OBX Real Estate Market Update – 2/27/2022

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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New Listings Under Contract/Sold/Withdrawn 34
New Listings UC/Sold/Withdrawn % 67%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.

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