How’s the Outer Banks Housing Market?

Residential sales Residential sales for the year are up slightly (1%) Condominium unit sales are up 19% with total volume sold up 22%. Condominium median sales price are up 16%. Single Family detached home sales are down by 4% The number of sold Single Family homes is up 3% with the average / median sale prices up (7% and 2%). Lots / Land sales Lots / Land sales are on the rise with the sale of residential lots up 13% for the year Total number of lots sold is up 5%. Inventory Residential inventory is up 8% Land inventory is up 7% Commercial inventory is down by … [Read more...]

July 2014 Sales on the Outer Banks

Year 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 … [Read more...]

May 2014 Sales on the Outer Banks

Sales – 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’ … [Read more...]

Outer Banks Home Sales for April

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 … [Read more...]

March Housing Numbers are In – We’re Still a Work in Progress

Sales – The numbers coming out of the March statistics are pretty interesting. The number of active listings in March 2014 rose by 12% when compared to the number of active listings in March 2013; however, total number of sales declined by 12% (Residential sales declined by 4%, lot / land sales declined 36% and commercial sales increased by 100%. It appears that sellers are confident while buyers are being a more skeptical. Sales Price – Average and the median sales prices for all property classes have decreased with the exception of median sales price for commercial property which is up … [Read more...]

February Homes Sales on the Outer Banks

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 … [Read more...]

Outer Banks December 2013 MLS Statistical Report – 2013 Year End Summary

Residential Sales Residential property units sold in 2013 down from last year by 2% (34 units) Total volume sold was down from last year by 7% ($40,169,100) – but still optimistic. The Median Sale price of residential properties was down by 5% ($17,743). Distressed Residential Sales Distressed residential units sold in 2013 down by 21% (102 units) Total volume sold was down by 21% ($15,703,919). Distressed sales declined through November to the lowest number of distressed properties since 2009. HOWEVER, the month of December had a sharp increase to the number … [Read more...]

November Outer Banks Real Estate Market

November 2013 MLS Statistical Report Summary – In November, a REALTOR®Magazine article - Short Sales Lose Favor With Lenders? - reports that the number of short sales has been gradually dropping and that short sales were down across the nation - 11.2% from one year ago and 5.3% from the previous month. When you look at the OBAR statistics for November you will find that short sales on the Outer Banks are following, if not exceeding, this trend. Year to Year Short sales are down 26%. Foreclosure sales have also declined – down by 19%. Sales - After a brief surge in September and October, … [Read more...]

October Market Stats 2013

Lot and commercial sales soared above residential sales in October 2013. Lot sales were up by 9% and commercial sales were up bY 18% ... while residential property sales were down by 2%. HOWEVER, the volume for all three were down 6%. One bright spot is foreclosure sales have declined since the beginning of the year and are still trending down. Once the homes in foreclosure are off the market, it will help with the rebound of our market.   Median Price 2013 Median Price 2012 Percentage of Change of Median Price Percentage of YTD Units … [Read more...]