This is the Outer Banks Real Estate update for the week ending August 29th.
Again, a quick note on these weekly reports in case you haven’t see this in the past few weeks. I’m busy enough that I am not always able to do a video for the weekly reports, but the written version is always available at mooseobx.com. I have also pushed them back timewise a bit. For all of the stats to show a true picture of what happened in that week I need to wait a week to do the report. So if it seems like it is a week behind, it is. Now you know the reason.
So let’s get into it. Residential not including co-ownership, week ending August 29th, data retrieved September 6th.:
46 units sold. The average list price was $687,462. The average sold price was $685,038. The median list price was $525,000. The median sold price was $524,000. Average days on market 32, median days on market 10.
84 homes went under contract. The average list price was $812,935. The median list price is $527,000. Average days on market 32, median days on market 12.
Much like previous weeks the “days on market” is skewed a bit by properties that are finally selling after sitting on the market for a long time, years in some cases. For example, in under contract properties, 5 were on the market for over 100 days, 3 of those over 300 days, including 1 for 1261 days. That well over 3 years! Without those 5 properties, the average days on market would have been 23, median days 9.
It’s a similar situation with sold properties, 5 out of the 46 sat on the market for more than 100 days, two of those 240 days plus. Taking those 5 properties out of the equation Average days on the market is 15, median days are 9.
With fewer properties to choose from some of the homes that have been sitting on the market, maybe at a higher price than the former market conditions would bear, are now becoming attractive to buyers. Still, the point is the market is moving at a quicker pace than the weekly statistics may indicate.
There were 66 new listings. The average list price was $744,347. The median list price of $562,450. 29 of those are already under contract or off of the market, 37 are still active. 39% were under contract within the first 7 days.
Active Listings and Market Pace
At the time the data was pulled there were 493 active listings compared to 723 at the end of August 2020, and 1499 and the end of August 2019. The average list price is $902,665. The median list price is $629,500.
To keep you up to date with the pace of the market, going back to the previous week ending August 22nd there were 66 new listings. 31 of those are already under contract or off of the market, 35 are still active. 26% were under contract within the first 7 days.
Going back two weeks to the week ending August 15th there were 79 new listings, 46 of which are under contract, sold, or otherwise off of the market. 33 are still active. 30% were under contract within the first seven days.
Going back three weeks to the week ending August 8th, there were 78 new listings, 48 of which are already under contract. 30 are still active. 21% were under contract within the first seven days.
My September market update will be out soon. I’ll take a look at the August Statistical Report from the Outer Banks Association of Realtors. You’ll 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 September 6th, 2021.