COVID-19 Market Update – May 2020
As the Outer Banks opens up to visitors for the first time in several months, our clients have been asking the question “How is the Real Estate market on the Outer Banks currently”. While no one has a crystal ball to tell the future, we can tell you what we are seeing and give an assessment of the current market.
Feels like 2008 with a few key differences
The shock of what has happened has similarities to what happened in 2008 but has some very important indicators. Firstly, the economy heading into the pandemic and the subsequent shutdown was very strong. The markets were up and Real Estate listings were strong. Recently said that another differing indicator is the low-interest rates that the Fed has been pushing to stimulate the market.
Will it return to “normal” and when?
As we mentioned, we don’t know what the new normal will look like, but we did see showings drop off significantly during the lockdown. We started to use Zoom and Facebook live for virtual showings and will continue to do so. We see this as being part of the new toolkit for showing homes alongside in-person visits. In recent weeks, we have seen listings and showings increase dramatically. Prices have remained steady and we are continually trying to maintain efforts to get maximum value for our clients. Our goal is to create transactions that make both parties whole.
We are keeping our eyes on the dynamic marketplace because much of the business we do involves discretionary income, which can be highly volatile.
Who We Are
Colony Realty Corporation is a full-service Real Estate company located on the Outer Banks of North Carolina. Our corporate headquarters is in Kill Devil Hills and our sales office is located in Frisco, NC.