Outer Banks Real Estate MLS Report- October 2017 Summary:
- Overall: As evidenced in the above graph, Active listings decreased among all categories when
compared to the same period in 2016 and 2015. Additionally, while the inventory decreased, the average sales price increased compared to the last two years. Single Family Detached Home sales are up 13% and condo sales are up 12% for 2017.
- Inventories: Overall, all inventories are down when compared to October 2016. Residential inventory is down -2%, Lots / Land inventory is down -9% and Commercial inventory is down -22%. However, when compared to last month, Residential inventory is up by 6.5%, Lots/Land is up by 4%, and Commercial is up by 12%.
- Median Home Price: When compared with last month, the median price for a single-family detached home sold in October 2017 has not changed, and the median price for a condominium is up 6%.
- Average Home Price: The average price for a condo in October 2017 is up 2%. In addition, when compared to October 2016, Residential Sales were up 4% and Lots/Land were down -14%.
- Total Sales: Total October Residential sales are up to 165 Units (2016 – 146 Units). Total October Residential volume sold are up 12% compared to last year: $57,460,778 (2017) vs $51,333,488 (2016).
- Under-Contract: Units listed as under contract increased by 30% (192 vs 251 Units) in October.
- Days on the Market: The average Days on the Market for Residential properties listed in the MLS in October decreased to 147 from 162. Another statistic to note is that DOM for Land/Lot sales was dramatically lower.
- Distressed Sales: Short Sale inventory remained steady at 1% of the active listings.