The trend of big activity is continuing for our market. Recent news of the Fed raising the Prime Rate to 4.25% could cause our summer market to be busier than normal as people make the decision to buy before the long term rates are affected, possibly going up as high as 6%, according to history.
Here are the highlights:
- Total Sales: Total sales (245 Units) for May are at their highest level since January 2005. Additionally, the total volume sold is at its highest level since 2005 (>$80 million).
- Under-contract – Units listed as under contract declined by 3% due to the record number of unit sales in May and the normal seasonal decline; however, with 461 units currently listed as being under contract, June sales should also be impressive.
- New Construction: As of April 2017, the number of new construction building permits were down 32% compared to last year and total building permit value was down 47%.
- Days on the Market: For all residential properties listed in the MLS, the average Days on the Market has dropped dramatically to 135 days; however, when looking at just properties listed in the MLS since January (1488 units) the average Days on the Market calculation drops to 57.
- How Sold: In our market, 58% of all sales use conventional loans, 22% are cash, 8% are VA, 5% are FHA, 3% are jumbo. USDAA and Other account for the remaining loans (4%).
- Distressed Sales: After experiencing a steady decline for years, Bank Owned property sales were up 18% in May. Short sales continue their downward decline and are down by 7%.
- Inventories: Housing inventory was down by 8% in May.
*This information is reprinted with permission from the Outer Banks Association of REALTORS
Let’s break it down by area and price range:
Corolla
$200,000 – $400,000 $401,000 – $600,000
51 for sale 93 for sale
43 sold YTD 43 sold YTD
8 buyers each month 8 buyers each month
6 months of inventory 11.6 months of inventory
9 U/C currently 7 U/C currently
114 Days on Market 144 Days on Market
$601,000 – $800,000 $801,000 – $1,000,000
54 for sale 27 for sale
14 sold YTD 6 sold YTD
2.5 buyers each month 1 buyers each month
21.6 months of inventory 27 months of inventory
9 U/C currently 3 U/C currently
114 Days on Market 134 Days on Market
$1,000,000 – up
71 for sale
15 sold YTD
2.7 buyers each month
26 months of inventory
2 U/C Currently
161 Days on Market
Duck
$200,000 – $400,000 $401,000 – $600,000
10 for sale 34 for sale
9 sold YTD 23 sold YTD
1.5 buyers per month 4 buyers per month
6.6 months of inventory 8.5 months of inventory
1 U/C currently 4 U/C Currently
125 Days on Market 94 Days on Market
$601,000 – $800,000 $801,000 – $1,000,000
27 for sale 21 for sale
9 sold YTD 8 sold
1.6 buyer each month 1.5 buyers each month
17 months of inventory 14 months of inventory
4 U/C Currently 1 U/C currently
81 Days on Market 139 Days on Market
$1,000,000 – up
31 for sale
6 sold YTD
1 buyers per month
31 months of inventory
2 U/C currently
186 Days on Market
Southern Shores
$200,000 – $400,000 $401,000 – $600,000
11 for sale 31 for sale
14 sold YTD 15 sold YTD
2.5 buyers each month 2.7 buyers each month
4 months of inventory 11 months of inventory
10 U/C currently 9 U/C currently
73 Days on Market 94 Days on Market
$601,000 – $800,000 $801,000 – $1,000,000
10 Active 8 Active
3 sold YTD 2 sold YTD
.5 buyers each month .36 buyers each month
20 months of inventory 22 months of inventory
3 U/C currently 0 U/C currently
243 Days on Market 169 Days on Market
$1,000,000 – up
13 Active
1 sold YTD
0 U/C currently
547 Days on Market
