OBX Real Estate Market Weekly Update – 4/3/2022
The market’s weekly pace of new listings going under contract during the first 7 days took a dip below average last week. But, as I predicted, it is back up this week to 44% which matches the market average for the year so far.
That average year-to-date figure is up a percent from last week, and the number of new listings y-t-d is down 2% to -17%. So properties continue to move quickly, and there are fewer of them.
Another indicator of the current demand for homes is seen in the units sold prices. Both the average and median list prices are lower than the respective sold prices. In the case of the median price, the list price is $12,500 below the sold price.
When you are making an offer at asking price or below, and your agent (hopefully me!) says something like “I’ll write it up for you but I don’t think you’ll get it”, they are saying that to you because they know what the market conditions are. Homes are moving quickly, have multiple offers, and are generally selling above asking price. The numbers don’t lie.
|Average List Price||$740,994|
|Average Sold Price||$743,216|
|Median List Price||$574,500|
|Median Sold Price||$587,000|
|Average Days On Market||22|
|Median Days On Market||4|
|Units Under Contract||65|
|Average List Price||$966,476|
|Median List Price||$629,000|
|Average Days On Market||24|
|Median Days On Market||5|
|Under Contract 1st 7 Days||33|
|Under Contract 1st 7 Days %||51%|
|Average List Price||$951,240|
|Median List Price||$699,000|
|New Listings Under Contract/Sold/Withdrawn||43|
|New Listings UC/Sold/Withdrawn %||53%|
|New Listings UC/Sold/Withdraw 1st 7 Days||36|
|New Listings UC/Sold/Withdraw % 1st 7 Days||44%|
|Total Active Listings As Of 4/12/2022||276|
|Average List Price||$965,417|
|Median List Price||$698,500|
|OBX Active Listings As Of 4/12/2022||203|
|Average List Price||$1,152,680|
|Median List Price||$819,000|
Information in this article is based on information from the Outer Banks Association of REALTORS® MLS for the period March 28th, 2022, through April 12th, 2022. Residential, not including co-ownerships.