This is the Outer Banks Real Estate update for the week ending August 15th.
Again, a quick note on these weekly reports in case you didn’t see this last week. 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 moose obx dot 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 15th, data retrieved August 24th:
53 units sold. The average list price was $626,063. The average sold price was $611,049. The median list price was $539,000. The median sold price was $545,000. Average days on market 39, median days on market 25.
73 homes went under contract. The average list price was $603,490. The median list price is $515,000. Average days on market 36, median days on market 12.
Much like last week the “days on market” is skewed a bit by properties that are finally selling after years of being on the market. For example, in under contract properties 2 condos, one at 475 days, another at 704 days. Without those 2 properties, the average days on market was 25, median days 10.
There were 79 new listings. The average list price was $651,060. The median list price of $499,000. 40 of those are already under contract or off of the market, 39 are still active. 38% were under contract within the first 7 days.
Active Listings and Market Pace
At the time the data was pulled there were 484 active listings compared to 723 at the end of August 2020, and 1499 and the end of August 2019. The average list price is $926,681. The median list price is $648,500.
To keep you up to date with the pace of the market, going back to the previous week ending August 8th, there were 78 new listings, 41 of which are already under contract. 37 are still active. 23% were under contract within the first seven days.
Going back two weeks to the week ending August 1st, there were 113 new listings. 68 of those are already under contract or off of the market, 45 are still active. 47% were under contract within the first 7 days. 34 of those are associated with a condo development in Corolla Light.
Going back three weeks to the week ending July 25th, there were 72 new listings, 35 of which are now under contract, or off of the market. 37 are still active. 26% were under contract within the first 7 days.
My August update is out. We’ll see if the sale cooldown referenced in OBAR’s June report continued into July’s 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 August 24th, 2021.