The September Statistical Report just out from the Outer Banks Association of Realtors. While it does appear the “super seller’s market” may be over make no mistake. It is still very much a seller’s market.
Looking at the September stats sales are still strong, inventory is still low. Residential inventory in 2020 was 689 units. Residential inventory 2021 only 484 units, down 33%. Residential inventory in 2019 was 1472 units, a 67% decrease compared to 2021. Year-to-date residential sales in 2020 totaled 2092 units. Residential sales in 2021, 2603 units, up by 24%. Compared to 2019’s 1570 units current residential sales are up 66%.
It’s a similar story for Lot/Land with inventory in 2020 at 669 compare to 531 for 2021, a drop of 20%. Compare to the 2019 figure of 838 it’s a decrease of 37%. Lot/Land sales are up sharply from 392 units in 2020 to 751 in 2020, a jump of 92%. Unit sales in 2019 were only at 318, so an increase of 136% there!
Demand is high, inventory is historically low. It’s not a bubble, it’s a lack of inventory. I figure if I keep saying it every month people might start to understand. But, they don’t. Believe me, you can find plenty of “experts” on the internet who will claim it is 2007 all over again. The data just doesn’t support that argument.
The median residential price continues to rise up 17% compared to September of last year at $495,000. Compared to 2019, that is a 55% increase. By class, the median sale price for a single-family dwelling is $502,500, $342,500 for condos.
Last month I wrote about the possibility of there being more inventory available this fall and winter, as clients often ask that question. In this spot last month, OBAR’s inventory data said 501 units, and this month it is 484. But demand is also much higher so let’s examine the number of new listings.
This September there were 373 new listings, compared to 482 in 2020 and 321 in 2019. The average number of monthly listings for 2021 is 436, with 3294 new listings so far this year. Last year the average number of monthly listings YTD was 389, 3505 new listings. For 2019 405 is the average, 3648 YTD. So the total number of listings is falling a bit, off 11% compared to 2019.
The demand is still high as evidenced by the monthly sales figures. And look at the graph below detailing the reduction of average days on market. The best properties, priced correctly, go quickly. Our inventory issues will not be going away anytime soon.
Individual area stats
Beginning in January of this year OBAR was issuing monthly comparisons instead of the annual year-to-month end comparisons used in previous years. Beginning with the August report, they returned to the annual comparisons. And beginning with the September report the individual areas also get an “average days on market’ comparison.
Below are the year to date stats for the individual areas for August:
- Corolla – Sales up 21%, median sales price up 28% to $719,500. Average days on market 46, compared to 141 in 2020.
- Duck – Sales up 1%, median sales price up 8% to $563,300. Average days on market 90 compared to 155 in 2020. But without the co-ownerships, where 5 plus weeks are sold, not the property itself, sales were down 6%, median sales price up 47% to $914,047. Average days on market 44 compared to 146 in 2020.
- Southern Shores – Sales up 16%, median sales price up 49% to $760,152. Average days on market 38 compared to 109 in 2020.
- Kitty Hawk – Sales up 2%, median sales price up 27% to $500,000. Average days on market 23 compared to 56 in 2020.
- Colington – Sales up 13%, median sales price up 17% to $349,900. Average days on market 32 compared to 99 in 2020.
- Kill Devil Hills – Sales up 32%, median sales price up 20% to $397,000. Average days on market 25 compared to 65 in 2020.
- Nags Head – Sales up 38%, median sales price up 28% to $613,000. Average days on market 46 compared to 88 in 2020.
- All Hatteras – Sales up 52%, median sales price up 38% to $518,2500. Average days on market 99 compared to 183 in 2020.
- Roanoke Island – Sales down 2%, median sales price up 22% to $433,000. Average days on market 50 compared to 94 in 2020.
- Currituck Mainland – Sales up 23%, median sales price up 16% to $320,550. Average days on market 33 compared to 92 in 2020.
- Ocracoke – Sales up 169%, median sales price up 22% to $432,500. Average days on market 216 compared to 308 in 2020.
Information in this article is based on information from the Outer Banks Association of REALTORS® MLS for the period January 1, 2019, through October 11th, 2021.
Mike is a long-time “Outer Banker”, both as a vacationer and a full-time resident. You may also know him as “Moose”, his nickname since he was 15 years old, and his on-air radio name for decades in Raleigh, Greensboro/Winston-Salem, Norfolk, and formerly on Beach 104 every morning on the “Moose & Jody Show” for over 14 years. Michael has built successful businesses on the Outer Banks. He is active in the community as well as a founding board member and Vice President of “Outer Banks Forever”, Past President of “The First Flight Society”, a founding member of “The Outer Banks Bicycle & Pedestrian Coalition”, and Past President and current member of “First Flight Rotary. Moose shares your love of the Outer Banks and understands the uniqueness of the area. Learn more at mooseobx.com