The Outer Banks Association of Realtors released the May 2017 MLS Statistical Report – you can get the full report here.
Real estate sales in the Outer Banks continued the strong performance with each month since February having record sales numbers. This month’s total sales (987 units) and volume (over $339 Million) is the highest level since 2005! Some highlights from this month’s report follows.
Residential inventory decreased by 11% compared to last year, following last month’s 15% drop. The average sale price increased by 4% and the median sale price also increased by 4%. The continued lack of inventory is likely to to put increased pressure on prices. The quantity sold increased by 18% with volume sold up by 23% compared to last year.
Lots and land quantity sold fell by 6% following last month 10% drop. The average sale price increased by 7% and the median price increased by 8%. Inventory is down by 14% compared to last year.
Commercial unit sales are down by 7% following last month’s decrease of 27%. Only 13 commercial units were sold compared to 14 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 8% compared to last year.
Single family unit sales increased by 19%, or 690 units compared to last year 579 units. The volume sold increased 23% with the average sale increase by 3% and the median sale price decreased by 1%.
Condos unit sales increased by 36% compared to last year; 80 units versus 59 last year. The volume sold increase by 41% with median prices increased by a healthy 12%, with the average sale price increasing at 4% compared to last year.
Residential land unit sales fell by 6% following last month’s 13% drop. The average sale price up by 8% and the median prices up by 9%.
Overall Days on the Market for the all properties is 135 following last months reported 162 days. However, when looking at only properties listed since Jan 1, 2017, the average Days on the Market is only 57 days. This is another sign of how the local market has picked up this year.
New Construction building permits are down by 32% compared to last year with permit value down by 47%.
There were 13 residential short sale units sold which is down 7% from than last year. The average sale price decreased by 3%. The median sale price increased by 8%.
Sales for bank owned properties increased from 34 units to 40 units compared to last year. Bank Owned unit sales increased by 18%. The average sale price for Bank Owned property fell by 13% compared to last year; while the median increased by 12%.
Overall, the quantity of distressed property sold increased by 10% compared to the same period in 2016. The average price decreased by 6% and the median increased by 10%.
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 May 2017 median sale prices for the towns in the Outer Banks and the percent change compared to 2016 appear below:
Corolla experienced the largest percentage gain of 12% compared to 2016. The next highest YTD increase was Hatteras Island at 8%.
The Outer Banks real estate market is heating up. Activity from January to May has been very robust with no signs of slowing down. OBXMLS reports 461 units are under contract suggesting June sales will also be strong. This reflects a normal seasonal adjustment from 473 units under contract reported in April.
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.