It might be hard to imagine how cold it has been on the Outer Banks this winter, but it’s snow joke! Yes, the OBX saw snow a couple of times already; however, we have been lucky to not have endured the extreme conditions that many other parts of the country experienced. It’s a good thing March is right around the corner. We will do our best to manifest an early spring and warmer conditions unlike our friend Punxsutawney Phil.
Many beaches along the Outer Banks will be getting another facelift later this year with beach nourishment. As of right now, Duck is the only town that has tentative dates which are set to start early August and end in September. We have not heard anything on timing for Southern Shores, Kitty Hawk, Kill Devil Hills, or Nags Head; however, many variables impact the schedule like weather and permits, etc. The timeline for these beaches will likely not be known until later this spring, but it is important to note it could affect rentals for a few weeks. If your house is in a rental program, we recommend you reach out to your property manager to ask for more information. Basic information can be found on their www.morebeachtolove.com website for anyone with questions.
Chief Economist, Mark Flemming wasn’t specifically talking about our local market, when he said “Strong demographic demand will continue to act as the wind in the housing market’s sails,” but he could not have been more accurate if he were. The demand for properties in our area is extremely high, and potential buyers are essentially begging people to sell their homes. The low inventory is expected to continue well into 2022. At the end of January, the number of residential properties (all co-ownership, condos, townhomes, and single-family homes combined) for sale in our MLS was 281*. Let’s put this into perspective: Last year that number was 443, and in 2019 it was 1330 properties! To say it’s a seller’s market is an understatement right now. If you have any intention of selling in the next few years, now might be the best time to consider it. Threats of rate increases might dwindle the purchasing power of these buyers and ultimately lessen the overall demand.
If you’ve been thinking of selling, are looking to purchase, or have friends/family interested, please don’t hesitate to reach out, as we can send a free market analysis for your property and also add prospective buyers to the auto-email notifications for specific types of properties here at the beach. If you’re not able to come visit in person, we offer virtual showings and are more than happy to preview a home for you and send some notes.
We’ve included the OBAR statistics report for January* for your review. If you would like a more tailored report with specific figures for your neighborhood, please let us know, as the report we send contains figures from Corolla south until Nags Head.
Please don’t hesitate to call or email us if you have any questions or should you need anything at all.
The OBX Homes Team
