May 2018 – Market Update

    May 2018 MLS Statistical Report and Update

    I can say that we are still working toward our goal of timely, monthly updates. We started in February with a monthly goal and missed March and April, so let’s try again. 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 March or April 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 May report is simmer, with a cold spring and increasing interest rates (4.47% in May to 4.66% in June) contributing to a slower start for 2018. Year over year sales continue to trend upwards with a slight dip in this spring’s YOY data.

    Matt saw 9 closings during the month of May 2018 with a total sales volume of $3,606,054. Breakdown by town – 6 in Corolla (representing 20% of Corolla properties sold), 1 in Southern Shores, 1 in Powells Point and 1 in Kill Devil Hills.

    As always, if you have any questions or comments after reviewing the stats please let 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 May sales –  213 units. Residential volume sold – $94,778,448  (May 2017 – $81,978,227).
    • Under contract: Units listed as under contract decreased slightly – 427 vs 445 units from May 2017
    • Average Home Price Sold: The average price for a single – family detached home in May was $445,761. The average price for a condominium was $246,095.
    • Median Home Price Sold: The median price for a single – family detached home in May 2018 was $340,000, which is up ever so slightly with May 2017 median price of $320,000. The median sale price of a condominium was $243,875.
    • New Inventories: Residential new inventory for May 2018 has increased over 2017 (429 vs 397)
    • New Construction: As of May 2018, the number of new construction building permits were up from 87 in 2017 to 100 in 2018.
    • Days on the Market: For all residential units listed in the MLS, the average Days on the Market for May 2018 remained consistent with 135 in 2017 and 134 in 2018.

    Breakdown by Town –

    • Corolla – Total May sales: 30 units
    • Duck – Total May sales: 10 units
    • Southern Shores – Total May sales: 10 units
    • Kitty Hawk – Total May sales: 11 units
    • Kill Devil Hills – Total May sales: 31 units
    • Nags Head -Total May sales: 27 units

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

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