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    July 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 34 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:

    • Under Contract – Under Contracts are continuing to exceed market history with 914 listings (an increase of 101%) under contract as of July 31, 2020. Which equals over $414,000,000 in sales volume under contract – yes that’s million.

    Matt & Team had 15 closings during the month of July 2020 with a total sales volume of $10,711,000. Breakdown by town – 13 in Corolla, 1 in Frisco and 1 in Manteo.

    Here’s just a few thoughts on the market numbers. 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 were flat with no wild increase and not even close to market trend. Could sales in those areas experience a boost with an increase inventory? Or are those areas not locations in demand? We certainly don’t know answers to these questions but it’s just food for thought.

    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 July sales – 441 units *an increase of 90% YOY.
    • Total residential volume sold – $173,371,414
    • Under contract: Units listed as under contract increased dramatically – 914 vs 454 units from June 2019, up 101%.
    • Median Home Price Sold: The median price for a single – family detached home in July 2020 was $368,000, which is up 53K from July 2019 median price of $315,000. The median sale price of a condominium was $251,250.
    • Price Per Square Foot: Residential inventory for July 2020 sold at an average of $209.32 an increase from $184.67 in July 2019.
    • New Construction: As of July 2020, the number of new construction building permits were up from 98 in 2019 to 120 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 July 2020 was 126 DOM, up from 119 in July 2019. We can only speculate but it may appear that due to our extreme lack in inventory, the remaining properties have been priced above market conditions and remain on the active market.

    Breakdown by Town –

    • Corolla – Total YTD sales: 199 units up 36% from 2019
    • Duck – Total YTD sales: 122 units up 49% from 2019
    • Southern Shores – Total YTD sales: 58 units down 2% from 2019
    • Kitty Hawk – Total YTD sales: 73 units up 6% up from 2019
    • Kill Devil Hills – Total YTD sales: 182 units down 1% from 2019
    • Nags Head – Total YTD sales: 130 units up 15% from 2019
    • Manteo – Total YTD sales: 101 units up 53% from 2019
    • Hatteras – Total YTD sales: 187 units up 18% from 2019

    For a full list of July 2020 MLS stats provided by Outer Banks Association of Realtors please use the following link – July 2020. For a quick snapshot of the market on a national level – at the time of posting Q2 stats were not available from KW International, visit Keller Williams Realty – Q1.

    *Stats provided by the July 2020 OBAR MLS report and also for period 7/1/2020 – 7/31/2020.

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