March 2022 Market Update

Let’s talk about INVENTORY.  Most people don’t realize that inventory level is the key determining factor for real estate prices.  If I had a dollar for every time someone asked about the bridge in relationship to values, I would have a whole lot of dollars!  And yes, there are a lot of factors that play into value.

For example:

  • Condition – buyers today don’t want to fix old problems
  • Location – location has always been top of the list
  • Rentability – Not every buyer in our market cares about this, but it does help
  • Financing – Being able to get good terms
  • Insurance – Getting the best premiums makes the home more saleable

However, inventory levels trump all other factors when determining value.  Just 3 short years ago the inventory levels in Corolla were over 2 years.  Now, it’s barely one month.  The old faithful supply and demand is king when it comes to prices going up or down.

Let’s also realize these cycles historically (nearly 100 years worth of data) last for 20 years.  The last cycle began in 2000.  So regardless of COVID, we were due for an up market.  I do believe that COVID accelerated what should have taken 3 years to get where we are into 2 years.  That being said, the last up cycle lasted for 5 or 6 years.  It’s not clear how long this one will last.  Especially with everything going on, who knows.

What we do know is that watching the stats is the same as having a crystal ball.  Nothing can change until inventory levels change.  That doesn’t look to move any time soon.  We are just beginning the spring market where our inventory usually increases by 30%.

Here’s the number of homes currently for sale and under contract for each area.

Area                For Sale           Under Contract

Corolla –           22                    86

4 Wheel –         8                      8

Duck –              13                    23

Southern Sh     10                    16

Kitty Hawk      9                      8

KDH                 12                    53

Nags Head       12                    26

These numbers still blow my mind!  We all want to know what’s going to happen.  Here’s what we can count on, what goes up, must come down.  The big question is WHEN?  My answer, watch the inventory and you’ll know.  When we get back to 4 to 6 months, that’s when it will start.

Meanwhile, if you have any questions about buying or selling in this crazy market, give me a call!

Currituck County’s PRELIMINARY Updated Flood Maps

The following information is copied with permission from the Outer Banks Association of REALTORS(R) .

Currituck County’s PRELIMINARY updated flood maps have been released. Information pdf on how to access the site. The link will take you to the flood map FRIS page, click on ok and then select the County (Currituck).In the upper right corner you will see “effective”. Go there and select “preliminary”. You will be able to look at the new proposed maps that will hopefully be adopted within the next year.

If you zoom in, you will start to see aerial views. By clicking on the map in a particular area you will get the information on the right side of the screen or you can search by using magnifying glass on menu at top left. Most of our county is seeing a significant change to elevations being lowered and many homes will come out of the flood zones or be classified into a lower zone (VE to AE for an example According to the NC Floodplain Mapping Office, the preliminary maps show that Currituck County has 11.5 square miles of V Zone (89.5% decrease from current maps) and 249.5 square miles of A Zone (24.75% increase):

  • ‪Under current mapping, there are 1,097 buildings in the V Zone; new maps show 126 buildings in the V Zone;
  • ‪Current maps show 7,020 buildings in the A Zone; new maps show 2,767 buildings the A Zone.

There are oceanfront V Zone properties that are coming completely out of the special flood hazard area – being changed to an X Zone!

Please keep in mind that these are only preliminary maps. They will have to undergo a 90-day appeal process, a public meeting process and final FEMA approval. This entire process could take up to 18 months. In the meantime –  good news overall for homeowners in the special flood hazard area!

Best Buys for July 2015

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New Price!! Spend your Lazy Summer Days on Your Sun Deck in Corolla!

new price grebe point

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June Market Update

This month let’s take a look at what’s happening in each specific location for a closer, more in depth view understanding.

Corolla

Corolla Stats  
Total # of Homes for Sale 377
Total # Selling per month 17
Months of remaining Inventory 22
# of New listings each month 45

Corolla has a 22 month supply of inventory.  It’s the weakest market on the Outer Banks right now in terms of supply and demand.  Constant price reductions are needed to get homes sold.  When a home comes on the market priced well, it will sell quickly.

