April 2016 Status Report

April 2016 Status Report

At the beginning of every month we get a status report that shows how the local real estate market is doing compared to previous years. Here are some key highlights from the April Status Report.

Summary

Overall – So far, the first four months of 2016 have not seen much change from 2015; however,
realtors have reported to the 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:
o 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%.
o 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%.
o 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.

As far are specific areas go, here is a little break down:


Corolla - both residential units and median sale prices are up

Duck - even though the number of residential units has dropped, sale prices are up 13%

Southern Shores - both units and prices are up compared to last year

Kitty Hawk - units are up from April last year but prices are down

Colington - units are up and  median sale prices have basically stayed the same

Kill Devil Hills - residential units are slightly higher, but sale prices are up 14%

Nags Head - both units and sale prices are just a little higher

Hatteras Island - units and sale prices are up

Roanoke Island - sales are down, but median sale prices are up

Currituck Mainland - sales are down, but median sale prices are up


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