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Outer Banks Realty Report:
January 2010

The Outer Banks Realty Report is brought to you monthly by Morgan Mason and Jean-Paul Peron of Sun Realty. Morgan and J-P focus on the beaches from Nags Head north on the Outer Banks and hence their commentary will report on current market conditions from Carova NC to Nags Head NC. If you are interested in buying or selling a property in this area, please contact them by clicking on the link attached to their names.

Outer Banks Realty Sales Statistics Analysis

If any one thing is clearly revealed by comparing last year's January sales to this year, it is that there is no pattern. Perhaps one needs more than a month to show a pattern, but I don’t think we can draw any conclusions about the 2010 Real Estate Sales on the Outer Banks just yet.

Consider the variables. For example, the most active real estate agent working in the 4 Wheel Drive area is fairly new there so the increase in activity over the last few months may primarily be due to his efforts and not a fundamental change in that market.

Also, over priced listings still stagnate the Outer Banks Realty market. Right priced properties sell. Foreclosures continue to flood our market, lowering comparable pricing. Fear about the economy plays its role as well. And don't forget that in a small monthly window, one sale that is extremely higher or lower than the rest can skew the picture as well.

As the months unveil a more comprehensive market picture, we hope to see a roadmap develop that can guide us to healthy, sustainable real estate market. We are looking forward to that!

House Sales Comparison

		Current Year		Last Year		Change
		# Sold	Average Sale Price	# Sold	Average Sale Price	# Sold	Average Sale Price
4 Wheel Drive (1)	January 2010	4	$551,250	0	$0	N/A	N/A
Northern Beaches (2)	January 2010	24	$584,108	12	$824,658	100%	-29%
Southern Beaches (3)	January 2010	34	$437,085	19	$384,968	79%	14%
Total Northern Outer Banks (4)	January 2010	62	$1,572,443	31	$1,209,626	100%	30%

Notes:
1. The Carova Beach (4x4 Area).
2. The towns of Corolla, Duck, Southern Shores, and Martins Point
3. The towns of Kitty Hawk, Kill Devil Hills, and Nags Head.
4. The towns of Nags Head and north to Carova.

Lot Sales Comparison

		Current Year		Last Year		Change
		# Sold	Average Sale Price	# Sold	Average Sale Price	# Sold	Average Sale Price
4 Wheel Drive (1)	January 2010	3	$94,883	2	$172,500	50%	-45%
Northern Beaches (2)	January 2010	2	$512,000	5	$291,800	-60%	75%
Southern Beaches (3)	January 2010	0	$0	10	$118,040	-100%	-100%
Total Northern Outer Banks (4)	January 2010	5	$606,883	17	$582,340	-71%	4%