• Sales – Overall sales, which had increased slightly during the first two months of 2017, jumped 13% with this report with residential property sales up a whopping 22%; however, it should be noted that lot / land sales are down 11% and commercial sales are down 67%.
• Under Contract – In February’s report, the MLS reported that the number of units that were placed under contract was up 11% to 367 units. In March, the number of units that were listed as being under contract jumped 22% to 451 units. The MLS has not had this many under contract listings in two years. Sales should be impressive with the April report.
• Inventory – Overall inventory continues to decline - down 14% over the last 12 months. Residential property inventory is down by 14%, lots / land inventory is down by 12% and commercial inventory is down by 14%.
• Distressed Property – DIstressed properties continue to amaze the MLS with sales up 21% in 2017. Again, the total volume sold is down 5% and the average sale price is down 4% but the median sale price is up 54%. The jump in median sale price can be directly attributed to the sale of one high priced oceanfront home.
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This representation is based in whole or in part on data supplied by, and to the Subscribers of the Outer Banks Association of REALTORS® Multiple Listing Service. Information contained herein is deemed reliable but not guaranteed. Data maintained by the OBAR MLS is for its own use and may not reflect all real estate activity in the market.