Navigating the Real Estate Landscape: A Spring Update from the Outer Banks
Greetings from the picturesque Outer Banks of North Carolina! John Head here, delighted to bring you the March/April update. We’re thrilled to resume our video blogs for you and trust that you’re relishing a wonderful start to the spring season.
Let’s dive into the latest developments. Let’s go back and dive in to the March recap, our overall inventory has surged by an impressive 58% compared to the previous year. However, I’d like to direct your attention to specific figures. In March 2024, residential sales experienced a slight dip of 9% compared to March 2023. Single-family detached homes saw a 6% decline, while condos experienced a more substantial decrease of 16%.
Shifting our focus to April, we observe a different trend. Single-family detached home sales have rebounded, showing an increase over April 2023, yet remain down by 5% overall for 2024. On the other hand, condos have witnessed an 18% surge in April but are down by 6% for the year 2024.
Regarding inventory levels, I’m pleased to note an uptick, which has been essential for stabilizing our market. While we’re still operating within a seller’s market, prospective buyers now have a broader range of options when considering investments in the Outer Banks.
The spring market has been vibrant, with a notable increase of 57% since April 2023 and a 15% rise since the beginning of this year. Lots have also seen growth, with a 6% increase since April 2023 and a substantial 16% uptick since January. In total, our inventory has surged by 31% since last year and by 15% since January.
It’s worth mentioning our customary approach to data analysis, which focuses primarily on the Outer Banks, encompassing Corolla to Hatteras Village. However, we include Roanoke Island and Wanchese as integral parts of our market analysis. Conversely, figures from areas such as Currituck or the mainland are typically excluded, unless pertinent to our MLS membership.
For those contemplating real estate transactions, whether buying or selling, we encourage you to reach out to us. With listing inventory on the rise, it’s essential to stay informed, as this may impact market dynamics. We’re currently in a robust seller’s market, provided homes are appropriately priced or boast lucrative rental incomes, often resulting in multiple offers.
Should you have any inquiries, feel free to contact the agent who shared this video with you or reach out to me directly at john@colonyrealtycorp.com or via phone at 252-592-4629.
Until we meet again amidst the sun-kissed shores of the beach, I wish you a splendid day ahead. Take care!
View OBAR’s Previous Month MLS Statistical Report (March)
View/Download OBAR’s Most Recent MLS Statistical Report (April)
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