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    May 2020 – Outer Banks Market Update

    May 2020 MLS Statistical Report and Update

    We’re back with 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 wild ride of 2020 continues and this craziness is even reflected in Outer Banks real estate, as of typing this blog, Matt & Team had 21 properties under contract. As fast as we can list properties, they are quickly going under contract. We are actively seeking new properties to list and reaching out to clients who might consider selling. This experience is reflected in the recent statistical summary provided by our local association of realtors:

    • “Under Contract – Under Contracts are through the roof. With 549 listings under contract this is the highest number since the MLS started tracking this data. (As of June 8th the number of under contracts stands at 621; however, this number is not reflected in this report)”

    Matt & Team had 9 closings during the month of May 2020 with a total sales volume of $5,131,000. Breakdown by town – 5 in Corolla (representing 27% of all Corolla properties sold), 2 in Kill Devil Hills, 1 in Nags Head and 1 in Manteo.

    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 May sales –  177 units. Residential volume sold – $65,225,071.
    • Under contract: Units listed as under contract increased dramatically – 549 vs 423 units from May 2019
    • Median Home Price Sold: The median price for a single – family detached home in May 2020 was $350,500, which is down $49K from May 2019 median price of $399,000. The median sale price of a condominium was $237,495.
    • Price Per Square Foot: Residential inventory for May 2020 sold at an average of $209.44 up slightly from $193.05 in May 2019.
    • New Construction: As of May 2020, the number of new construction building permits were up from 66 in 2019 to 83 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 May 2020 was slightly increased at 114 DOM, up from 104 in May 2019. This increase in DOM is likely due to the beach closure and pandemic.

    Breakdown by Town –

    • Corolla – Total YTD sales: 93 units
    • Duck – Total YTD sales: 55 units
    • Southern Shores – Total YTD sales: 37 units
    • Kitty Hawk – Total YTD sales: 38 units
    • Kill Devil Hills – Total YTD sales: 115 units
    • Nags Head – Total YTD sales: 80 units
    • Manteo – Total YTD sales: 66 units
    • Hatteras – Total YTD sales: 93 units

    For a full list of May 2020 MLS stats provided by Outer Banks Association of Realtors please use the following link – May 2020. For a quick snapshot of the market on a national level visit Keller Williams Realty – Q1.

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