OBX Real Estate Market Weekly Update – 3/27/2022
After last week’s super fast-paced new listing bonanza, where over 60% of the homes listed were under contract in a week or less, we have a below-average week of only 37%. Are we cooling off? Is the market demand easing? Can I make an offer on a house and not compete with 10 other offers? No, no, and no.
I do these reports a full 7 days after the week ends. The initial purpose of the report, for me, was to gauge the market pace, not just how many were sold, under contract, etc. I wanted to see how many properties were going under contract in the first 7 days. You can’t get to that number without waiting a week for it. A house listed on the last day of the week, Sunday, isn’t 7 days out until a week later. Hence the one-week lag in the report. (Sometimes more in posting the report itself!)
So I do have a bit of a crystal ball into next week’s report and that percentage will be back up to at least the year-to-date market average of 43%. The demand is still there for the historically low amount of inventory available.
| Units Sold | 56 |
| Average List Price | $775,337 |
| Average Sold Price | $760,736 |
| Median List Price | $574,500 |
| Median Sold Price | $566,000 |
| Average Days On Market | 43 |
| Median Days On Market | 12 |
| Total Volume | $42,601,260 |
| Units Under Contract | 65 |
| Average List Price | $845,620 |
| Median List Price | $569,000 |
| Average Days On Market | 24 |
| Median Days On Market | 8 |
| Under Contract 1st 7 Days | 27 |
| Under Contract 1st 7 Days % | 42% |
| New Listings | 63 |
| Average List Price | $790,319 |
| Median List Price | $655,000 |
| New Listings Under Contract/Sold/Withdrawn | 34 |
| New Listings UC/Sold/Withdrawn % | 54% |
| New Listings UC/Sold/Withdraw 1st 7 Days | 23 |
| New Listings UC/Sold/Withdraw % 1st 7 Days | 37% |
| Total Active Listings As Of 4/7/2022 | 261 |
| Average List Price | $986,931 |
| Median List Price | $709,000 |
| OBX Active Listings As Of 4/7/2022 | 193 |
| Average List Price | $1,175,894 |
| Median List Price | $830,000 |
Information in this article is based on information from the Outer Banks Association of REALTORS® MLS for the period March 21st, 2022, through April 7th, 2022. Residential, not including co-ownerships.