Outer Banks Real Estate Report – June 2017 MLS

Outer Banks Real Estate MLS Report- June 2017 Summary:

  • Total Sales: Total June sales – 279 Units – the highest monthly number of units sold since October

    2005. Total Volume Sold – $427,942,964.

  • Under-contract – Units listed as under contract declined by 11% due to the record number of closings in June and the normal seasonal decline; however, with 410 units still listed under contract, the July sales figures should be noteworthy.
  • New Construction: As of May 2017, the number of new construction building permits were down 7% from 2016 (112 units vs 121 units). Building permit value was down by 3%. Quite a change from last month.
  • Home Prices: The median existing-home sold prices and the average sold price are both up by 3% compared to 2016.
  • Days on the Market: For all residential properties listed in the MLS, the average Days on the Market was up slightly (3%) but down by 24% when compared with June 2016.
  • How Sold: In our market, 66% of all loans are conventional loans, 20% are cash, 6% are VA, 4% are FHA, 3% are Jumbo. USDAA and Other account for the remaining loans.
  • Distressed Sales: Distressed sales declined by 2% in June and accounted for just 5% of the total.
  • Inventories: Residential inventory was down by 13% in June. Lots / Land inventory was down by 16%

    in June.