2022 year-to-date sales for all property has declined slightly for the last three months and year-to-date sales are down 19% when compared to May of 2021. However, when compared to April 2022, they were up. Residential median sale prices have also risen 26% to $606,250, with Lots / Land property up 2% and commercial property is up 74% when compared to this time last year. It is also over 8% higher than April, 2022.
Town to Town Comparison
Southern Shores was the only town that had an increase in residential units sold. The 6% increase was the equivalent of only 3 more units sold when compared to May of 2021. However, when compared to April 2022, 16 more units were sold in May.
Since February 2022 Duck has had the highest median sales price. When compared to the same time last year, Duck's median sales price increased 41% to $915,000. That is a difference of $265,000. In addition, the median sales price increased $17,500 compared to April 2022.
Overall residential days on market dropped to 37 from 66 when compared to the same time last year. Once again, Kitty Hawk had the lowest amount of days on market at 24.
While there may appear to be a slight decline in real estate sales; however when looking at 2022, sales and median sales price has increased. We are still in a hot real estate market!