September brought in wonderful fall weather, complete with refreshing coastal breezes. Despite the changing season, many are still enjoying the late summer atmosphere, with vacationers continuing to visit. Local restaurants and shops are thriving, thanks to these late-season tourists. If you’re planning a trip to the Outer Banks in the coming weeks we hope the beautiful weather sticks around. The fall season on the beach offers a variety of events for everyone to enjoy. Music lovers can look forward to the Duck Jazz Festival and the Bluegrass Island Music Festival, while food enthusiasts will relish the renowned Outer Banks Seafood Festival. For outdoor adventurers, there are great waves for surfing, fantastic fishing, and even a marathon for the more daring. It’s no secret that the fall season is a favorite here for many!
In local real estate news, to summarize the OBAR MLS statistics report for August 2024, this summer has seen a notable increase in real estate inventory on the Outer Banks, with total inventory rising by 38%, residential inventory up by 51%, and lots/land inventory growing by 24%. However, sales have been relatively weak. One significant indicator of this is the 7% increase in days on the market for residential listings in 2024, compared to a 29% rise from the same period last year. Additionally, listings under contract have dropped by 20%. A review of sales data for 2024 reveals a 5% decline in residential sales and a 17% drop in lots/land sales. We feel these trends suggest a market adjustment period where increased supply is not yet translating into higher sales, and buyers may be waiting for more favorable financial conditions before making moves. It is safe to guess that we will gain a clearer understanding of the market adjustment once the Federal Reserve makes its rate cut decision later this month and after the presidential election results. These upcoming events could play a crucial role in shaping buyer sentiment and financial conditions, potentially influencing both inventory levels and sales activity in the Outer Banks.
If you’re contemplating selling, looking to buy, or have friends or family interested, please feel free to reach out to us. We can offer a complimentary market analysis to sellers for your property, or include potential buyers in auto-email notifications tailored to specific properties. Additionally, if you’re unable to visit in person, we provide virtual showings and are happy to preview homes for you, sending detailed notes. Whether your real estate needs span the globe for personal use or investment, we’re here to help. Our extensive network of agents ensures seamless transactions, regardless of location. Our team is equipped to deliver an enjoyable experience wherever you are. Reach out today, and let’s make your real estate dreams a reality, no matter where you’re located.
Hope everyone has a great fall and that we see you in Duck soon!
Heather & Mandi
