This is the Outer Banks Real Estate update for the week ending July 18th. Residential not including co-ownership, week ending July 18th, data retrieved July 26th:
The Stats
63 units sold. The average list price was $667,733. The average sold price was $664,240. The median list price was $465,000. The median sold price was $460,000. Average days on market 23, median days on market 6.
72 homes went under contract. The average list price was $629,728. The median list price is $500,000. Average days on market 41, median days on market 9.
There were 64 new listings. The average list price was $823,496. The median list price of $562,450. 29 of those are already under contract or off of the market, 35 are still active. 31% were under contract within the first 7 days.
Active Listings
At the time the data was pulled there were 441 active listings compared to 881 at the end of July 2020, and 1506 and the end of July 2019. The average list price is $957,046. The median list price is $675,000.
Market Pace
To keep you up to date with the pace of the market, going back to the previous week ending July 11th, there were 73 new listings, 39 of which are now under contract, or off of the market. 34 are still active. 34% were under contract within the first 7 days.
Going back two weeks to the week ending July 4th, out of 55 new listings 32 are under contract, sold, or off of the market. 23 are still active. 31% were under contract within the first 7 days.
Going back three weeks to the week ending June 27th, out of 61 new listings 37 are under contract, sold, or off of the market. 24 are still active. 36% were under contract within the first 7 days.
Is It Still A Sellers Market?
About a month ago I started tracking the speed in which homes were going under contract by week. The number of homes going under contract during week one has been as high as 65% for the week ending March 21st, and as low as 23% for the week ending June 13th. The yearly average is 42%.
Again, the week ending July 18th is 31%. That still indicates a very fast-moving, sellers, market. Last year at this time that figure was 21%, two years ago, the week ending July 21st, 2019, it was 12%.
My July market update with a look at the Outer Banks Association of Realtors June Statistical Report is out. 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 July 26th, 2021.