Issues are shifting proper alongside this summer time on the Outer Banks. We’ve had some scorching climate currently and an incredible trip season up to now. One query I hear ceaselessly is “When will the housing market cool off?” It’s all about stock – so long as we’re effectively beneath historic stock ranges and demand stays excessive, there can be stress on costs to maintain on rising.
There have been three most important takeaways from the June Outer Banks Affiliation of Realtors report.
Stock continues to be low
As you’ll be able to see from the graph above, we’re simply now recovering sufficient stock to be ultimately 12 months’s degree. And the inexperienced bars present that we’re effectively behind the degrees from 2019, which was our final “regular” 12 months, pre-Covid. We’re catching up, however nonetheless need to greater than double our present stock degree.
Gross sales quantity is slowing down
2021 was a banner 12 months for gross sales quantity (whole variety of gross sales) however we’re rapidly returning to regular quantity. A variety of this has to do with rates of interest. If you happen to take a look at gross sales quantity earlier this 12 months earlier than charges have been rapidly raised, you will note that it was monitoring fairly intently with 2021. So long as charges stay excessive, it would proceed to harm dwelling affordability.
Hatteras Island actual property is doing nice
Gross sales quantity is slowing (down 31% vs final 12 months YTD) on Hatteras Island, however costs proceed to rise. Properties are promoting over twice as quick as they have been in 2021, as extra consumers turn out to be inquisitive about proudly owning a house beneath the bridge.
If you want to see the whole report you’ll be able to view it each month on the OBAR web site:
Thanks for studying and benefit from the sunshine!
In regards to the Writer: Stephen Smith is an Outer Banks realtor with Coldwell Banker Seaside Realty. He was acknowledged in 2021 as one of many prime 10% of Coldwell Banker brokers worldwide. He has lived on the Outer Banks for practically 20 years, and met his pretty spouse on Hatteras Island. They at the moment reside in Nags Head with their daughter, however Hatteras Island continues to be dwelling in some ways. For questions on the Hatteras or higher OBX actual property market, you’ll be able to contact Stephen immediately at [email protected] or 252-216-9230. His web site is https://www.stephensmithobx.com or you’ll be able to obtain his weekly publication by signing up at https://mailchi.mp/43cd4a4bf1a6/obxnewsletter.