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    June 2020 – Outer Banks Market Update

    “We are actively seeking new properties to list and reaching out to clients who might consider selling. This market is very different than anything we have seen, demand is through the roof.” — Matt Myatt

    Welcome to our monthly market update based on monthly statistical reports are provided by our local Outer Banks Association of Realtors and interesting market trends we experience. We will be posting these market stats as they become available (around the first week of the month) along with any other market information we find helpful.

    The market frenzy of 2020 continues with Matt & Team having 30 properties under contract as of this blog posting. As fast as we can list properties, they are quickly going under contract. This experience is reflected in the recent statistical summary provided by our local association of realtors:

    • “Under Contract – Under Contracts are continuing to exceed market history with 843 listings (an increase of 108%) under contract as of July 8th.

    Matt & Team had 6 closings during the month of June 2020 with a total sales volume of $2,550,200. Breakdown by town – 6 in Corolla.

    As always, if you have any questions or comments after reviewing the stats please let Matt know.  Call, Text or Email Matt 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 – 217 units. Residential volume sold – $84,808,309
    • Under contract: Units listed as under contract increased dramatically – 833 vs 398 units from June 2019, up 108%.
    • Median Home Price Sold: The median price for a single – family detached home in June 2020 was $343,000, which is up 9K from June 2019 median price of $335,000. The median sale price of a condominium was $269,750.
    • Price Per Square Foot: Residential inventory for June 2020 sold at an average of $194.05 down slightly from $195.42 in June 2019.
    • New Construction: As of June 2020, the number of new construction building permits were up from 75 in 2019 to 98 in 2020, this data does not include Currituck County.
    • Days on the Market: For all residential units listed in the MLS, the average Days on the Market for June 2020 was slightly decreased at 96 DOM, down from 127 in May 2019. This decrease is due to market demand and likely a reduction in inventory.

    Breakdown by Town –

    • Corolla – Total YTD sales: 129 units up 18% from 2019
    • Duck – Total YTD sales: 81 units up 35% from 2019
    • Southern Shores – Total YTD sales: 44 units up 7% from 2019
    • Kitty Hawk – Total YTD sales: 51 units up 4% up from 2019
    • Kill Devil Hills – Total YTD sales: 138 units up 12% from 2019
    • Nags Head – Total YTD sales: 97 units up 26% from 2019
    • Manteo – Total YTD sales: 83 units up 57% from 2019
    • Hatteras – Total YTD sales: 123 units up 14% from 2019

    For a full list of June 2020 MLS stats provided by Outer Banks Association of Realtors please use the following link – June 2020. For a quick snapshot of the market on a national level – at the time of posting Q2 stats were not available from KW International, visit Keller Williams Realty – Q1.

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