As everyone is trying to get a grasp on the election results and predict what the future may hold, we want to set all politics and business aside and wish everyone a very Happy Thanksgiving! We hope you’re able to enjoy this holiday and please know we are thankful for you!
In local news, things are slowly starting to feel back to normal for this time of year. The weather hasn’t been ideal, but we will take the cooler temps and rain over any tropical storm or hurricane. Several annual events were canceled for this year, but we believe next fall they will be back in full force. We do anticipate a normal uptick in visitors for the upcoming Thanksgiving holiday, but not sure if it will have too much of an impact on the local businesses as in previous years due to statewide restrictions still in place. Little by little we revert back to our routines or a way of life we can relate to.
In real estate news, the market continues to show no signs of slowing down. During the month of October there were over 700 residential listings in our MLS that were under contract. To put that into perspective, last year in October there were just about 300 homes with pending sales status. This is more than twice the amount from the same time just a year ago! On another note, the average days on the market for new listings has decreased a significant amount. The current days on market medium is just below 60 days. The lack of inventory and low interest rates are the driving factors for this thriving market. If the rates change or more houses are listed for sale we might notice a slight adjustment in the market, but there is no telling when that might be or if that will occur in the near future. This market still tips to the seller’s side much more favorably, but deals are still being made on the buyer’s side as well.
We’ve included the OBAR statistics for October* for your review. If you would like a more tailored report with specific figures for your neighborhood, please let us know.
If you’ve been thinking about selling, we are happy to assist you with a free market analysis of your property. If you or anyone you know is interested in buying a property, we would love to help find the perfect home on the Outer Banks. Please note we are more than happy to preview homes for anyone, and we can provide a virtual showing of a property to you if that is of interest to you.
The OBX Homes Team is making an effort to help the environment and decrease our paper output. If you’d like to help in reducing our paper use, please send us a current email so we can add you to our paperless mailing list. We will send you an email each month with a copy of our updated owner note and statistics report. We appreciate your effort to help with this and thank you. We will continue with owner mailings to those who wish to receive them by mail.
Please don’t hesitate to call or email us if you have any questions or should you need anything at all.
Stay well,
The OBX Homes Team
