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    August 2020 – Outer Banks Market Update

    Welcome to our monthly market update based on monthly statistical reports provided by our local Outer Banks Association of Realtors and include interesting market trends we experience. We will be posting these market stats as they become available (around the first week of the month) along with any other market information we find helpful.

    The market frenzy of 2020 continues with Matt & Team having 42 properties under contract as of this blog posting. As fast as we can list properties, they are quickly going under contract. This experience is reflected in the recent statistical summary provided by our local association of realtors.

    Matt & Team had 16 closings during the month of August 2020 with a total sales volume of $8,472,900. Breakdown by town – 12 in Corolla, 2 in Kill Devil Hills, 1 in Waves and 1 in Harbinger. Matt & Team participated in 16% of all properties sold in Corolla for August 2020.

    • YTD Sold – Sold properties continue to exceed market history with 2053 properties closed (Jan-Aug 2020, an increase of 20%) as compared to Jan-Aug 2019 with 1714 closed. 

    Here’s just a few thoughts on the market numbers and the trend continues as with our August reporting. Areas considered mostly vacation towns versus areas of year-round residents saw huge booms in sales transactions. So, while we see a number of properties going under contract with a request of no future rentals, should we assume this might be a short term scenario boosted by the pandemic OR…will we see an increase in year-round residents in Corolla, Duck and Nags Head? The numbers for areas we consider more year round like Southern Shores, Kitty Hawk and Kill Devil Hills remain steady and near 2019 numbers, with no huge increase. Manteo is the only exception to our traditional year-round towns who saw huge growth in August – up 59% over August 2019.

    The biggest challenge at this point is low inventory. Demand for properties remains high but listing of properties has fallen off which is a huge change for us. Typically, we see a boost in inventory as the rental season comes to a close so; is this lack of inventory being driven by the extended rental season and therefore more rental income or do these owners plan to hold on to their properties for the same reasons we are seeing a boom? We shall see, the election will be the only question as this market continues to run hot and as long as the tropics steer clear of us.

    As always, if you have any questions or comments after reviewing the stats please let Matt know.  Call, Text or Email Matt at 252.207.6588 or Sales@MattMyatt.com.

    Summary – Please keep in mind that these stats are for the entire Outer Banks region.

    • Sales: Total August sales – 318 units *an increase of 58% YOY.
    • Total residential volume sold – $151,135,811
    • Under contract: Units listed as under contract increased dramatically – 989 vs 435 units from August 2019, up 127%.
    • Median Home Price Sold: The median price for a single – family detached home in August 2020 was $459,000, which is up 127K from August 2019 median price of $331,780. The median sale price of a condominium was $249,000.
    • Price Per Square Foot: Residential inventory for August 2020 sold at an average of $213.24 an increase from $204.31 in August 2019.
    • New Construction: As of August 2020, the number of new construction building permits were up from 112 in 2019 to 145 in 2020; this data does not include Currituck County.
    • Days on the Market: For all residential units listed in the MLS, the average Days on the Market for August 2020 was 131 DOM, down from 131 in August 2019. This item in particular is extremely difficult to interpret. The properties included in DOM data are both extremes – newly listed and many homes with aging days over 300 days on market. It would be interesting to dive in further on this statistic to see DOM for homes listed in the last 30, 60, 90, 120, etc.

    Breakdown by Town –

    • Corolla – Total YTD sales: 262 units up 69% from 2019
    • Duck – Total YTD sales: 149 units up 69% from 2019
    • Southern Shores – Total YTD sales: 74 units up 7% from 2019
    • Kitty Hawk – Total YTD sales: 85 units up 2% up from 2019
    • Kill Devil Hills – Total YTD sales: 220 units down 3% from 2019
    • Nags Head – Total YTD sales: 158 units up 15% from 2019
    • Manteo – Total YTD sales: 129 units up 59% from 2019
    • Hatteras – Total YTD sales: 236 units up 28% from 2019

    Breakdown by Price Range –

    The $500,000 – $749,000 price range represents the most interesting pool of buyers and even the $750,000+ with both price points more than doubling in properties sold month YOY.

    For a full list of August 2020 MLS stats provided by Outer Banks Association of Realtors please use the following link – August 2020. For a quick snapshot of the market on a national level, visit Keller Williams Realty – Q2.

    *Stats provided by the August 2020 OBAR MLS report and also for period 8/1/2020 – 8/31/2020.

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