July 2014 Sales on the Outer Banks

graphYear to Date Summary – Overall, the year has been relatively uneventful; however, a few things really stand out:

Commercial property With sales volume is up 64% and unit sales up 89% one might consider this a sales “boom”; however, while this is an interesting statistic, the MLS does not expect this “boom” to be long term.

Condominium sales So far this year, condominium sales have exceeded expectations with unit sales up 33% and sales volume up 45%.

Residential – Unit sales have been lackluster showing a decline of 4%; however, total sales volume is up by 3% and average sale price is up by 7%.

Lots / Land – For the first six months of the year, lot / land sales appeared to be on the decline; however, in July Lot / Land sales rebounded bring the total unit sales and total sales volume up to par with 2013 sales figures.

Active Inventory – Since February, overall inventory has been declining – most likely due to sales and the seasonal decline; however, it is expected that inventory will start to rise again in the next couple of months in anticipation of the fall selling season.

Distressed Sales / Foreclosures – The number of properties entering foreclosures has held steady for the last two months. Sales, when compared with 2013 are down 44%. Not much to talk about here.

numbersnumbers2**All above information is through August 8th and is from the Outer Banks REALTORS® Association for informational purposes only. This representation is based in whole or in part on data supplied by, and to the Subscribers of the Outer Banks Association of REALTORS® Multiple Listing Service. Information contained herein is deemed reliable but not guaranteed. Data maintained by the OBAR MLS is for its own use and may not reflect all real estate activity in the market.