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 November Status Report.
· Overall – Comparing 2016 sales with 2015 sales, it appears that 2016 is trending a little below last year with 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.
As far as specific areas go, here is a little break down:
Corolla – residential unit sales increased, however the median sale price dropped 14%
Duck – unit sales went up, and pricing increased by 1%
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