July 2021 Real Estate Market on the OBX
OBX Real Estate Sizzles Through the Summer
Summertime temperatures are not the only things staying hot in the Outer Banks this year. OBX real estate continues to sizzle as we enter the eighth month of 2021. With record-breaking sales and inventory that is in short supply, it is the perfect recipe for steep competition among buyers.
According to the Outer Banks Association of Realtors®’ July 2021 MLS Statistical Report, the total number of sales for July are up 65 percent since last year. Although residential inventory remains low in most OBX towns, lot and land unit sales increased by 147 percent over July 2020. Under contract listings, on the other hand, have fallen off a bit, reflecting a 23 percent decrease over July 2020. It is most likely due to the continued low inventory for residential properties.
Sluggish sales ahead – or not?
June and July typically are the most sluggish months for real estate sales nationwide. The trend is held true for July 2021, thanks mostly to a 46 percent decrease in residential inventory. It is getting tougher for buyers to find homes that fit their requirements due to decreased inventory.
A sales slowdown is not the only consequence of a tighter market. Available homes that are selling do so at above market value. This makes it an opportune time to sell your home, so if you are thinking about it, do not delay. Reach out to us so we can get the process started and get your home to market quickly.
OBX by the numbers
With existing inventory at record lows, more buyers are turning toward available lots and land for sale to build new. For July 2021, 92 total lots or vacant land exchanged hands, reflecting a 67 percent increase over last July. The average median sale price for lots and land is 38 percent higher than last July. Other interesting data from the July 2021 OBX market report include:
- Distressed sales are down 69 percent over July 2020, with distressed inventory also reflecting a decrease of 33 percent.
- Building permits were posted at 177 versus the 120 requested last year during July.
- Currituck Mainland sold the most residential units last month, posting a 17 percent increase over July 2020. The median sales price for Currituck also increased by 15 percent.
Duck sold the fewest homes in July, registering a 61 percent decrease over July 2020 home sales figures.
Tips for buyers
Buyers who are still in the game and desperately hunting for the right fit must take swift action to remain competitive in this seller’s market. Getting pre-approved is one of the most beneficial strategies for buyers right now. Knowing your financial limit and having the assurance of mortgage approval allow you to move quickly to secure properties of interest as soon as they hit the market. The good news is, interest rates remain low, which makes the bidding wars for the limited supply a little easier to swallow.