May 2014 Sales on the Outer Banks

arrow upSales – May was a great month for sales with unit sales up 21%! Total volume sold was up 14%! Commercial property sales volume was up 210% over last year. However, residential unit sales were down by 7% and land sales were down by 30%.

Sales Price – Home prices continue to climb with an average price for residential property up by 13%, Lots / Land up by 40% and Commercial up by 64%.

Distressed Sales – Even though distressed numbers continue to inch upwards this year, they are down by 44% from 2013 – the average sales price for a potential short sale is down 13% — bank owned properties’ average sale price is up 25%. Distressed property saleshave been on a steady decline. The good new is, distressed sales only make up 6% of all sales.

One thing to note, however; Foreclosures The MLS has stated in previous reports that the number of Dare County foreclosures has been declining. In April, the number of foreclosures took a dramatic turn – up by 133% over March. The MLS will continue to monitor the foreclosure filings to determine if this is a trend.

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graph 2**All above information is through June 11th 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.