September 2016 Status Report

September 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 September Status Report.

Summary

· Overall – When looking at the sales figures for this month, sales have been flat with a <1% change in unit volume and a small increase in the total sales volume and average sale price. However, there are some bright spots within the residential and land classes. See the details below:

· Residential Sales

· Condominiums - Unit sales up again this month by 6%, total volume sold is up 13% and average sale price up 7%. Condominium sales have done well over June, July and August; however, sales have fallen off in September. The MLS will keep an eye on these numbers to determine if this is a long term trend.

· Single Family detached homes - Unit sales were down again this month by 3% and total volume sold is down by 1%; however, average sale price is up by 2%.

· Inventory – Residential property inventory is down 10% (1642 units vs 1819 units).

· Land Sales – Unit sales are still up 6%, total volume sold is up 13%, average sale price is 7% and median sale price is down 2%. Lots / Land inventory is down 16% (882 units vs 1056 units).

· Distressed Properties –

· Short sales – Only one short sale listing sold this month; however average sale price is up 23%. · Bank Owned – Only three bank owned listings sold this month; however, average sale price is up 24%.

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

Corolla – residential unit sales stayed the same, however the median sale price dropped 8%

Duck – unit sales decreased, but pricing increased

Southern Shores – unit sales dropped by 1, but prices increased 3%

Kitty Hawk – unit sales increased but pricing dropped 1%

Colington – unfortunately there was no reported data for September

Kill Devil Hills – unit sales went down, however pricing increased 14%

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

Hatteras Island – unit sales decreased, but pricing increased 1%

Roanoke Island – unit sales went down, however prices increased by 8%

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


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