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.
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%
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