Sales and Under Contract Properties
Our positive sales continue with single family residential sales units remaining up 14% YTD 2017 over 2016 and the corresponding dollar volume is up 17%. Residential land sales, YTD 2017 over 2016, are up 11% in units and up 3% in dollar volume. The median sales price is up 1% year over year.
Inventory
Currently the market sits at about 10 months worth of residential inventory. This is a very encouraging sign and is a combination of strong sales and lower inventory levels. It is EXTREMELY important to remember that this varies GREATLY by area and town. We still have some areas that are not experiencing these results. It is important to understand what the number is for your area.
New inventory that came on the market in November was up 2% from November 2016. Average days on market for SOLD single family residential YTD 2017 is 152, down from 208 days in 2016! Average days on market for all current active single family residential listings remains at 215 days. Distressed residential properties comprise 6% of sales YTD which is flat to 2016. Distressed listings currently comprise only 1.5% of active inventory.
Pricing
Single family residential median sale price YTD 2017 is $323,000, which is up 3% over the year prior.
This data here represents the percentage of total homes sold in each respective year relative to the sales price range. When we see an increase in median price, it can sometimes be just more sales occurring in one price range versus an actual increase in price. I think for 2017, both are actually true. We did see actual appreciation in two markets. Kill Devil Hills Between the Highways as well as Kill Devil Hills Westside.
Price Category YTD 2016 YTD 2017
Below $199,999 14% 13%
$200,000 – $499,999 68% 66%
$500,000 – $749,999 11% 14%
$750,000 – $999,999 4% 4%
$1,000,000 and up 4% 4%
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