The Outer Banks Association of Realtors released the June 2017 MLS Statistical Report – you can get the full report here.
Real estate sales for June 2017 in the Outer Banks continued the strong performance experienced since February with the highest monthly number of units (1006) sold since October 2005. July numbers are expected to remain strong with 410 units still listed under contract. Some highlights from this month’s report follows.
Residential inventory decreased by 13% compared to last year, following last month’s 11% drop. Active inventory is 1526 units. The average sale price and median price increased by 3%. The quantity sold increased by 17% following last month’s 18% increase; with volume sold up by 20% following last month’s 23% increase; compared to last year.
Lots and land quantity sold increased by 8%. The average sale price for lots increased by 2% and the median price increased by 7%. Inventory is down by 16% compared to last year. Last month’s lot and land inventory was down 14% compared to last year.
Commercial unit sales are down by 21% following last month’s decrease of 7%. 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 15% compared to last year with only 63 units active on the market.
Single family unit sales increased by 19% the same gain as reported last month, with 875 units compared to last year 734 units. The volume sold increased 21% with the average sale increase by 2% and the median sale price decreased by 2%.
Condos unit sales increased by 23%, following last month’s increase of 36%; compared to last year. June condo unit sales were 100 compared to 81 a year ago. The volume sold increase by 26% following last month’s 41% increase. Median sale prices for condos are up 12% for June, same increase reported last month. Average sale prices are up 2%, same as last month.
Residential land unit sales increased by 3% in June, following a 6% reduction reported in May. The average sale price remained the same as last year with the median prices up by 2%.
Overall Days on the Market for the all properties fell by 24% compared to last year.
New Construction building permits are down by 7%, with 112 units in June 2017 compared to 121 units in June 2016. Building permit value is down by 3%.
There were 18 residential short sale units sold, which is no change from last year. The average sale price decreased by 11%. The median sale price increased by 6%.
Sales for bank owned properties increased from 41 units to 46 units compared to last year. Bank Owned unit sales increased by 12%. The average sale price for Bank Owned property fell by 13% compared to last year; while the median saw no change.
Overall, the quantity of distressed property sold increased by 8% compared to the same period in 2016. The average price decreased by 12% and the median increased by 4%.
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 June 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 13% compared to 2016. The next highest YTD increase was Hatteras Island at 7%.
The Outer Banks real estate market has heated up. Activity from January to June has been very robust with no signs of slowing down. OBXMLS reports 410 units are listed as under contract compared to 461 units shown as under contract in May suggesting July 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.
Schedule an appointment today to find your vacation rental property, second home or investment property.