OBX Real Estate Market Weekly Update – 4/10/2022
The word on the street is that the market may be cooling off a bit. But don’t take that the wrong way as it is far from cold. And looking into my crystal ball next week the pace of properties going under contract quickly will tick up again.
I have included a chart below the weekly stats so you can visualize the market pace for the year so far.
The Stats
| Units Sold | 47 |
| Average List Price | $706,837 |
| Average Sold Price | $701,649 |
| Median List Price | $560,000 |
| Median Sold Price | $560,000 |
| Average Days On Market | 47 |
| Median Days On Market | 13 |
| Total Volume | $32,977,516 |
| Units Under Contract | 57 |
| Average List Price | $977,573 |
| Median List Price | $649,900 |
| Average Days On Market | 34 |
| Median Days On Market | 6 |
| Under Contract 1st 7 Days | 30 |
| Under Contract 1st 7 Days % | 53% |
| New Listings | 74 |
| Average List Price | $822,988 |
| Median List Price | $599,000 |
| New Listings Under Contract/Sold/Withdrawn | 44 |
| New Listings UC/Sold/Withdrawn % | 59% |
| New Listings UC/Sold/Withdraw 1st 7 Days | 32 |
| New Listings UC/Sold/Withdraw % 1st 7 Days | 43% |
| Total Active Listings As Of 4/22/2022 | 286 |
| Average List Price | $1,005,040 |
| Median List Price | $699,900 |
| OBX Active Listings As Of 4/22/2022 | 213 |
| Average List Price | $1,203,153 |
| Median List Price | $825,000 |
Market Pace
Beginning the week of 1/30 through the week of 3/13 new listings each week were off of the market in the first 14 days at a rate of 60% or higher. There was a big up spike the week of 3/20, then down almost 30% the following week. The pace has been slowly increasing since. And while it is a bit “cooler” than a few weeks ago the pace is still quite strong.
The average and median prices continue to rise as well. So demand is still strong and doesn’t seem to have been affected by higher interest rates, yet.
Information in this article is based on information from the Outer Banks Association of REALTORS® MLS for the period April 4th, 2022, through April 22nd, 2022. Residential, not including co-ownerships.
**I do these reports a full 7 days after the week ends. Some of the statistics for this report are not available until 7 days after the week being reported ends. For example, 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 my posting of the report!)