This is the Outer Banks Real Estate update for the week ending July 11th. I am back at it after a couple of weeks off. I made it to Ocracoke for part of that time for a little break. Which included some time on some of the best beaches in the world, and an awesome 4th of July fireworks show.
My real estate work never stopped! I put a new listing up and got it under contract in 6 days. But the reports did. So back at it with residential not including co-ownership, week ending July 11th, data retrieved July 12th:
34 units sold. The average list price was $653,794. The average sold price was $641,980. The median list price was $450,500. The median sold price was $459,625. Average days on market 48, median days on market 17.
70 homes went under contract. The average list price was $832,018. The median list price $516,950. Average days on market 56, median days on market 18.
There were 74 new listings. The average list price was $827,910. The median list price of $504,500. 36 of those are already under contract or off of the market, 38 are still active.
At the time the data was pulled there were 416 active listings compared to 881 at the end of July 2020, and 1506 and the end of July 2019. The average list price is $921,394. The median list price is $648,110.
To keep you up to date with the pace of the market, going back to the previous week ending July 4th, there were 55 new listings, 23 of which are now under contract, or off of the market. 32 are still active. Going back two weeks to the week ending June 27th, out of 61new listings 29 are under contract, sold, or off of the market. 32 are still active. Going back three weeks to the week ending June 20th, out of 60 new listings 42 are under contract, sold, or off of the market. 18 are still active.
In my last report about two weeks ago I said it felt like the pace of the market slowed just a bit. I did a deeper dive which seemed to confirm that. And in the June Statistical Report from the Outer Banks Association of REALTORS®, they say the market is starting to cool, at least for the summer. Many of my colleagues say they expect it to heat up a bit more this fall and expect to see a few more listings to sell. And that would be welcomed by buyers, plenty of whom are still out there, looking for their perfect beach home.
My July market update with a look at the Outer Banks Association of Realtors June Statistical Report I was talking about is out. You’ll find it on the Moose OBX Facebook page, Moose OBX YouTube channel, here 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 here 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 July 12th, 2021.