May 2016 Status Report

May 2016 Status Report

At the beginning of each 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 May Status Report.

Summary

Overall – Since the beginning of 2016, the MLS has reported that overall sales for 2016 were on par with 2015 (and 2015 was a good year).  What the MLS is seeing this month is that although the number of sales has remained flat, the average sale price of all residential property has risen by 7% and the median sale price has risen by 5%.  The MLS is also seeing that the number of listings placed in an Under Contract Status has also risen by 7% (1223 units vs 1143 units).  This statistic bodes well for June closings.  The details are listed below:

o Residential Sales – For 2016, the bright spot in the residential class has been condominium sales.  Condominium unit sales are up 16%, total volume sold is up 23% and the average sale price is up 6%.  Single Family detached homes unit sales are down 6%, but the average sale price is up 7% and the median sale price is up 10%.  Residential inventory is down 10%.

o Land Sales – Lot / Land sales are up 4%, total volume sold is up 11%, and average sale price is up 4%.  Lots / Land inventory is down 11%.

o Distressed Properties – Unit sales of residential distressed properties are down 41% with only 48 units sold in 2016.  Only 54 units have been foreclosed in Dare County during 2016 vs 66 in 2015.

o Commercial  Sales – Unit sales are down for commercial properties, but, due to several large sales, total volume sold is up 267% and average sale price is up 293%.

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

Corolla – residential unit sales are up, however the median sale price dropped 3%

Duck – even though unit sales dropped, the sale price increased by 14%

Southern Shores – unit sales dropped, but prices increased 3%

Kitty Hawk – unit sales decreased and pricing dropped 9%

Colington – unit sales dropped and prices decreased 2%

Kill Devil Hills – unit sales are up and prices increased by 14%

Nags Head – residential unit sales dropped, but pricing went up 6%

Hatteras Island – units are down by 1, prices increased by 2%

Roanoke Island – both unit sales and prices are up, with prices increasing by 7%

Currituck Mainland – unit sales are down, but prices went up 8%


Kathleen Argiroff Headshot
Author:
Phone: 252-202-8147
Dated: June 16th 2016
Views: 328
About Kathleen: Kathleen relocated to the Outer Banks of North Carolina with her husband and three children in 1989 ...

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