The weather is warming, birds are chirping, flowers are blooming and SPRING IS IN THE AIR! This scene just caught my eye and reminded me that its a great time to visit the Outer
May 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 May Status Report.
Overall – Since the beginning of 2016, the MLS has reported that overall sales for 2016 were on par with 2015 (and 2015 was a good year). What the MLS is seeing this month is that although the number of sales has remained flat, the average sale price of all residential property has risen by 7% and the median sale price has risen by 5%. The MLS is also seeing that the number of listings placed in an Under Contract Status has also risen by 7% (1223 units vs 1143 units). This statistic bodes well for June closings. The details are listed below:
o Residential Sales – For 2016, the bright spot in the residential class has been condominium sales. Condominium unit sales are up 16%, total volume sold is up 23% and the average sale price is up 6%. Single Family detached homes unit sales are down 6%, but the average sale price is up 7% and the median sale price is up 10%. Residential inventory is down 10%.
o Land Sales – Lot / Land sales are up 4%, total volume sold is up 11%, and average sale price is up 4%. Lots / Land inventory is down 11%.
o Distressed Properties – Unit sales of residential distressed properties are down 41% with only 48 units sold in 2016. Only 54 units have been foreclosed in Dare County during 2016 vs 66 in 2015.
o Commercial Sales – Unit sales are down for commercial properties, but, due to several large sales, total volume sold is up 267% and average sale price is up 293%.
As far as specific areas go, here is a little break down:
Corolla – residential unit sales are up, however the median sale price dropped 3%
Duck – even though unit sales dropped, the sale price increased by 14%
Southern Shores – unit sales dropped, but prices increased 3%
Kitty Hawk – unit sales decreased and pricing dropped 9%
Colington – unit sales dropped and prices decreased 2%
Kill Devil Hills – unit sales are up and prices increased by 14%
Nags Head – residential unit sales dropped, but pricing went up 6%
Hatteras Island – units are down by 1, prices increased by 2%
Roanoke Island – both unit sales and prices are up, with prices increasing by 7%
Currituck Mainland – unit sales are down, but prices went up 8%
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....