May 2016 Status Report

Dated: 06/16/2016

Views: 524

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.

Summary

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%

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Kathleen Argiroff

Kathleen relocated to the Outer Banks of North Carolina with her husband and three children in 1989 from the Philadelphia and Stone Harbor, NJ areas. One of her greatest pleasures is introducing peopl....

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