The Weekly Stats
This is the Outer Banks Real Estate update for the week ending May 23rd. Residential not including co-ownership, week ending May 23rd, data pulled May 26th:
71 units sold. The average list price was $770,108. The average sold price was $767,423. The median list price was $499,000. The median sold price was $510,000. Average days on market 36, median days on market 6.
70 homes went under contract. The average list price was $636,875. The median list price $499,000. Average days on market 40, median days on market 10.
There were 67 new listings. The average list price was $733,732. The median list price of $509,000. 24 of those are already under contract or off of the market, 43 are still active.
Active Listings And Market Pace
At the time the data was pulled there were 382 active listings compared to 1233 at the end of May 2020. The average list price was $925,860. The median list price was $648,110.
To keep you up to date with how fast the market is moving, going back to the previous week ending May 16th, there were 82 new listings, 39 of which are now under contract, or off of the market. 43 are still active. Going back two weeks to the week ending May 9th, out of 82 new listings 50 are under contract, sold, or off of the market. Only 32 are still active. Going back three weeks to the week ending May 2nd, out of 69 new listings 51 are under contract, sold, or off of the market. Only 18 are still active.
Inventory
Low inventory is still a major issue in our region creating this super seller’s market we are in. North Carolina’s inventory is down 65.9% compared to the same time last year. Virginia’s inventory is down 52.9 %. On the Outer Banks according to OBAR’s most recent report inventory is down 70% compared to April of last year.
Low inventory has had an effect not only on prices but how competitive the market has become. Buyers need to prepare themselves for multiple-offer situations as the number of offers per listing skyrocketed from 2.4 last year to 4.8 in 2021.
My May monthly market update including my overview of the aforementioned April Statistical Report from the Outer Banks Association of Realtors is now out. You can find it on the Moose OBX Facebook page, YouTube channel, 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, 2020, through May 26th, 2021.