By Outer Banks Association of REALTORS (OBAR) on July 25, 2022
Sales declined in June compared to last month, but MLS Director Dan Sutherland theorizes that the decline is most likely due to a seasonal decline versus a downturn in the market.
All property sales were down 22% compared to June 2021, however it was up 288 units sold when compared to May of 2022. And while inventory is down 3% when compared to June of 2021, there were still 143 more units available than May of 2022 which continues the increasing trend that started in February 2022.
Year to date residential sales declined by 23% compared to June 2021, but there were 234 more sales in June when compared to May 2022. However, while the residential median sale price rose 3% to $545,000 when compared to this time last year, it actually dropped over $61,000 from May 2022.
There was an increase in Dare County building permits issued. There were 25 more issued in June compared to May of 2022. Compared to June 2021, they were also up by 18 permits. Construction definitely continues on the Outer Banks.
Town to Town Comparison
Almost all towns saw a decline in year-to-date sales when compared to June 2021. Currituck mainland was the only area to have an increase at 2%. However, this amounted to a difference of only 3 homes.
Corolla took over the lead this month in median sale price. The town saw a 26% increase to $915,000. This is the equivalent of a $189,000 difference compared to June 2021. It also increased $22,750 compared to May 2022. Duck actually had the highest percent increase of median sales price of 39% to $902,500 which was a significant $252,500 difference compared to June 2021.
Once again, Kitty Hawk had the lowest days on market at 24 compared to June 2021. Total residential days on market dropped significantly from 66 to 37 compared to June 2021.
While the statistical report shows an overall decline in sales, most likely due to a seasonal drop usually seen in the beginning of summer, a majority of the report demonstrates increases when compared to May 2022. As a result, real estate continues to be hot right now.