Outer Banks Real Estate Report – December 2016

Outer Banks Real Estate | Real Estate Report dec 2016

  • Summary
  •   Overall – This is odd. The total number of residential unit sales in 2016 is exactly the same as in 2015– 1789 units AND the total number of Lots / Land unit sales for 2016 is exactly the same as in 2015 – 469 units. Yes, the MLS checked the numbers multiple times. The good news for 2016 is that the total volume sold for residential properties is up 3% and for lots / land is up 2%. See the breakdown below:
  •   Inventory – Overall, inventory is down 14% – residential inventory is down 10%, lots / land inventory is down 20% and commercial inventory is down 22%
  •   Residential Sales
    Condo Sales – In 2005, 178 condo units were sold – a record! In 2016, 178 condo units sold tying the record. With unit sales up by 32% over last year it appeared we had a good chance to break the record, but…
    Single Family Detached – In the November report, the MLS said that single family detached unit sales were on track to make 2016 the second-best year since 2005 when 1819 units were sold (in 2015 we sold 1539 units – the second-best year ever). With 1531 units sold this year we missed the mark by 8 units. Still, it was a good year.
  •   Land Sales – Land unit sales are – unchanged from 2015. Total Volume sold is up by 2%, average sale price is up by 2%. Boring! 

     

    Data Obtained: January 9, 2017

    Note: This report reflects corrections / updates to previous data.

    This representation is based in whole or in part on data supplied by, and to the Subscribers of the Outer Banks Association of REALTORS® Multiple Listing Service. Information contained herein is deemed reliable but not guaranteed. Data maintained by the OBAR MLS is for its own use and may not reflect all real estate activity in the market.

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