Outer Banks Real Estate Report – April 2017 MLS

Outer Banks Real Estate MLS Report- April 2017 Summary:

  • Total Existing-Home Sales: Existing home unit sales are up 19% compared to 2016.
  • Under-contract – With 473 units in an under-contract status, sales in May should rise dramatically.
  • New Construction: New Construction building permits are down 31% compared to last year and total

    building permit value is down 20%.

  • Home Prices: The median existing-home sold price was up 4% and the average sold price is up 2% compared to 2016.
  • Days on the Market: For all residential properties listed in the MLS, the average Days on the Market was 162 days; however, when looking at only the residential properties listed on the MLS since January 1, 2017 (1157 units), the average days on the market was 50 days.
  • All-cash Sales: Nationally, 23% of all home sales are for cash. Locally, we are also selling at the national average.
  • Distressed Sales: Bank Owned properties and short sales made up 7% of all residential property sales in in April. So far, this year, short sales are down by 25% and bank owned sales are up 19%.
  • Inventories: Housing inventory was down by 15% in April.