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.
0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *