An increase in sales and a decrease in inventory
It’s been a record summer here on the Outer Banks for Real Estate. We are seeing huge numbers across the board! Summer is continuing into the fall with visitors, and our fall rush for properties is even bigger this year as well. With an influx of remote workers and a higher demand for long-term rentals, the market is stronger than ever for us. Reach out to us for a consultation on the market.
Real Estate Sales Increases
With more people moving to the Outer Banks, we have naturally seen increases in residential sales. Overall, sales are up 20% for the year and an incredible 69% for August 2020 over August 2019. More importantly, we saw a whopping jump of 127% in properties under contract during August 2020 compared to August 2019.
Residential Inventory Decreases
One of the most dramatic numbers in this report is the decrease in residential inventory. It is down 58% from the same time as last year. What this means is that we are having a huge increase in the number of people moving here and visiting here. Remote workers are here to stay!
Colony Realty is the most experienced long-term rental management company on the Outer Banks. We believe this is a great time to put your house in a long-term rental management program. Rents will be at a premium, so your second or third home can pay for itself and generate equity for you.
Real Estate Sales by Town
The Outer Banks is a series of small towns that each have their own culture in many ways. They also have different trajectories in the Real Estate Market. For instance, Duck has seen a sharp increase in sales this year – up 59%, while Collington has seen a slight decrease – down 9%. Here are some graphics for each town.