Outer Banks Real Estate - November 2016 MLS Report

Outer Banks Real Estate - November 2016 MLS Report

Summary

  •   Overall – Comparing 2016 sales with 2015 sales, it appears that 2016 is trending a little below last yearwith unit sales down 1% (15 units), total volume sold up 1% ($8,728,314) and average sale price up 2% ($8,024), but there are some bright spots in 2016. See the breakdown below:
  •   Inventory – Resident property inventory is down 11%, Lots / Land inventory is down 21% and Commercial inventory is down 13%
  •   Residential Sales
    Condo Sales – Condo unit sales are at their highest level since 2005 and if the sales trend continues in December, then Condo sales will break the all-time sales record set in 2005. As of November 30, 164 units have been sold (178 units sold in 2005).
    Single Family Detached – Single Family Detached unit sales are on track to make 2016 the second- best year since 2005 when 1819 units were sold.
  •   Land Sales – Land unit sales are up 6% over 2015 and the total volume sold is up 8%. Will this trend continue?
  •   Distressed Properties – Short Sale sales picked up in November after two months of very little activity but Bank Owned property sales remained the same. Not much to report on.
Outer Banks Real Estate - MLS Report Homes for Sale

Outer Banks Real Estate - MLS Report Homes for SaleSummary

  •   Overall – When looking at the sales figures for this month, sales have been flat with a <1% change inunit volume and a small increase in the total sales volume and average sale price. However, there are some bright spots within the residential and land classes. See the details below:
  •   Residential Sales
    •   Condominiums – Unit sales up again this month by 6%, total volume sold is up 13% and averagesale price up 7%. Condominium sales have done well over June, July and August; however, sales have fallen off in September. The MLS will keep an eye on these numbers to determine if this is a long term trend.
    •   Single Family detached homes – Unit sales were down again this month by 3% and total volume sold is down by 1%; however, average sale price is up by 2%.
    •   Inventory – Residential property inventory is down 10% (1642 units vs 1819 units).
  •   Land Sales – Unit sales are still up 6%, total volume sold is up 13%, average sale price is 7% andmedian sale price is down 2%. Lots / Land inventory is down 16% (882 units vs 1056 units).
  •   Distressed Properties –

 

  Short sales – Only one short sale listing sold this month; however average sale price is up 23%.

 

  Bank Owned – Only three bank owned listings sold this month; however, average sale price is up 24%.

Data Obtained: October 8, 2016

Note: This report reflects corrections / updates to previous data.

This representation is based in whole or in part on data supplied by, and to the Subscribers of the Outer Banks Association of REALTORS® Multiple Listing Service. Information contained herein is deemed reliable but not guaranteed. Data maintained by the OBAR MLS is for its own use and may not reflect all real estate activity in the market.

Outer Banks Real Estate - August 2016 MLS Report

Summary

  • Overall – This month we will focus on the number of listings that are in an Under Contract status. From

    January to August 2016 there have been 1988 listings placed in an under contract status. That equates to a 7% increase in the number of listing placed in this status in the previous year. This data, when coupled with an overall 8% increase in the average sale price and a 7% increase in the median sale price indicates that the buyers are out there and that they are ready to invest.

  • Residential Sales
    • Condominiums – Unit sales up again this month by 32%, total volume sold is up 45%, average sale

      price is up 10% and median sale price is up 7%. We have not seen numbers like this in a long time.

    • Single Family detached homes – Unit sales are down 5%, total volume sold is down 2%; however,

      median sale price is up 2%.

    • Inventory – Residential property inventory is down 11% (1644 units vs 1853 units). Again, this is

      another record for the lowest inventory since the MLS started keeping track of this data in 2007.

  • Land Sales – Unit sales are still up 7%, total volume sold is up 18%, average sale price is 12% and median sale price is down 5%. Lots / Land inventory is down 15% (897 units vs 1052 units). Again,

    this is the lowest inventory since the MLS started keeping track of active inventory in 2007

  • Distressed Properties –
    • Short sales – Unit sales are down 59% and total volume sold is down 43%. On an interesting note, the average sale price is up 40% and median sale price is up 5%.
    • Bank Owned – Unit sales are down 30% and total volume sold is down 18%. Again, the average sale price is up 17% and median sale price is up 16%.

