March Housing Numbers are In – We’re Still a Work in Progress

outer banksSales – The numbers coming out of the March statistics are pretty interesting. The number of active listings in March 2014 rose by 12% when compared to the number of active listings in March 2013; however, total number of sales declined by 12% (Residential sales declined by 4%, lot / land sales declined 36% and commercial sales increased by 100%. It appears that sellers are confident while buyers are being a more skeptical.

Sales Price – Average and the median sales prices for all property classes have decreased with the exception of median sales price for commercial property which is up 11%

Under Contract – Last month the MLS reported that the number of units placed under contract had declined significantly when compared with 2013. The trend continues. In the first quarter of 2013 607 units were placed under contract as compared with only 402 during the first quarter of 2014 – a 32% decline. This is the lowest number of units that have been placed under contract since March 2010.

Distressed Sales – Distressed property sales are up for the month of March; however, when compared with the first quarter of 2013 distressed property sales during the first quarter of 2014 have declined by 47%. The largest decline noted was the sale of residential short sales – down 68%.

Foreclosures – Dare County foreclosure data again shows a dramatic decline in the number of units entering foreclosure. Since 2012, the number of properties foreclosed has declined 61%. This decline is directly affecting the number of bank owned properties listed with the MLS – down 41% over the last two years. Although not directly affected by the foreclosure rate, the number of active residential short sales has declined by 43% during this same time period.

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*March data is complete through Mar 24, 2014 and from the Outer Banks REALTORS(R) Association Data Obtained: April 5, 2014