OBX Real Estate Market Weekly Update 1/30/2022

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Outer Banks Real Estate Market Weekly Update – Week Ending 1/30/2022

Our brisk seller’s market continues with units sold up slightly from last week, and total volume up from $34MM to $41MM.

Active listings on the day this report was written numbered just 273.  And demand for new listings remains strong with 58% of those already under contract/sold/off the market, 52% going under contract within the first seven days.

The Stats

Units Sold 54
Average List Price $778,226
Average Sold Price $584,966
Median List Price $759,277
Median Sold Price $581,966
Average Days On Market 60
Median Days On Market 40
Total Volume $41,000,999
Units Under Contract 59
Average List Price $907,071
Median List Price $569,000
Average Days On Market 47
Median Days On Market 14
New Listings 60
Average List Price $599,124
Median List Price $449,500
New Listings Under Contract/Sold/Withdrawn 35
New Listings UC/Sold/Withdrawn % 58%
New Listings UC/Sold/Withdraw 1st 7 Days 31
New Listings UC/Sold/Withdraw % 1st 7 Days 52%
Active Listings As Of 2/7/2022 273
Average List Price $960,272
Median List Price $615,000

Moose’s Take

I keep hearing people talking about prices crashing and “the bubble”. We are not in a bubble. I’ve done an article about that in the past but it is probably time for another one. We have a lack of inventory, and continued high demand. Last week I posted a graphic showing home price forecasts for 2022. Below is an updated forecast, up almost a full percentage point from the last one.

Yes, it is a great time to sell. Your home will stand out more with fewer homes on the market. There are expected to be more homes on the market later this year. If you are planning to sell this year and could sell now, consider it. It could work in your favor.

There are always a group of buyers “looking for a deal”. This isn’t that market. Today we have 273 active listings. Two years ago there were over 1300. Those deals they are waiting for all sold two years ago. But anything you buy today will be a great deal two years from now.

Contact me and let’s get started analyzing your situation and making the best move for you!

Information in this article is based on information from the Outer Banks Association of REALTORS® MLS for the period January 23rd, 2022, through February 7th, 2022. Residential, not including co-ownerships.


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