Outer Banks Real Estate Report – March 2017 MLS

Outer Banks Real Estate Report – March 2017 MLS

 

 

 

 

 

 

 

 

 

 

 

Outer Banks Real Estate Report – March 2017 MLS Summary

  • Sales – Overall sales, which had increased slightly during the first two months of 2017, jumped 13%with this report with residential property sales up a whopping 22%; however, it should be noted that lot / land sales are down 11% and commercial sales are down 67%.
  • Under Contract – In February’s report, the MLS reported that the number of units that were placed under contract was up 11% to 367 units. In March, the number of units that were listed as being under contract jumped 22% to 451 units. The MLS has not had this many under contract listings in two years. Sales should be impressive with the April report.
  • Inventory – Overall inventory continues to decline – down 14% over the last 12 months. Residential property inventory is down by 14%, lots / land inventory is down by 12% and commercial inventory is down by 14%.
  • Distressed Property – Destressed properties continue to amaze the MLS with sales up 21% in 2017. Again, the total volume sold is down 5% and the average sale price is down 4% but the median sale price is up 54%. The jump in median sale price can be directly attributed to the sale of one high priced oceanfront home.
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