Duck

Duck Stats  
Total # of Homes for Sale 154
Total # Selling per month 8
Months of remaining Inventory 19
# of New listings each month 18

One great trend in Duck is that the supply of homes under $300,000 is very diminished.  While the inventory issue is still a problem for Duck, homes will sell very fast when priced for the market.

Southern Shores

Southern Shores Stats  
Total # of Homes for Sale 93
Total # Selling per month 7
Months of remaining Inventory 13
# of New listings each month 20

The Southern Shores market is doing quite well.  It has one of the lowest inventory levels of all the towns.  Land sales are fantastic in Southern Shores right now.

Kitty Hawk

Kitty Hawk Stats  
Total # of Homes for Sale 77
Total # Selling per month 13
Months of remaining Inventory 22
# of New listings each month 19

Kitty Hawk between the highways is a fast seller right now.  Those homes are a fantastic value and buyers are recognizing that.

Kill Devil Hills

Kill Devil Hills Stats  
Total # of Homes for Sale 182
Total # Selling per month 19
Months of remaining Inventory 9.5
# of New listings each month 40

By far the most stable market on the Outer Banks right now is Kill Devil Hills.  Keep in mind the majority of homes selling here are under $300,000.  This area has the best supply and demand situation of all the towns.

Nags Head

Nags Head Stats  
Total # of Homes for Sale 190
Total # Selling per month 14
Months of remaining Inventory 13.5
# of New listings each month 25

Nags Head is holding it’s own right now.  The average price there is $350,000 which makes it super affordable for such a great location.

So as you can see, right now selling a home on the Outer Banks comes solely down to price and condition.  Buyers still have too many choices for prices to change any time soon.  The good news is we have steady activity in the marketplace right now and it doesn’t seem to be slowing down.

If you’d like more information about buying
or selling a home on the Outer Banks, just let me know how I can help you.

Best Buys for April 2015

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Best Buys for March 2015

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Great View and Privacy Provided with your Huge Corolla Lot!

526 Sandbucket Arch Front Exterior526 Sandbucket Arch
Corolla, NC

MLS#85193    $695,000

What a home!!! So many updates and upgrades have been done to this great Section C home. Within the last 3 years there was a new kitchen with granite countertops, all new tile flooring on the top level, new carpet in 4 bedrooms, new wood floors in hallway and steps, updated bathrooms with tile shower, pool, and furniture. New for 2014 is the roof, elevator, front deck with Trex material. Move in ready and CLEAN! It’s a great rental home or second home. HUGE lot with excellent privacy it feels like it’s the only home around. Enjoy the ocean views and extremely short walk to direct beach access. The top floor features a HUGE and open living/dining/kitchen area with more than enough room to spread out. In the off season you can relax by the wood burning fireplace.

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Would you like to sit by Your Fireplace Daydreaming about Summer in Corolla?

526 Sandbucket Arch Front Exterior526 Sandbucket Arch
Corolla, NC

MLS#85193    $695,000

What a home!!! So many updates and upgrades have been done to this great Section C home. Within the last 3 years there was a new kitchen with granite countertops, all new tile flooring on the top level, new carpet in 4 bedrooms, new wood floors in hallway and steps, updated bathrooms with tile shower, pool, and furniture. New for 2014 is the roof, elevator, front deck with Trex material. Move in ready and CLEAN! It’s a great rental home or second home. HUGE lot with excellent privacy it feels like it’s the only home around. Enjoy the ocean views and extremely short walk to direct beach access. The top floor features a HUGE and open living/dining/kitchen area with more than enough room to spread out. In the off season you can relax by the wood burning fireplace.

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Look Out from Your Rooftop Deck at the Breathtaking Sound Views in Corolla!

440 Brant Road,OBARMLS86504A
Corolla, NC

MLS #: 86504      $415,000

This home is everything you’re looking for in a private getaway! Bulkheaded, tile floors on top level, lots of windows, great furniture package and more! Enjoy a covered entry leading up to the mid level with 3 very nice bedrooms and bathrooms, tile foyer entry way and two bedrooms with deck access. The top floor features a nice open kitchen, living room, dining area and full master bedroom/bath. Step out on the deck to enjoy the serenity and quiet ambience of 4 wheel drive living. Take it up to the rooftop deck for the most breathtaking sound views! You won’t be disappointed.

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