Here are the mid-year fun facts about the Outer Banks market:
– Inventory is up 12% – this is a little alarming since it was only up 7% last month
– Residential Sales are up 4% – this could be due to the smokin’ hot interest rates!!
– Distressed sales continue to decline, making nearly zero impact to the market
– There have been 75 new building permits issued so far in Dare County
– In 2018 there were a total of 131 for the year
Town specific notes of interest
– Corolla total number of sales YTD is pretty flat, up only 2%
– Duck total number of sales YTD is up 30%!!!
– Southern Shores is also flat at a rise of only 2%
– Kitty Hawk is similar at a rise of 3%
– Kill Devil Hills is going the opposite direction and is down 4%
– Nags Head is also an anomaly being down 19% in total number of sales YTD
While it looked to be a flat year through June, the sudden increase in properties under contract
looks to make for an interesting fall. Across the board rents seem to be down and traffic
doesn’t feel as thick this year. It’s not uncommon to see sales go up in a down rental year. I’ve
been selling since 1997 and I’ve seen this trend happen every 5 to 7 years.
A lot of people think it’s due to Air BnB or VRBO. I personally think it’s just one of those years
that people are taking more expensive, overseas trips. Doing something a little different this
year.
