February 2018 – Market Update

    February 2018 MLS Statistical Report and Update

    As we promised early in the new year, we will share monthly statistical reports provided by our local Outer Banks Association of Realtors. Promises, promises…right? Okay, we “may” have missed a couple months but let’s start fresh with February’s reporting. From now on, we will be posting these market stats as they become available (around the first of the month) along with any other market information we find helpful.

    Most of this reporting is truly historical meaning the total sales and volume produced were actually generated or under contract in December 2017 and January 2018, the current data portion of this report is under contract, building permits, inventory, sold home prices, new construction and days on market. The word that best describes the February report is SLOW. So you ask what are driving factors of this slowed market? 2 conditions seem to be the largest contributors with increasing interest rates and low inventory. These conditions are also being seen on the national level with National Association of Realtors – Realtors Confidence Survey January 2018 report displaying the most used words in their Wordle as “low inventory” and “interest rates”. The month of January was a HUGE contributor to the decreased inventory with 60 less properties for sale in January 2018 verses January 2017. So, was February all doom and gloom? The answer is no. February 2018 shows the same pace as February 2017 with small increases here and there; after all, 2017 was a great year for Outer Banks real estate. Guess only time and national market stability and economy will tell, see you again next month.

    As always, if you have any questions or comments after reviewing the stats please let know.  Call, Text or Email Matt at anytime – 252.207.6588 or Matt@MattMyatt.com.

    Summary – Please keep in mind that these stats are for the entire Outer Banks region.

    • Sales: Total February sales – 83 units. Residential volume sold – $35,740,893  (February 2017 – $49,404,971).
    • Under contract: Units listed as under contract increased by 7% (394 vs 367 Units) from February 2017
    • Average Home Price Sold: The average price for a single – family detached home in February was $452,416. The average price for a condominium was $225,612.
    • Median Home Price Sold: The median price for a single – family detached home in February 2018 was $313,750, which is up ever so slightly with February 2017 median price of $310,000. The median sale price of a condominium was $275,000.
    • New Inventories: Residential new inventory for February 2018 is on pace with 2017 (358 vs 354)
    • New Construction: As of February 2018, the number of new construction building permits were up 47% from 2017 (25 units vs 17 units).
    • Days on the Market: For all residential units listed in the MLS, the average Days on the Market for February 2018 was down by 38% (118 vs 191) from February 2017.

    For a full list of February 2018 MLS stats provided by Outer Banks Association of Realtors please use the following link – February 2018.

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