This is the Outer Banks Real Estate update for the week ending May 30th. Along with the weekly stats, we’ll be looking at inventory and the most competitive price range.
The Stats
Residential not including co-ownership, week ending May 30th, data retrieved June 2nd:
74 units sold. The average list price was $753,832. The average sold price was $733,310. The median list price was $504,000. The median sold price was $497,500. Average days on market 49, median days on market 7.
91 homes went under contract. The average list price was $681,554. The median list price $475,000. Average days on market 32, median days on market 9.
There were 79 new listings. The average list price was $746,104. The median list price of $535,000. 27 of those are already under contract or off of the market, 52 are still active.
Active Stats And Market Pace
At the time the data was pulled there were 386 active listings compared to 1233 at the end of May 2020, and 965 at the end of June 2020. I’m going to focus on these numbers more in just a minute. The average list price was $922,992. The median list price was $622,500.
To keep you up to date with how fast the market is moving, going back to the previous week ending May 23rd, there were 67 new listings, 35 of which are now under contract, or off of the market. 32 are still active. Going back two weeks to the week ending May 16th, out of 82 new listings 49 are under contract, sold, or off of the market. Only 33 are still active. Going back three weeks to the week ending May 9th, out of 82 new listings 55 are under contract, sold or off of the market. Only 27 are still active.
The Hottest Price Range
Let’s do a deeper dive on the new listings for the week of May 9th. Of the 27 homes that are still active, the average list price is $1,002,507. The median list price is $589,900.
Of the 55 that went under contract, the average list price was $516,856. The median list price was $450,000.
If we did that same exercise on the previous week you would see similar results. And check out the days on market. An average of 6 and a median of 4. You can see that homes priced at about $650,000 and under are going fastest and getting the most competition from buyers.
Inventory
Back to inventory for a moment. We started to see this issue becoming more of a problem last year as the market started to pick up. So today, June 2nd, essentially the end of May, there are 386 active listings There were 1233 at the end of May 2020, and 1620 at the end of May 2019. So we could see it coming. But the inventory issue certainly escalated quickly, and it appears we will be dealing with it for a while.
The Outer Banks Association of Realtors May Statistical Report should be out next week. In the meantime, my overview of the April numbers is in my May market update. You can find it on the Moose OBX Facebook page, Moose OBX YouTube channel, at Moose OBX dot com, and featured in the real estate section at OBX Today.
As always, If you have questions about a specific area or need help with your situation give me a shout. All of my info is at mooseobx.com
Information in this article is based on information from the Outer Banks Association of REALTORS® MLS for the period January 1, 2019, through June 2nd, 2021.