OUTER BANKS MONTHLY MARKET UPDATE

obx sandbar living monthly market update

🌷 Welcome to April's Real Estate Roundup! 🏡

As spring blossoms around us, so does the excitement in the housing market. It's the perfect time to dive into all the latest data shaping the Outer Banks real estate Market this April.

Whether you're a seasoned investor, contemplating your first-ever vacation home purchase, or simply someone who loves analyzing data (like me!), we've got some insights to help you navigate the ever-changing landscape of the OBX market. So, grab a cup of coffee, settle into your favorite chair, and let's embark on this real estate adventure together!

Happy reading, and here's to a fruitful and exciting month ahead!

Warm regards,

-Danielle

Sold and Under Contract Analysis

SINGLE FAMILY RESIDENTIAL:

• YTD residential sales units are down 9% versus YTD 2023

• YTD residential sales dollars are flat to YTD 2023

• March 2024 residential sales units were down 7.8% versus March 2023

• Sales units March ‘24 over February ‘24 were up 57.5%.

• New listing inventory for March was up 14% versus February.

  • As a comparison, new listings for March ‘24 were up 26% versus March ‘23

• March residential sales volume was up 63% vs February 2024.

• So far this year, sales unit declines are outpacing sales dollars (a reversal from 2023). It will be interesting to see how the year progresses (and of course, we will keep you informed!).

• March ‘24 versus March ‘23, residential properties sold 19% faster and at a 1.3% higher median price.

  Let's look at month-over-month:

• Median sale price for all Residential property sold in March was $557,375--up 3% versus February ‘24.

• March 2024's median sale price was up 1.3% versus March 2023.

• March ‘24 residential properties sold 20% faster than February ‘24.

  RESIDENTIAL LOTS AND LAND:

• YTD residential land sales units are down 24% versus YTD 2023.

• YTD residential land sales dollars are up 2% versus YTD 2023.

• YTD residential land median sold price is $150,000, up 19% versus YTD 2023.

• March residential land sales units were down 38% compared to March 2023.

• March residential land sales units were up 9.5% versus the month prior.

• March residential land sales dollars were down 21% versus March ‘23.

• March residential land sales dollars were up 46% versus February ‘24.

inventory analysis

• Active residential inventory in March was down 13.5% from February and up 58% versus March ‘23.

  • The rolling 12 month average sits at 475 so March’s levels are 18.5% above that average at 563 units. The rolling 3 year average is 439.

• New listing inventory for March 2024 was up 26% versus March 2023, and up 14% versus February’s new listings.

  • Drilling down, 261 new residential listings (excluding co-ownerships) hit the market in March 2024, with 36% of those properties already sold or under contract

  • Average days on market for these is 10; median days on market is 8

  • 25% disclosed they had multiple offers; last month it was 22% (note that this is not a mandatory disclosure in our local MLS).

    See the chart below for the full breakdown by area…

days on market and distressed data analysis

• Average days on market for SOLD residential properties in March was 52, down from 64 DOM in March 2023.

  • The average home sold 19% faster in March 2024 than March 2023.

• The Median days on market in March was 26, meaning that half of the sold units sold in 26 days or less.

• Year over year, the average DOM for properties sold in 2024 was 56 (down from 61 days YTD 2023), meaning that the average property sold 8% faster than one year ago.

• Average days on market for all current ACTIVE residential listings is 97 days (down slightly from 99 days in February).

• Month-over-month, the average days on market for Under Contract properties is 54 days (flat to February ‘24).

• 36% of properties listed in March have already gone under contract or sold with an average days on market of 10.

  • It still rings true that homes that are priced consistent with their condition and/or are located in high demand areas per the chart above are still moving quickly and with multiple offers.

• There were 0 distressed residential listings sold in March 2024 (flat to February 2024 and down from 1 in March 2023).

  • There are 3 distressed active residential listings as of March 31, 2024; up from 1 in February 2024 and 2 in March 2023.

pricing analysis

Residential Median Sale Price (excluding co-ownerships) for YTD 2024 was $550,000, which was up 4.7% versus the year prior.

You’ll find a breakdown by price point below:

Take Note: The percentage of homes sold in the $750k+ price brackets continues to grow as time progresses. Also, the highest proportion of cash buyers AND multiple offers can be found in homes priced $1M+: 43% of those buyers paid cash and 22% of those buyers were disclosed to have won in multiple offers.

area data at-a-glance

*Note: Of all Outer Banks towns, Duck has the highest proportion of Co-Ownerships vs. other residential property types. The median price for Duck is skewed due to a disproportionate number of co-ownerships sold; the median price for sold residential properties YTD 2024 excluding Co-Ownerships is $1,000,000.

*All market data presented is courtesy of the Outer Banks Association of REALTORS MLS Residential (except where otherwise indicated), Jan 1 - Mar 31, 2023 and 2024.

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