OBX Real Estate Market Weekly Update – 2/20/2022
This was another busy week with 58% of the new listings already under contract as of this morning (Monday, 2/28) and 47% of those going under contract in the first 7 days. The number of units sold is up a tick, as is the total volume. That days-on-market figure is just for those units moving from under contract to sold status. I have more on that below. The under contract numbers are up a bit over last week as are new listings for the week. But compared to the number of new listings year-to-date the market is down 11%. The number of active listings was 250 units, still painfully low for those in the buying process.
|Average List Price||$710,101|
|Average Sold Price||$698,842|
|Median List Price||$473,250|
|Median Sold Price||$462,000|
|Average Days On Market||50|
|Median Days On Market||15|
|Units Under Contract||73|
|Average List Price||$736,152|
|Median List Price||$595,000|
|Average Days On Market||30|
|Median Days On Market||7|
|Under Contract 1st 7 Days||34|
|Under Contract 1st 7 Days %||47%|
|Average List Price||$708,462|
|Median List Price||$574,950|
|New Listings Under Contract/Sold/Withdrawn||36|
|New Listings UC/Sold/Withdrawn %||58%|
|New Listings UC/Sold/Withdraw 1st 7 Days||29|
|New Listings UC/Sold/Withdraw % 1st 7 Days||47%|
|Active Listings As Of 2/28/2022||250|
|Average List Price||$910,383|
|Median List Price||$599,000|
Back to the days-on-market figure. The number above is just for those units moving from under contract to sold status for the week ending 2/20. With inventory tight, those properties that have been on the market for an extended period of time see more action, and some are selling. In this week alone, 13 were on the market 80 days or more, 8 of those were 115 days or more. One of those was on the market 424 days! The most recent report from The Outer Banks Association of REALTORS® has the average days on market at 41 and the median days on market at 18. And for the month of February so far the average days-on-market is 43, median days 21.
But let’s look at it a different way. 73% of the new listings for all of 2022, through the week ending 2/20, are under contract, sold, or otherwise off the market; 404 new listings, 294 off the market in some manner. The average days-on-market for those listings is 14 days, median days are 9. In the past 4 weeks, 48% of new listings are under contract in the first 7 days, 60% in the first 14 days. Homes priced correctly move very quickly.
I can help you put a strategy together to get your offer accepted for the home you want to purchase. If you are selling, you’ll need a strategy to get and handle multiple offers. This is the play that is working now. Either way, contact me so we can get rolling!
Information in this article is based on information from the Outer Banks Association of REALTORS® MLS for the period February 14th, 2022, through February 28th, 2022. Residential, not including co-ownerships.