      *Data Obtained: September 7, 2016
      Note: This report reflects corrections / updates to previous data.

      This representation is based in whole or in part on data supplied by, and to the Subscribers of the Outer Banks Association of REALTORS® Multiple Listing Service. Information contained herein is deemed reliable but not guaranteed. Data maintained by the OBAR MLS is for its own use and may not reflect all real estate activity in the market

Outer Banks Real Estate

Outer Banks Real Estate

Summary
 Overall – So far, the first four months of 2016 have not seen much change from 2015; however,

Outer Banks REALTORS® have reported to the Outer Banks MLS that they are busier then ever. What do the statistics show? Overall unit sales are up by 3 units but Total Volume Sold and Average Sale Price are up by 10%. Median sale price is up by 9% and total inventory is down 6%. The number of listings being placed under contract is still ahead of 2015 but by only 3% (932 units vs. 906 units). The details are listed below:

Outer Banks Residential sales – The bright spot in residential sales is condominiums. Condominium unit sales are up 22%, total volume sold is up 37% and the average sale price is up 12%. Single Family detached homes unit sales are down 3%, total volume sold is up 4% and the average sale price is up 7%. Residential inventory is down 6%.

Outer Banks Land Sales – Lot / Land sales are up 6%, total volume sold is up 21%, and average sale price is up 15%%. Lots / Land inventory is down 4%.

Outer Banks Distressed Properties – Unit sales of residential distressed properties are down 40% with only 37 units sold in 2016. Only 40 units have been foreclosed in Dare County during 2016 vs 59 in 2015.

View Full Report: Outer Banks Real Estate – April 2016 MLS Report

beach nourishment outer banks

Anticipated Project Schedule Provided by Great Lakes Dredge and Dock Company:

  • Town of Duck
    Start Date: April 1, 2017
    End Date: June 1, 2017
  • Town of Kitty Hawk
    Start Date: June 1, 2017
    End Date: August 20, 2017
  • Town of Kill Devil Hill
    Start Date: August 20, 2017
    End Date: October 10, 2017
outer banks beach nourishment

At a special meeting held March 17, the Dare County Board of Commissioners accepted the bid from Great Lakes Dredge and Dock Company for the beach nourishment project that encompasses the Town of Duck, Town of Kitty Hawk, and Town of Kill Devil Hills. The award is contingent on approval from the Local Government Commission.
The bid from Great Lakes Dredge and Dock Company totaled $38,596,850 and is approximately $4.9 million under budget.
Work is scheduled to being in April 2017. As plans progress, the Town of Duck, Town of Kitty Hawk and Town of Kill Devil Hills will provide information about plans for construction.

• Broker in Charge: Tim Moore
• Broker: Rachel Neal
• Broker: Janie Chesson

jlsalesstaff

 

 

Outer Banks Association of Realtors January 2015 MLS Statistical Report Summary:


* Overall“Overall sales are off to a slow start in 2015 with sales down by 7% and total volume down by 21%. See below for a breakdown of the January sales by class:

* Residential Sales – Unit sales were down by 13% with 93 units sold in January compared with 107 units in January 2014. Total volume sold was also down by 20%; however, the median sale price is up by 15%.

* Land Sales – Unit sales were up 41% with 31 units sold in January compared with 22 units in January 2014. Total volume sold was also up by 17%. Average and median sales prices were both down by 17% and 19% respectively.


* Inventory – Residential inventory was up 4% with 1870 units on the market; however, land and commercial inventory are both down about 11%.


* Foreclosures – Although the data is incomplete for January, there have been 13 foreclosures in Dare County so far. Thirteen is the lowest number of January foreclosure filings since the MLS started collecting data in 2011.”

See the whole report here – REPORT

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