The Outer Banks Association of REALTORS(R) recently released the market figures for the first month of 2014. The Outer Banks real estate market is looking better and looks like the trend is upward!!
Sales – Looking over the last 3 years, the trend for overall sales is in the positive direction with Lot Land sales providing the most impact to the overall sales growth. When looking at the data over a two year period, lot / land sales have increased by 12% while residential sales have been steady with less than .06% change.
Sales Price – The good news here is that over the last two years there has been a 10% increase in the median sales price for residential property; however, the average sales price and the overall total volume sold have declined by 3% and 4% respectively.
Inventory – Inventory has been in a pronounced downward trend for years; however, starting in 2013 inventory has started to rise. When compared with inventory levels in 2013, residential property inventory is up 5%, lots/land inventory is up 5% and commercial inventory is up 3%.
Distressed Residential Property Inventory continues to decline. In April 2011, distressed properties constituted 14% of all active listings in the MLS; however, in January 2014 they only made up 7% of all active listings.
Distressed Sales – Over the last two years, distressed unit sales are up by 34%; however, the major contributor to this increase has been the sale of bank owned properties which are up by 67%. It should be noted that during this same two year period, listings listed as short sales declined by 25%.
Here is the REPORT.
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!!
** All above information is from the Outer Banks Association of REALTORS(R).
