Outer Banks Real Estate MLS Report July 2017

Outer Banks Real Estate MLS Report- July 2017 Summary:

  • Total Sales: Total July sales – 178 Units – the lowest July total since July 2012. Total Volume Sold -$56,475,262.
  • Under-contract: Units listed as under contract increased by 3% (422 Units). Highest July total since July 2013. Watch the August sales to see if these listings close.
  • New Construction: As of June 2017, the number of new construction building permits were down 15% from 2016 (135 units vs 159 units); however, the total value of the 2017 building permits is up by 3.44% from 2016
  • Home Prices: The average home price is up 4% and the median home price is up 3% 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 46% (121 vs 224). From January 1, Days on the Market is also down by 46%.
  • How Sold: 68% of all loans for homes in our MLS are conventional loans, 18% are cash, 8% are FHA and 3% are VA. USDAA, Jumbo and Other account for the remaining loans.
  • Distressed Sales: Distressed sales accounted for just 5% of the total residential unit sales. Total volume sold was down by 11%.
  • Inventories: Residential inventory was down by 10% and Lots / Land inventory was down by 13%.