August 2016 Market 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 August Status Report.
• Overall – This month we will focus on the number of listings that are in an Under Contract status. From January to August 2016 there have been 1988 listings placed in an under contract status. That equates to a 7% increase in the number of listing placed in this status in the previous year. This data, when coupled with an overall 8% increase in the average sale price and a 7% increase in the median sale price indicates that the buyers are out there and that they are ready to invest.
• Residential Sales
• Condominiums - Unit sales up again this month by 32%, total volume sold is up 45%, average sale price is up 10% and median sale price is up 7%. We have not seen numbers like this in a long time.
• Single Family detached homes - Unit sales are down 5%, total volume sold is down 2%; however, median sale price is up 2%.
• Inventory – Residential property inventory is down 11% (1644 units vs 1853 units). Again, this is another record for the lowest inventory since the MLS started keeping track of this data in 2007.
• Land Sales – Unit sales are still up 7%, total volume sold is up 18%, average sale price is 12% and median sale price is down 5%. Lots / Land inventory is down 15% (897 units vs 1052 units). Again, this is the lowest inventory since the MLS started keeping track of active inventory in 2007
• Distressed Properties –
• Short sales – Unit sales are down 59% and total volume sold is down 43%. On an interesting note, the average sale price is up 40% and median sale price is up 5%.
• Bank Owned – Unit sales are down 30% and total volume sold is down 18%. Again, the average sale price is up 17% and median sale price is up 16%.
As far as specific areas go, here is a little break down:
Corolla – residential unit sales increased, however the median sale price dropped 7%
Duck – both unit sales and pricing decreased
Southern Shores – unit sales dropped, but prices increased 3%
Kitty Hawk – unit sales decreased and pricing dropped 1%
Colington – unfortunately there was no reported data for August
Kill Devil Hills – unit sales went up, as well as pricing increasing 14%
Nags Head – residential unit sales went down, and pricing went up 6%
Hatteras Island – unit sales increased as well as prices
Roanoke Island – unit sales more than doubled, with prices increasing by 6%
Currituck Mainland – unit sales are up, and prices went up 10%
Kathleen relocated to the Outer Banks of North Carolina with her husband and three children from the Philadelphia and Stone Harbor, NJ areas. One of her greatest pleasures is introducing people to the....