Below is real estate commentary summarized from the Outer Banks Association of Realtors - highlighting the Outer Banks real estate market from Corolla to Nags Head for the first month of 2014 as compared to last year.
Sales – Looking over the last 3 years, the trend for overall sales is in the positive direction with Lot Land sales providing the most impact to the overall sales growth. When looking at the data over a two year
period, lot / land sales have increased by 12% while residential sales have been steady with less than .06% change.
Sales Price – The good news here is that over the last two years there has been a 10% increase in the median sales price for residential property; however, the average sales price and the overall total volume sold have declined by 3% and 4% respectively.
Inventory – Inventory has been in a pronounced downward trend for years; however, starting in 2013 inventory has started to rise. When compared with inventory levels in 2013, residential property inventory is up 5%, lots/land inventory is up 5% and commercial inventory is up 3%.
Distressed Residential Property Inventory continues to decline. In April 2011, distressed properties constituted 14% of all active listings in the MLS; however, in January 2014 they only made up 7% of all active listings.
Distressed Sales – Over the last two years, distressed unit sales are up by 34%; however, the major contributor to this increase has been the sale of bank owned properties which are up by 67%. It should be noted that during this same two year period, listings listed as short sales declined by 25%.
For up to the minute Outer Banks real estate information; please contact Rick Drumm, specializing from Corolla to Nags Head since 1993.