Coldwell Banker Seaside Realty releases Mid-Year OBX Market Report

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The mid-year report, which breaks down market statistics by area and property location, provides useful data on single family homes and condominiums in each area including the average sales price, days on the market and final sale price range.

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Coldwell Banker Seaside Realty has released their 2020 Mid-Year Market Reports for both the Outer Banks and northeastern North Carolina region.

When companies began shifting towards virtual work due to COVID-19, our area saw an increase in buyers from large cities like New York, the DC area and Richmond who are now able to work from home—which can be anywhere.

Coldwell Banker Seaside Realty has released their 2020 Mid-Year Market Reports for both the Outer Banks and northeastern North Carolina region. The mid-year report, which breaks down market statistics by area and property location, provides useful data on single family homes and condominiums in each area including the average sales price, days on the market and final sale price range. Information is taken directly from the Outer Banks Association of Realtors MLS for the period of January 1, 20120 – June 30, 2020. Click here to read the full Outer Banks Market Report.

“The Outer Banks real estate market started the year off great but quickly came to a halt with the rise of COVID-19 closures. However, the market bounced back better than ever and with strong June sales, the area ended the mid-year flat in both units and sales volume compared to 2019’s mid-year numbers. We’re currently experiencing a strong seller’s market where the lack of inventory has encouraged multiple offers and historically low days on the market, making for an exciting time for our agents and clients. Based on the pending sales and current activity, we should see year over year increases by the end of July,” says Pamela Smith, Vice President of Coldwell Banker Seaside Realty.

“We have noticed a trend over the past few years of buyers moving to the Outer Banks to work remotely. When companies began shifting towards virtual work due to COVID-19, our area saw an increase in buyers from large cities like New York, the DC area and Richmond who are now able to work from home—which can be anywhere,” explains Smith.

As the year progresses, agents at Coldwell Banker Seaside Realty will continue to utilize virtual tools that enable them to communicate effectively with their clients and provide the same great level of service. “We just had our highest June sales on record and July will end as the best month in our firm’s 30-year history. I am incredibly proud of how our agents keep our clients updated on the market, even during periods of shut down,” says Smith.

Once again, Coldwell Banker continues to lead the Outer Banks Market and is the #1 firm in both sold units and sales volume*. The company is committed to the success of their sales agents and provides the support, training and technology needed to best service their clients, especially in this evolving virtual world.

“The northeastern North Carolina real estate market, including the primary counties of Camden, Chowan, Currituck, Gates, Pasquotank and Perquiman, reported a slight increase in units; however due to the 10% increase in the average sales price, sales volume increased 13% year over year**. The area is also in a strong sellers’ market with less than 4 months of inventory in single family homes,” said Smith. Click here to read the full Albemarle Area Market Report.

About Coldwell Banker Seaside Realty: with 30 years of local knowledge and experience, our family owned and operated company offers real estate services across the entire Outer Banks as well as all of northeastern North Carolina. Combined with the Coldwell Banker brand, one of the largest and most influential residential real estate brokerage franchises in the world, CB Seaside Realty offers top-tier real estate services to buyers and sellers throughout the region. Coldwell Banker Seaside Realty has sold the most real estate on the Outer Banks for the past six years and is number one in sales volume for the past four years***

*As reported by the Outer Banks Association of REALTORS MLS 1/01/2016 – 6/30/2020.
**As reported by the Albemarle Area Association of REALTORS MLS 1/1/20 – 6/30/20
***As reported by the Outer Banks Association of REALTORS MLS 1/01/2014 – 12/31/19

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Heather Blythe
Coldwell Banker Seaside Realty
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