2020: A Big Year for Real Estate on the Outer Banks
What a great year 2020 ended up being on the Outer Banks of North Carolina, in spite of a challenging start to the year with Dare County shutting down tourists, traffic and owners. After the reopening, there was a swell of people with a pent-up demand which continued from April through the remainder of the year!
So far, 2021 is looking strong, and we’re looking forward to serving you well here on the Outer Banks with your real estate needs. Based on OBAR’s Monthly Market Analysis, the numbers are an indicator of what has happened in our market in 2020 compared to 2019 and can help us observe the trend of the market going into 2021.
Some Local OBX Property Numbers at a Glance
The residential market (lot with a house on it), and vacant lot purchases were up 44% over 2019. In December 2019, we had 219 home sales in December of 2019, a 14% increase over 2018. Yet in 2020, we had 393, a 79% increase in December. Customarily, our market begins to slow from Thanksgiving through the Super Bowl, however, that has not been the case this year. At present, we are writing offers, showing properties, right through the holidays, never hitting that ‘lull’ in the market as in previous years.
To go a bit broader and look at a year-over-year experience, in 2019, there were 2,606 units sold (including residential, vacant land, and commercial properties.) in December of 2020, by the end of the year, there were 3,742 units sold, a 44% increase over the previous year.
December Under Contracts dropped considerably, which is possibly due to the influx of real estate closings that occurred.
Looking into particular areas of the Outer Banks, Duck, Corolla, Nags Head, and others, were pretty much up, some up considerably. Corolla, was up 129% over the previous year of 2019, which is a huge jump. If you’re looking to move into the lower beaches of Hatteras Island, they were up 64% year over year, still a meaningful improvement.
Following the Trends in 2021 Real Estate Sales
If we look back in history at 2005, we saw the same peak. Currently, the 2005 sold data has been exceeded in this 2020 year. You may be asking: Could this mean we are headed for a slowdown? As far as we can tell, no indicators show that anything is on the horizon to curtail the energy in this real estate market at present. Unless something happens economically, this market is in a great place.
Whether you’re considering selling or looking for an opportunity out there for buying we can help you navigate this process and protect your interests. If you “buy it right,” you always “sell it right.” There are areas with amazing value if you’re considering buying. Reach out to us, and we will connect you with the Colony Realty team member that will best suit your needs and search location whether on Hatteras Island or the Outer Banks and/or northern beaches.
Colony Realty Corp Team Expansion
We’re expanding our real estate agent team and staff to accommodate the growth that we’ve experienced as a company. Coming up on the next few video blogs, we look forward to introducing some new team members, and then we will begin a new vlog series. We plan to share insight from some other local businesses who have struggled through COVID restrictions yet have made necessary decisions that changed their way of doing business allowing them to thrive in a depressive market.
We are truly excited for 2021 and wish you all a Happy New Year. We can’t wait to help you and maybe a family member or a friend buy or sell here at the beach. If you have any questions about the market and what’s going and how to price your house correctly to get it sold or how to negotiate the best offer to make a purchase, reach out to us at Colony Realty.