2014 Year End Summary
Overall – Overall it was a pretty good year. Sales were on par with 2013 and although there was a little lag in sales in the early spring (cold weather) they picked up in May and stayed ahead of the curve for almost the entire year.
Residential Sales – Unit sales, as well as total volume sold, were up by 5% over 2013 with 1602 units sold with a total volume of $565,908,269.
Land Sales – Unit sales, which were hot in the late spring and early summer ended up on par with 2013 (491 units sold in both years) but the good news is that total volume sold was up 19% in 2014 at $60,689,759.
Commercial Sales – Unit sales, as well as total volume sold, were up over 2013. Unit sales were up 24% and Total volume sold was up 9%.
Inventory – Residential inventory finished on the plus side – up 4%, but land and commercial property inventory declined 10% and 15% respectively.
Distressed Residential Sales – It has not been a good year for distressed property sales. Unit sales of properties listed as Short Sales were down 36% and unit sales of properties listed as Bank Owned were down 33%. Total volume sold was also down 43% for Short Sales and 26% for Bank Owned.
Foreclosures – The number of Dare County foreclosures for 2014 declined by 34%. The number of Dare County foreclosures are at their lowest level (187 units in 2014) since the MLS started collecting data 2011. By comparison, in 2012 there were 327 units foreclosed and in 2013 there were 287 units foreclosed.
Data from Outer Banks Assoc. of Realtors