October OBX Market Update
Cameron Griggs
Welcome, November!
Ten months into the year and our market has seen a slight slowdown in activity. The number of residential sales in October was the lowest of the year but although the unit sales were low, the Median Sales Price remains high. According to Dan Sutherland, the MLS Director for the Outer Banks Association of Realtors, the residential median sales price in October was the highest ever!
A few October MLS Fun Facts:
- Homes are still selling fast! The Average Days on Market (DOM) remains low at just 39. Year to date (YTD), this number is 33 which is quite a difference compared to 53 for the same period last year!
- The Average Sale Price in October increased by 8% compared to October of 2021.
- YTD, the Average Sales Price of $756,280 represents a 19% increase year over year and the Median Sales Price of $598,250 increased by 21%.
Building Equity
On the national level, homeowner equity keeps growing across U.S. despite the housing market slowdown. According to an article on ATTOM, a leading curator of real estate data, 48.5% of mortgaged residential properties in the U.S. were considered equity-rich in the third quarter, meaning that the combined estimated amount of loan balances secured by those properties was no more than 50% of their estimated market values.
"Even though home price appreciation has slowed down dramatically in recent months, homeowners have continued to build equity," said Rick Sharga, executive VP of Market Intelligence at ATTOM. The portion of mortgaged homes that were equity-rich in the third quarter of 2022 increased from 48.1% in the second quarter of 2022 and from 39.5% in the third quarter of 2021. The latest increase fell below other gains in recent years but it still marked the 10th straight quarterly rise and resulted in virtually half of all mortgage payers landing in equity-rich territory. Click here to read the full story.
Need help in determining your OBX home equity amount? I can provide you with a current Market Value Analysis to help you get started!
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Year-Over-Year Comparisons for Dare County
Appreciation remains strong despite the hike in interest rates and upward ticking inventory. Buyer demand remains strong in our market and Dare County has a 99% sales price to list price ratio.
Year-Over-Year Comparisons for Currituck County
Appreciation remains strong despite the hike in interest rates and upward ticking inventory. Buyer demand remains strong in our market and Currituck County has a 100% sales price to list price ratio.
Wishing you and yours a joyful and Happy Thanksgiving!
As always, I am available to help with all your real estate needs!
- Cameron Griggs