A SELLER'S MARKET
A balanced market (between buyer and seller) is 6 months of inventory. With 1.4 months of inventory on the Outer Banks, we continue to be in a solid seller's market. For sellers, this market allows them to push the asking price a bit above the current market value.
The Outer Banks real estate market had one of its best years since 2004. Active residential inventory was down over 58% year over year, reinforcing our strong seller's market. Multiple offers and above asking price contracts were the norm for the latter part of the year and, on average, residential properties sold for 96% of the asking price compared to 93% in 2019. Every single one of my 2020 residential properties sold in the fourth quarter for at least 100% - full asking price.
So, what will 2021 bring? The National Association of Realtors' chief economist Lawrence Yun is predicting 2020's banner year will carry over into 2021. In addition to his forecast for a strong 2021, Yun also believes mortgage rates will increase 3.1% in 2021. Click to read the full article
*all stats taken from the Outer Banks Association of Realtors for the MLS period 1/1/20 - 12/31/20
The monthly market reports highlight residential property sold in each town or village.
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Broker Sales Associate
Coldwell Banker Seaside Realty
With proven digital marketing skills and first-class customer service, Sara will deliver the results you expect. Showcasing the unique attributes of your property to buyers in a destination market, Sara will work hard to bring you top dollar for your Outer Banks real estate. Professional aerial photography, videography, digital marketing campaigns, and custom websites are curated and created for every property. She has the knowledge, tools, and network to make your real estate dreams a reality.
Before beginning her real estate career, Sara worked in Public Relations for local government for almost a decade. After marrying a lifelong local, she started raising her family in Southern Shores, North Carolina. Sara is a surfer, an avid local history buff, and loves to surprise clients with fun historical facts about the area.