January 2015 Outer Banks Real Estate Report Shows Residential Sales down by 13% Compared to January 2014
Outer Banks Association of Realtors January 2015 MLS Statistical Report Summary:
*Overall – “Overall sales are off to a slow start in 2015 with sales down by 7% and total volume down by 21%. See below for a breakdown of the January sales by class:
* Residential sales – Unit sales were down by 13% with 93 units sold in January compared with 107 units in January 2014. Total volume sold was also down by 20%; however, the median sale price is up by 15%.
* Land Sales – Unit sales were up 41% with 31 units sold in January compared with 22 units in January 2014. Total volume sold was also up by 17%. Average and median sales prices were both down by 17% and 19% respectively.
* Inventory – Residential inventory was up 4% with 1870 units on the market; however, land and commercial inventory are both down about 11%.
* Foreclosures – Although the data is incomplete for January, there have been 13 foreclosures in Dare County so far. Thirteen is the lowest number of January foreclosure filings since the MLS started collecting data in 2011.”
See the whole report here – REPORT
2014 Year End Summary
Overall – Overall it was a pretty good year. Sales were on par with 2013 and although there was a little lag in sales in the early spring (cold weather) they picked up in May and stayed ahead of the curve for almost the entire year.
o Residential sales – Unit sales, as well as total volume sold, were up by 5% over 2013 with 1602 units sold with a total volume of $565,908,269.
o Land Sales – Unit sales, which were hot in the late spring and early summer ended up on par with 2013 (491 units sold in both years) but the good news is that total volume sold was up 19% in 2014 at $60,689,759.
o Commercial sales – Unit sales, as well as total volume sold, were up over 2013. Unit sales were up 24% and Total volume sold was up 9%.
o Inventory – Residential inventory finished on the plus side – up 4%, but land and commercial property inventory declined 10% and 15% respectively.
o Distressed residential sales – It has not been a good year for distressed property sales. Unit sales of properties listed as Short Sales were down 36% and unit sales of properties listed as Bank Owned were down 33%. Total volume sold was also down 43% for Short Sales and 26% for Bank Owned.
o Foreclosures – The number of Dare County foreclosures for 2014 declined by 34%. The number of Dare County foreclosures are at their lowest level (187 units in 2014) since the MLS started collecting data 2011. By comparison, in 2012 there were 327 units foreclosed and in 2013 there were 287 units foreclosed.
data from Outer Banks Assoc of Realtors
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RALEIGH Insurance Commissioner Wayne Goodwin has ordered a zero percent statewide overall average change in homeowners insurance rates, effective June 1, 2015. The ordered rates vary by geographic territory and type of insurance. On average, homeowners insurance rates are to decrease by 0.3 percent, renter’s insurance rates are to increase by 11.2 percent, and condo owner’s insurance rates are to increase by 8.1 percent.
Effective June 1, 2015, rates for the barrier island portions of Currituck, Dare and Hyde Counties will go down 9%, a savings of about $223 for $150,000 of coverage; rates for the mainland areas of Currituck, Dare, Hyde and Pamlico Counties will do down 8.9%, a savings of $189 for $150,000 of coverage. The NC Rate Bureau had requested a 35% increase for barrier island territories and a 10% increase for inland northeastern coastal territories.
Read more here
Another good month of statistical data showing that we are moving in the right direction.
The Outer Banks Association of Realtors November 2014 – MLS Statistical Report Summary:
“Residential sales – Residential sales have held their own this year – 1446 units sold in 2013 and 2014. However, the good news is that the overall volume sold and the average sales price are up 6%. One of the surprising statistics is that condo sales are up 20% and condo total volume sold is up 23%.
Land sales – Lot / Land sales continue to shine in 2014. Total land sales are up 5%; however, the number of residential lot sales is up 11%.
Commercial sales – Commercial sales have done well this year. The total number of units sold is up 7%; however, the total volume sold is up 61%. Most of this increase is due to the sale of one listing.
Inventory – Inventory for the year is up 3%. The biggest jump was in residential property – up 10%.
Distressed sales – Although distressed properties make up 6% of our active inventory, sales of distressed properties are down significantly – Short sales are down by 42% and Bank Owned property sales are down by 32%.
Foreclosures – The number of Dare County foreclosures are at their lowest level (181 units in 2014) since the MLS started collecting data 2011. By comparison, in 2012 there were 327 units foreclosed and in 2013 there were 287 units foreclosed”
See the whole report here:
Outer Banks Association of Realtors October MLS Statistical Year to Date Summary:
Residential sales – Overall, residential sales for the year are up slightly (1%) but when looking at the types of properties that are selling, we notice that condominium unit sales are up 19% with total volume sold up 22%. It should also be noted that the median sales price for condominiums are up 16%. Single Family detached home sales are down by 4%; however, total volume sold is up 3%. It should also be noted that average / median sale prices are both up (7% and 2%).
Lots / Land sales – Lots / Land sales are on the rise with the sale of residential lots up 13% for the year and Total Volume sold up 5%.
Inventory – For the year, residential inventory is up 8% and land inventory is up 7%. Commercial inventory is down by 2%. See full PDF Report