One of the best summers in almost 20 years

We have been running strong for the past few months here at Colony Realty. We are seeing one of the best markets for Real Estate in almost 20 years. June saw a spike from the post-COVID re-opening (up 108%) and July is even hotter. You can read the full report HERE.

July OBX Real Estate is up, up, up

All areas of Real Estate is up since July 19 over the same period from last year. Commercial real estate has seen a small bump which is usual for this time of year but residential sales and contracts are up significantly over last year. Here are some basic numbers

  • Overall sales up 90% from July 19 from year over year
  • Properties under contract are up 101%
  • Residential unit sales are up 110%
  • Demand is outweighing supply – supply down 32%

Colony Realty Total Inventory July 2020 Colony Realty Under Contract July 2020 Colony Realty Unit Sales July 2020

What is driving the current market 

\We initially thought the spikes were due to pent up demand from closings due to COVID, but it has become obvious that we are seeing a major shift in the types of people making purchases here. We have marketed “do you love where you live” and it seems that many professionals can now work full time from home and are choosing the OBX as theirs. We are seeing a lot of government workers, IT professionals, and many from the creative class buying homes here to work and live. 

Challenges of a changing market

With the shift away from people buying homes for vacation rentals, there are some challenges. North Carolina has the Vacation Rental Act which states that a homeowner must honor any rental for 180 days past the closing date. What can mitigate any complication from this is to have a rental company on your side to help move any vacation rentals on the books to another property. 

If you are considering buying or selling

  • We can provide market analysis
  • We can show you track record
  • We can tell you what we are going to do for you

Please reach out to us at:

252-995-5500 or john@colonyrealtycorp.com