Outer Banks Real Estate MLS Report May 2017

Outer Banks Real Estate MLS Report- May 2017 Summary:

  • Total Sales: Total sales (245 Units) for May are at their highest level since January 2005. Additionally,

    the total volume sold is at its highest level since 2005 (>$80 million). See graph above.

  • Under-contract – Units listed as under contract declined by 3% due to the record number of unit sales in May and the normal seasonal decline; however, with 461 units currently listed as being under contract, June sales should also be impressive.
  • New Construction: As of April 2017, the number of new construction building permits were down 32% compared to last year and total building permit value was down 47%.
  • Home Prices: The median existing-home sold prices and the average sold price are both up by 4% compared to 2016.
  • Days on the Market: For all residential properties listed in the MLS, the average Days on the Market has dropped dramatically to 135 days; however, when looking at just properties listed in the MLS since January (1488 units) the average Days on the Market calculation drops to 57.
  • How Sold: In our market, 58% of all sales use conventional loans, 22% are cash, 8% are VA, 5% are FHA, 3% are jumbo. USDAA and Other account for the remaining loans (4%).
  • Distressed Sales: After experiencing a steady decline for years, Bank Owned property sales were up 18% in May. Short sales continue their downward decline and are down by 7%.
  • Inventories: Housing inventory was down by 8% in May.