OBX Market Update
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December 2011 MLS Report
Summary– Overall, 2011 appears to have ended on a flat note with total sales down by approximately 1% and under contract listings down by 1%. However, there has been a notable decline in the median sale price of single family homes and condos. When comparing the yearly median sale prices there has been a 6 % decline in the price for single family homes and a 10% decline in the price for condominiums. Additionally, when looking at the 5 year trend in median sales prices there has been a 24% decline in single family home prices and a 41% decline in condominiums.
Median Sales Price
| 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | |
| Single Family Homes | $416,883 | $383,599 | $352,607 | $319,500 | $334,795 | $316,269 |
| Percent Change | 10% | 8% | 8% | 9% | -5% | 6% |
| Condos | $335,642 | $278,291 | $325,252 | $278,252 | $218,031 | $195,968 |
| Percent Change | -8% | 17% | -17% | 14% | 22% | 10% |
- 2011 Sales-End of year breakdown
o Land – Up 15% (323 units vs 282 units)
o Commercial – Up 92% (25units vs 13 units)YTD Sale Price Range – YTD, the best selling residential properties fell into the $200K to $299K range
|
Price Range |
$0 - $99K |
$100K-$199K |
$200K-$299K |
$300K-$399K |
$400K-$499K |
$500K-$599K |
$600K-$799K |
$800K-$999K |
>1M |
|
Units Sold |
81 |
302 |
328 |
219 |
117 |
88 |
88 |
49 |
55 |
|
Average Days on Market |
168 |
191 |
208 |
267 |
270 |
264 |
260 |
302 |
308 |
Inventory –The majority of the current active residential listings fall in the following price ranges:
|
Price Range |
Number of Listings |
Price Range |
Number of Listings |
|
|
$1 - $99,999 |
73 |
$600K - $699K |
109 |
|
|
$100K - $199K |
230 |
$700K - $799K |
51 |
|
|
$200K - $299K |
330 |
$800K-$899K |
58 |
|
|
$300K - $399K |
324 |
$900K-$999K |
38 |
|
|
$400K - $499K |
217 |
>$1M |
121 |
|
|
$500K - $599K |
173 |
|||
Dare County Foreclosure Filings- Foreclosure data is listed below. So far the data is insufficient to determine a trend. The raw data is listed below:
|
Apr 11 |
May 11 |
Jun 11 |
Jul 11 |
Aug 11 |
Sept 11 |
Oct 11 |
Nov 11 |
Dec 11 |
Total |
|
36 |
39 |
53 |
34 |
35 |
29 |
46 |
24 |
20 (to date) |
296 |
Distressed Property (Residential)Distressed property currently makes up 14% of the active inventory in the MLS and the sale of distressed property accounts for 31% of all residential property sales. Overall, the sale of properties listed as short sales rose 27% and the sale of bank owned properties declined 22%; however, total distressed property sales were down by 8% from 2010.
