By Outer Banks Association of REALTORS (OBAR) on May 12, 2022
The Outer Banks Association of REALTORS® (OBAR) has released April’s real estate statistical report. There was an increase in total volume sold which means that the market is still HOT! April saw a 4% increase in total volume sold which equates to an increase in $32 million when compared to this time last year. Not surprisingly, total inventory is down to 767 units which is a 24% decrease compared to April of 2021. That is a difference of 245 units. Residential units available are also down to 322 which is 66 units lower than April 2021. However, a silver lining is April’s residential units reflect an increase of 56 units when compared to March 2022.
Residential median price is up 23% when compared to this time last year equaling $560,000, which is an increase of $105,050. Residential days on market is also down drastically from 77 days to 38 days. Kitty Hawk continues to have the lowest number of days on market at 22 days.
Town to Town Comparison
All but two towns saw decreases in total year-to-date sales. Southern Shores saw an 8% increase, while Roanoke Island had a 3% increase when compared to this time last year. However, that amounts to a difference of 3 and 2 units respectfully.
For the second month in a row, Duck had the highest residential median sales price of $897,500. While that is a $2,500 drop from March 2022, when compared to April 2021, it increased 38% which equates to a $247,500 difference. It is interesting to note that Corolla’s median sales price of $897,250 was only $250 lower thank Duck in April 2022.