Outer Banks Real Estate Report – February 2017 MLS Summary
- Sales – Overall, sales have risen slightly in 2016 (up 4%); however, the statistic of note is thatresidential property sales have risen sharply (up 18%) while lots / land sales and commercial property sales have declined sharply ( Lots / Land down 30% and commercial sales down 67%).
- Under Contract – In January there were 330 properties that were listed as being Under Contract. In February, there are 367 properties listed as Under Contract – a 11% increase from January.
- Inventory – Overall inventory continues to decline – down 11% over the last 12 months. Residential property inventory id down by 10%, lots / land inventory is down by 15% and commercial inventory is down by 3%.
- Distressed Property – One of the surprising statistics is bank owned property unit sales which are up 70% in the first two months of 2017. Although bank owned unit sales are up, the bad news is the average sale price is down by 46%. The MLS has reviewed the sales for this period and has determined that more than 50% of the sales were for homes valued at less than $200,000. One can only speculate as to whether the inventory of lower priced bank owned homes is being “cleaned out”.