For 2020, it looks like good news for the OBX market finally! Some spots are really on fire right now. My prediction is we should see some pretty steady growth in the area for the next 3 to more likely 5 years. This is right in line with the 20 year cycle I’ve mentioned before. If you remember 2000, we had the big building boom, we started seeing inventory levels drop and noticed a feeling of something big happening.
This is the same feeling we have right now. Inventory levels are low, interest rates are super low and activity is on the rise. Here are the specifics:
- January residential sales were up 22% over January 2019
- January 2020 had the highest January sales numbers since 2005
- Under contract numbers for January are up 18% from Jan 2019 and are even up 17% just compared to December 2019
- Residential inventory is down 11%
Let’s now look at how each area is performing:
Corolla
306 Active Listings 36 Under Contract 10.5% of inventory selling
Duck
68 Active Listings 21 Under Contract 24% of inventory selling
Southern Shores
47 Active Listings 9 Under Contract 17% of inventory selling
Kitty Hawk
35 Active Listings 18 Under Contract 35% of inventory selling
Kill Devil Hills
101 Active Listings 44 Under Contract 31% of inventory selling
Nags Head
121 Active Listings 44 Under Contract 27% of inventory selling
While Corolla is still behind the curve, I do feel like this may be the last year it’s struggling. It’s about time for a turn around.
If you are thinking of selling now, or in the next year or two, please give me a call so we can discuss what needs to be done to get your home ready for the market. Buyers needs have changed quite a bit. To ensure a fast sale for the most money, you’ll need to put your home through my proven checklist of readiness.
