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%
FindOBXHomes.com is the home of your Full Service Outer Banks Real Estate Experts. We combine the latest in technology with exceptional personal service. We walk you through every step along the way from our first hello to closing day and beyond. Whether you are a first time buyer or a seasoned investor, our goal is to turn our first transaction into a lifelong relationship.
I thought this article written by Bob Sullivan for credit.com gives a
"My wife and I were searching for the perfect home in the Outer Banks Corolla area with plans to one day retire in a golf course community with all the amenities we could imagine. Our expectations were high considering we had vacationed in the area for several years and thought we knew everything we needed to know to make a decision. We met Alex with Water's Edge Realty on a Saturday afternoon in mid September. Alex was extremely professional and made us feel at ease with making such an important decision. Working with Alex was like spending time with a close family advisor or friend vs. a realtor with a sale on their mind. He was patient, informative about the homes that were shown and a several we looked at more than once or twice! Being a local Alex had a great deal of knowledge about the area that again made the process fun vs. stressful. We made an offer on a home that very same weekend and closed in late October. One last point, Alex continued to be responsive well after the sale and as we made progress upgrading and making improvements on the home, Alex was always available to help with whatever we needed.... even one day when we couldn't be home for a delivery Alex went out of his way to make sure the grill of my dreams was delivered and safe and sound! Needless to say we highly recommend working with Alex for any of your realty needs! "