June 2018 – Market Update

    June 2018 MLS Statistical Report and Update

    Updates, 2 months in a row! Woo hoo. Do I sense some momentum? I hope so. 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 April or May 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 June saw our seasonal slowing of the sales for units with a 4% decrease over last year. This year has gone without achieving the milestones we saw in 2017. As with the national market, we continue to see a lack of inventory which is also down 4%.

    Matt saw 8 closings during the month of June 2018 with a total sales volume of $2,928,000. Breakdown by town – 7 in Corolla (representing 29% of Corolla properties sold) and 1 in Kill Devil Hills.

    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 June sales –  185 units. Residential volume sold – $77,383,584 (June 2017 – $83,911,384). 
    • Under contract: Units listed as under contract decreased slightly – 236 vs 248 units from June 2017
    • Average Home Price Sold: The average price for a single – family detached home in June was $445,397, which is up 8% from 2017. The average price for a condominium was $245,324.
    • Median Home Price Sold: The median price for a single – family detached home in June 2018 was $339,500, which is up ever so slightly with June 2017 median price of $320,000. The median sale price of a condominium was $240,950.
    • Price Per Square Foot: Residential inventory for June 2018 sold at an average of $203.29 from $199.37 in June 2017.
    • New Construction: As of June 2018, the number of new construction building permits were up from 114 in 2017 to 127 in 2018.
    • Days on the Market: For all residential units listed in the MLS, the average Days on the Market for June 2018 was slightly reduced from 137 in 2017 and 127 in 2018.

    Breakdown by Town –

    • Corolla – Total June sales: 24 units
    • Duck – Total June sales: 11 units
    • Southern Shores – Total June sales: 8 units
    • Kitty Hawk – Total June sales: 7 units
    • Kill Devil Hills – Total June sales: 29 units
    • Nags Head -Total June sales: 19 units

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

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