Outer Banks Real Estate MLS Report September 2017

Outer Banks Real Estate MLS Report- September 2017 Summary:

  • Inventories: Residential inventory is down 10%, Lots / Land inventory is down 13% and commercial

    inventory was down 22%.

  • Median Home Price: The median price for a single-family detached home in 2017 is up 2% and the median price for a condominium is up 5% in 2017.
  • Average Home Price: The average price for a single-family detached home in 2017 is up 4% and the average price for a condominium is down 1% in 2017.
  • Total Sales: Total September residential sales – 158 Units (2016 – 159 Units). Total September residential volume Sold – $59,764,519 (2016 – $55,925,776).
  • Under-contract: Units listed as under contract increased by 6% (442 vs 419 Units) from August 2017.
  • New Construction: As of August 2017, the number of new construction building permits were down 16% from 2016 (184 units vs 220 units). Total building permit value for 2017 is down by 21% 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 39% (124 vs 203). It should also be noted that for the 800 properties that were listed and sold since January 1, 2017 the average days on the market is just 46 days.
  • Distressed Sales: Distressed sales rose slightly in September and accounted for 9% of the total residential unit sales. Total volume sold was up by 3%.