The Outer Banks Association of REALTORS(R) recently released the market figures for February. The Outer Banks real estate market is looking better and looks like the trend is upward!!
Sales – The February statistics are in and the numbers look strong, with residential sales up 4% and commercial sales up 100%. However, the number of lot / land unit sales, which were our star performers in 2013, have declined dramatically – down 40%.
Sales Price – Average sales price and the median sales price have declined slightly (1% and 2% respectively), but this decline is not statistically significant.
Under Contract – It should also be noted that the number of units placed in an under contract status have declined – down 39%. The decline in this the number of units placed in an under contract status could have a significant impact on our sales season. The MLS will continue to track this statistic.
Distressed Sales – One of the more interesting February statistics is that the number of sales of residential properties, listed as potential short sales, has declined dramatically. In February 2012, Potential Short Sales contributed to over 12% of all residential sales; however, in February 2014 they only contributed only 1%.
Foreclosures – Dare County data shows that the number of units entering foreclosure has declined dramatically over the last two years. In February 2012, 34 units entered foreclosed; however, in February 2014 only 25 units entered foreclosure – down 26%.
Contact me today to see what you can do for spring & summer!! It’s a great time to get things all lined up to vacation here all summer!!
Data Obtained from the Outer Banks Association of REALTORS(R): March 8, 2014
