Have you been trying to sell your house? Do you live in a market that is on fire back home and you wonder what the heck is going on here at the beach? We hear this all the time and since tracking the numbers some 19 year now, my determination is that we are a trailing market to these primary home markets. When your homes are selling in D.C. for instance, it takes a little while for the trickle to happen here on the beach. remember most of the homes here are second and rental homes, this is a luxury purchase for many and an investment purchase for others.
Well the numbers are in and after reviewing, there appears to be good synergy with minimal increase in median pricing, here on the beach for real estate sales.
Here a few numbers
- Sales: Total June sales - 279 Units - the highest monthly number of units sold since October 2005.
- Under-contract – Units listed as under contract declined by 11% due to the record number of closings in June and the normal seasonal decline
- 410 units still listed under contract, the July sales figures should be noteworthy.
- Home Prices: The median existing-home sold prices and the average sold price are both up by 3% compared to 2016.
- Days on the Market: For all residential properties listed in the MLS, the average Days on the Market was up slightly (3%) but down by 24% when compared with June 2016.
- Foreclosure / Distressed Sales: Distressed sales declined by 2% in June and accounted for just 5% of the total.
- Inventories: Residential inventory was down by 13% in June. Lots / Land inventory was down by 16% in June.
Data Obtained from the Outer Bank MLS: July 7, 2017 Note: This report reflects corrections / updates to previous data.