January 2023 - According to the Outer Banks Association of REALTORS:
MLS Statistical Report Inventory – The good news is that inventory has been trending upward since December 2022 and up 11% when compared with January 2022 inventory. A quick look at February’s inventory also indicates that this trend is continuing. Sales – So far, sales in 2023 are off to a slow start. - down by 51%. If we just had more inventory. Under Contracts – Since the last report, under contract listings have increased 31%, but are down 38% when compared with January 2022..
December 2022 - According to the Outer Banks Association of REALTORS:
MLS Statistical Report End of Year Report 2022 vs 2023 Sales – Although sales are down (28%) for 2023 the good news is that the residential median sales price is up 17% and the lot / land sale median sale price is up 20% . Of particular note is that the median sale price of residential property has risen steadily over the last three years anywhere from 17% to 22%. Inventory – More good news is that inventory is slowly recovering. In December 2022 there were 872 units available for sale – up from December 2021 when there were just 757 units. The MLS suspects that inventory will increase in the spring.
November 2022 - According to the Outer Banks Association of REALTORS:
MLS Statistical Report Lots / Median Sale Price – Interesting statistic, the median sale price of a vacant lot is the highest it has ever been - $160,000 for November. Although this statistic can be linked to the sale of four $1M+ dollar lots, the median sale price has been creeping up for years. See graph below: Inventory - Inventory is still stable but is creeping in the positive direction. Residential inventory is up 39% but Lots / Land inventory is down by 16%. Overall inventory is up by 8% Sales – Across the board, sales are down for 2022. Residential down 26%, lots / land down 28% and commercial down 4%. Overall down by 26%.
October 2022 - According to the Outer Banks Association of REALTORS:
MLS Statistical Report Residential Median Sale Price – For the second month in a row, residential median sale price is at a record high - $600,000, The MLS has looked at all the data and this is the highest median sale price ever. Inventory - Inventory is still stable. Inventory is still stable and has only declined by 1% when compared to 2021; however, residential inventory is up 19% and lots / land has declined by 15% Sales – Across the board, sales are down for 2022. Residential down 25%, lots / land down 25% and commercial down 5%.
September 2022 - According to the Outer Banks Association of REALTORS, inventory declined (-5%) for the first time in 5 months in August; however, when looking at the prevailing trend over the last 10 years, this decline is not unexpected. Property sales sales for August showed a marked increase over July sales (261 units vs 233 units). Sales had been on a declining trend since March.
August 2022 - Though inventory dropped slightly in July compared to July 2021, total inventory continues its increasing trend that began in February. When compared to June, there was an increase of 31 units available. In addition, residential inventory was up 18% to 260 units available. That is an increase of 84 homes compared to July 2021, and an increase of 31 units compared to June 2022.
All property sales also appeared to be down when comparing July of this year to July 2021 having dropped 24%, however it was up 238 units sold compared to June.
Year-to-date residential sales dropped 25% compared to July 2021, but actually rose when compared to May of this year by 176 units sold. In addition, not only did the residential median sale price increase $64,000 compared to July 2021, it also rose $5,000 compared to June 2022 to $555,000.
Town to Town Comparison
While no town saw an increase in year-to-date sales compared to July 2021, most did when compared to June 2022. Overall, Hatteras had the most residential homes sold in July 2022 at 261 units.
Duck took the lead back from Corolla for residential median sales price with a 43% increase compared to July 2021. The median sales price in July 2022 was $920,000. What is interesting is that the median sales price was $650,000 with 150 units sold in July 2021. However, this July, 55 fewer homes were sold, but the median price increased an astounding $280,000. Duck also saw a $27,500 increase when compared to June of this year.
Overall residential days on market decreased from 59 to 35 in July compared to 2021. But when compared to June 2022, days on market increased by 10 days. This is most likely attributed to an increase in days on market in Ocracoke. Kitty Hawk continues to have the lowest days on market at 20.
Overall, while sales seem to be declining a bit, the MLS is optimistic that they will start to pickup at the end of August or the beginning of September as inventory increases and property is more accessible.
July 31, 2017
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