The Outer Banks Association of Realtors released the January MLS Statistical Report – you can get the full report here. While Residential sales are slightly above last year, land sales decreased by 13%. Some highlights from this month’s report follows.
Residential inventory decreased by 9% compared to January last year while the median sale price increased by 2% and is likely to continue to put increased pressure on prices. The quantity sold increased by 2 units or 2%.
Lots and land volume sold increased by 14% with the quantity sold fell by 13%. The average sale price for land increased by 30% while the median sale price is up by 9%. Inventory is down by 16% compared to last year.
Short sales and Bank Owned stats showed some wide fluctuations compared to last year. Sales for Bank owned properties increased by 80% compared to last year (5 to 9 units). At the same time, the average sale price decreased by 56% and the median sale by 55%. This significant change could be banks “dumping” the remaining inventory of Bank Owned property.
On the other hand, short sale units sold remained unchanged, but the average sale price increased by 36% and the median sale price fell by 2%. It appears the average is perhaps skewed by a single large sale as the quantity remained unchanged.
Overall the quantity of distressed property increased by 40% with an decrease in average sales price of 6% and median sale price decreased by 29%.
Single family units increased by 2% and Condos unit sales increased by 11%. Single family units decreased by 9% in the volume sold, condos volume sold increased by 6% and Median sale prices increased by 20%. Single family average sale price decreased by 10% with a median decrease of 5%.
The January 2017 median sale prices for the towns in the Outer Banks and the percent change compared to 2016 appear below:
Corolla experienced a sharp increase and had the largest percentage gain of 39% compared to 2016. Not far behind, was Roanoke Island at 38%.
Now is the ideal time to invest in Outer Banks real estate. Prices are relatively low compared to market conditions in 2007, financing is readily available and mortgage rates are at historical lows. Mortgage rates are predicted to increase in 2017 and the smart buyer will lock in rates before the increase.
The rental market is strong to provide income from the investment for years to come. Purchasing today provides plenty of time to be ready for the 2017 rental season. For more information on buying Outer Banks Real Estate, or selling Outer Banks Real Estate or to learn more about the Outer Banks in general, please check out our blog.