Sales:
Over all April was a good month with monthly unit sales up 24% over March sales;
Unit sales are down 12% for 2014.
Property sales are up 35% over the same period in 2013
Residential unit sales are down by 7%
Land sales are down by 30%.
Sales Price:
Average and median sales price of all classes of property are rising:
The average / median sales price of residential listings is up 14% / 1%;
Average / median sales price of land listings is up 47% / 45%
Average / median sales price of commercial property is up 147% / 80%.
Under Contract:
The number of listings placed in an Under Contract status continues to climb in 2014 but they are not at the levels we experienced in 2013 – down 26% from 2012.
Distressed home sales are down 44% from 2013 and bank owned property sale prices have increased 25%. However, these homes only account for 6% of the Outer Banks Housing market.
Foreclosures on the Outer Banks have been decreasing until recently. April foreclosures were up 133% over March. This may be a fluke or a trend. Time will only tell – hopefully it’s a fluke.
*April data is complete through May 7, 2014 and from the Outer Banks REALTORS(R) Association.
