Overall, April was strong with monthly unit sales up 24% over March sales. However, overall unit sales are still down by 12% for 2014. To break it down even further, Residential unit sales are down by 7% and land sales are down by 30%.
Some good news is the number of listings placed in an Under Contract status continues to climb in 2014 yet are not at the levels we experienced in 2013 – down 26% from 2012.
Distressed unit property sales continue to crawl upwards for 2014 but they are down by 44% from 2013. Additionally, the average sales price for a potential short sale is down 13% but for bank owned properties the average sale price is up 25%. Distressed property sales have been on a steady decline. Still, distressed sales only make up 6% of all sales.
Foreclosures – For many months it has been reported that the number of Dare County foreclosures has been declining. In April, the number of foreclosures took a dramatic turn – up by 133% over March. It will be important to continue to monitor the foreclosure filings to determine if this is a trend.
In summary, the activity has increased, but is still slower than last year. Prices remain steady in most markets, reporting a slight increase for year to date so far. Does that mean prices are going up? Sadly, no…it’s nearly impossible with the amount of inventory on the market right now. It does mean, however, we are selling MORE high end homes which is fantastic news all around! It also means the majority of homes for sale under the $300,000 mark is greatly diminishing. That’s great news for those looking at signs of recovery.
