Outer Banks Real Estate MLS Report August 2017

Outer Banks Real Estate MLS Report- August 2017 Summary:

  • Median Home Price: Over the last 5 years, median home prices have risen by 23%; however, much of the increase has occurred in the last 2 years. See the graph above.
  • Average Home Price: The average home price is up 4% from 2016.
  • Total Sales: Total August sales – 156 Units. Total Volume Sold – $56,046,369.
  • Under-contract: Units listed as under contract decreased by 1% (419 vs 422 Units) from July 2017.
  • New Construction: As of July 2017, the number of new construction building permits were down 23% from 2016 (170 units vs 220 units). Total building permit value for 2017 is down by 14% from 2016.
  • Days on the Market: For all residential properties listed in the MLS, the average Days on the Market (Y-O-Y) is down by 23% (151 vs 197). It should also be noted that for the 643 properties that has listed and sold since January 1, 2017 the average days on the market is just 45 days.
  • Distressed Sales: Distressed sales accounted for just 2% of the total residential unit sales. Total volume sold was down by 26%.
  • Inventories: Residential inventory was down by 8%, Lots / Land inventory was down by 11% and commercial inventory was down by 16%..