July 2018 – Market Update

    July 2018 MLS Statistical Report and Update

    Updates, 3 months in a row! Yay! These monthly statistical reports are provided by our local Outer Banks Association of Realtors and can uncover interesting market trends. 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 historical meaning the total sales and volume produced were actually generated or under contract in May or June 2018, the current data portion of this report is under contract, building permits, inventory, sold home prices, new construction and days on market. The month of July saw a bit of catch up our market with residential sales are finally closing at about the same pace as 2017; however, total volume sold is up 5%, average sale price is up 6% and the median sale price is up 4%.

    Matt saw 9 closings during the month of July 2018 with a total sales volume of $4,464,000. Breakdown by town – 4 in Corolla (representing 29% of Corolla properties sold) 2 in Duck, 1 in Southern Shores, 1 in Kill Devil Hills and 1 in Rodanthe.

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

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

    • Sales: Total July sales –  270 units. Residential volume sold – $71,242,330 (July 2017 – $53,770,962. Total sales volume was greatly reduced in July 2017 due to the power outage on Hatteras Island). 
    • Under contract: Units listed as under contract decreased slightly – 236 vs 248 units from July 2017
    • Average Home Price Sold: The average price for a single – family detached home in July was $441,552, which is up over $26K from 2017. The average price for a condominium was $227,799.
    • Median Home Price Sold: The median price for a single – family detached home in July 2018 was $334,000, which is up with July 2017 median price of $305,000. The median sale price of a condominium was $255,000.
    • Price Per Square Foot: Residential inventory for July 2018 sold at an average of $192.31 from $192.57 in July 2017.
    • New Construction: As of July 2018, the number of new construction building permits were up from 137 in 2017 to 153 in 2018.
    • Days on the Market: For all residential units listed in the MLS, the average Days on the Market for July 2018 was slightly increased from 119 in 2017 and 129 in 2018.

    Breakdown by Town –

    • Corolla – Total July sales: 18 units
    • Duck – Total July sales: 12 units
    • Southern Shores – Total July sales: 9 units
    • Kitty Hawk – Total July sales: 8 units
    • Kill Devil Hills – Total July sales: 24 units
    • Nags Head -Total July sales: 16 units

    For a full list of July 2018 MLS stats provided by Outer Banks Association of Realtors please use the following link – July 2018. For a quick snapshot of the market on a national level visit Keller Williams Realty – July 2018.

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