy here at the beach and so we’re having a good time. Come on down. The water’s fine. Take care.

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

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