The Outer Banks Association of Realtors released the April 2017 MLS Statistical Report – you can get the full report here.
Real estate sales in the Outer Banks continued the strong performance seen in February and March with record sales numbers – existing home sales are up by 19%. Some highlights from this month’s report follows.
Residential inventory decreased by 15% compared to last year, following last month’s 14% drop. The average sale price increased by 2% and the median sale price increased by 4%. The lack of inventory is likely to continue to put increased pressure on prices.
Lots and land quantity sold fell by 10%. The average sale price increased by 10% and the median price increased by 12%. Inventory is down by 16% compared to last year.
Commercial unit sales are down by 27%. Only 8 commercial units were sold compared to 11 last year. The average and median sale prices have little relevance with such a small sample. Commercial inventory is down 13% compared to last year.
Single family unit sales increased by 22% compared to last year. The volume sold increased 21% with the average sale decreasing by 1% and the median sale price decreased by 2%.
Condos unit sales increased by 23% compared to last year. Condo median prices increased by a healthy 12%, with the average sale price increasing at 2% compared to last year.
Residential land unit sales fell by 13% compared to a year ago with average sale price up by 14% and the median up by 13%.
Overall Days on the Market for the all properties is 162 days. However, when looking at only properties listed since Jan 1, 2017, the average Days on the Market is only 50 days. This is another sign of how the local market has picked up this year.
New Construction building permits are down by 31% compared to last year with permit value down by 20%.
There were 9 residential short sale units sold which is down 25% from than last year. The average sale price increased by 13%. The median sale price increased by a whopping 78%.
Sales for bank owned properties increased from 26 units to 31 units compared to last year. Bank Owned unit sales increased by 19%. The average sale price for Bank Owned property decreased by 14% compared to last year; while the median increased by 33%.
Overall, the quantity of distressed property sold increased by 5% compared to the same period in 2016. The average price decreased by 3% and the median increased by 63%. Previously, the Outer Banks Association of Realtors commented in the report that “The jump in median sale price can be directly attributed to the sale of one high priced oceanfront home.”
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.
Outer Banks Town Statistics
The April 2017 median sale prices for the towns in the Outer Banks and the percent change compared to 2016 appear below:
Hatteras Island experienced a sharp increase and had the largest percentage gain of 18% compared to 2016. The next highest YTD increase was Corolla at 11%.
The Outer Banks real estate market is heating up. Activity from January to April has been very robust with no signs of slowing down. OBXMLS reports 473 units are under contract suggesting May sales will also be strong.
If you have been thinking about a 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. 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.