July 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 July Status Report.
· Overall – The MLS monthly statistical report usually focuses on the number of listings that sold during the current year compared with the number listings sold in the previous year; however, this month, the statistic of note is the number of listings that have been placed under contract. The data shows that 1711 listings have been placed under contact this year. This is the highest number of under contacts for the first 7 months of the year in over 10 years.
· Residential Sales
· Condominiums - Unit sales are up 21% this year, total volume sold is up 32%, average sale price is up 9% and median sale price is up 10%. Good numbers here.
· Single Family detached homes - Unit sales are down 5%, total volume sold is down 3%; however, median sale price is up 3%.
· Inventory – Residential property inventory is down 9% (1685 units vs 1859 units). It should be noted that this is the lowest July inventory since the MLS started keeping track of active inventory.
· Land Sales – Unit sales are still up 6%, total volume sold is up 17%, average sale price is 10% and median sale price is down 7%. Lots / Land inventory is down 13% (927 units vs 1060 units). Again, this is the lowest July inventory since the MLS started keeping track of active inventory.
· Distressed Properties –
· Short sales – Unit sales are down 58%, total volume sold is down 47%, average sale price is up 26% and median sale price is up 3%.
· Bank Owned – Unit sales are down 35%, total volume sold is down 24%, average sale price is up 17% and median sale price is up 14%.
As far as specific areas go, here is a little break down:
Corolla – residential unit sales basically remained the same, however the median sale price dropped 6%
Duck – even though unit sales dropped by 1, the sale price increased by 8%
Southern Shores – unit sales dropped, but prices increased 4%
Kitty Hawk – unit sales decreased and pricing dropped 3%
Colington – unit sales dropped by 1 and prices decreased 5%
Kill Devil Hills – unit sales went down, but prices increased by 14%
Nags Head – residential unit sales doubled, and pricing went up 6%
Hatteras Island – units are up by 1, prices increased by 1%
Roanoke Island – both unit sales and prices are up, with prices increasing by 9%
Currituck Mainland – unit sales are down, but prices went up 11%
With a degree in Marine Biology Alex has always been drawn to the ocean and so it was no surprise when he moved to the Outer Banks with his wife and 3 children in 1989 from Stone Harbor,NJ. Having o....