OBX Real Estate Market Weekly Update – 2/27/2022
This update is for the last week of February. The Outer Banks Association of Realtors monthly report for February is out today. I’ll have that wrap-up in my March monthly OBX Real Estate Report.
This Week’s Takeaways
The big takeaways for this week include the number of new listings are down 30% compared to the same week last year. Year-to-date new listings are down 14%; in the past four weeks down 16% compared to the same period last year.
And while the number of new listings is down, the percentage of them going under contract within the first 7 days is up; 53% compare to 44% for the same week in 2021. For the year so far 44% of new listings are under contract/sold/otherwise off-market within the first 7 days, 57% within the first 14 days. However, in the past 4 weeks, those percentages are 50% within the first 7 days, and 63% within the first 14 days. 75% of all of the new listings in 2022 are under contract/sold/otherwise off-market.
The Stats
| Units Sold | 39 |
| Average List Price | $917,207 |
| Average Sold Price | $893,898 |
| Median List Price | $615,000 |
| Median Sold Price | $620,000 |
| Average Days On Market | 45 |
| Median Days On Market | 16 |
| Total Volume | $34,862,050 |
| Units Under Contract | 61 |
| Average List Price | $734,447 |
| Median List Price | $514,900 |
| Average Days On Market | 37 |
| Median Days On Market | 17 |
| Under Contract 1st 7 Days | 21 |
| Under Contract 1st 7 Days % | 34% |
| New Listings | 51 |
| Average List Price | $678,041 |
| Median List Price | $499,000 |
| New Listings Under Contract/Sold/Withdrawn | 34 |
| New Listings UC/Sold/Withdrawn % | 67% |
| New Listings UC/Sold/Withdraw 1st 7 Days | 27 |
| New Listings UC/Sold/Withdraw % 1st 7 Days | 53% |
| Active Listings As Of 3/7/2022 | 253 |
| Average List Price | $923,391 |
| Median List Price | $615,000 |
Moose’s Take
These stats show that demand is still strong, and getting stronger! In the past 4 weeks 50% going off of the market in a week!
This is still an excellent time to sell your property. Inventory remains at historic lows. As a seller you have less competition now, so your property will stand out more. Buyers must have a strategy and have an understanding of what it takes to get an offer accepted. Let’s connect so I can give you the guidance you need to make the right decision.
Information in this article is based on information from the Outer Banks Association of REALTORS® MLS for the period January 1, 2021, through March 7th, 2022. Residential, not including co-ownerships.