July 2017 Outer Banks Real Estate Market Report and MLS Statistics – Home Prices Up While Units Sold Fell

July 2017 Outer Banks Real Estate Market Report and MLS Statistics

The Outer Banks Association of Realtors released the July 2017 MLS Statistical Report – you can get the full report here.

Real estate sales for July 2017 in the Outer Banks dipped to 178 units but under contract increased by 3% or 422 units which, if these close, should make for a strong August. The average home price increased by 4% and the median home price is up by 3% compared to 2016. Some highlights from this month’s report follows.

Overall Market

Residential inventory decreased by 10% compared to last year, following last month’s 13% drop. Active inventory is 1513 units. The quantity sold increased by 13% following last month’s 17% increase; with volume sold up by 18% following last month’s 20% increase; compared to year to date sales last year.

Lots and land quantity sold increased by 7%. The average sale price for lots fell by 22% and while the median price increased by 4%. Inventory is down by 13% compared to last year.

Commercial unit sales are down by 21% following last month’s decrease of 21%. Only 15 commercial units were sold compared to 19 last year. The average and median sale prices have little relevance with such a small sample and appear skewed from a large sale last year. Commercial inventory is down 22% compared to last year with only 65 units active on the market.

Residential

Single family unit sales increased by 14% down from 19% increase reported last month, with 995 units compared to last year 869 units. The volume sold increased 18% with the average sale increase by 3% and the median sale price decreased by 1%.

Condos unit sales increased by 18%, following last month’s increase of 23%; compared to last year. July condo unit sales were 117 compared to 99 a year ago. The volume sold increased by 15% following last month’s 26% increase. Median sale prices for condos showed no change compared to last year. Average sale prices fell by 3%, compared to last year.

Residential land unit sales increased by 19% up from 3% reported in June. The average sale price fell by 10% while the median increased by 3% compared to last year.

Overall Days on the Market for the all properties fell by 46% in July to 121 days and fell by 24% in June compared to last year. Outer Banks properties are selling much faster.

New Construction building permits are down by 15%, with 135 units in July 2017 compared to 159 last year. Building permit value increased by 3.44%.

Distressed Property

There were 18 residential short sale units sold, the same as reported last month. Down 14% from last year. The average sale price decreased by 12%. The median sale price increased by 7%.

Sales for bank owned properties increased from 47 units to 53 units compared to last year. Bank Owned unit sales increased by 13%. The average sale price for Bank Owned property fell by 13% compared to last year; while the median increased by 4%.

Overall, the quantity of distressed property sold increased by 4% compared to the same period in 2016. The average price decreased by 12% and the median increased by 6%.

The effect distressed real estate will have on the overall Outer Banks market will continue to diminish as foreclosure and short sale inventory is depleted and the market returns to pre-recessionary levels of distressed real estate. Overall distressed sales account for only 5% of total residential sales.

Outer Banks Town Statistics

The July 2017 median sale prices for the towns in the Outer Banks and the percent change compared to 2016 appear below:

July Median Price Changes For Outer Banks Towns 2016 to 2017

July table median price changes for Outer Banks Towns 2016 to 2017

Corolla experienced the largest percentage gain of 13% compared to 2016 the same increase was reported for June. The next highest YTD increase was Hatteras Island at 7%; this also is unchanged from June.

The Outer Banks real estate market has slowed a bit in July after activity from January to June has been very robust. OBXMLS reports 422 units are listed as under contract at the end of July; which is a 3% increase compared to last year and the highest July total since July 2013.

If you have been thinking about an Outer Banks vacation home purchase, second home purchase or permanent home, now is the time to act. Purchasing power will decrease once the anticipated mortgage rates increase. Smart buyers and investors will lock in rates now before the increase.

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If you have considered selling your Outer Banks home, now may be the best time. The lower inventory levels will allow your property to be seen with less competition. The strong demand will sell your home with fewer days on the market. Our 1.5% listing commission will save you thousands of dollars!

The rental market continues to be strong to provide income from the investment and enjoyment for the family for years to come.

The Outer Banks continues to be named a top beach destination every year. Beach nourishment for a large portion of Dare County beaches will ensure strong future appreciation.

Schedule an appointment today to find your vacation rental property, second home or investment property.

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