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Outer Banks Realty Report:
April 2010

The Outer Banks Realty Report is brought to you monthly by Morgan Mason and Jean-Paul Peron of Sun Realty. Morgan and JP focus on the northern beaches of 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

April was another good month for Outer Banks realty sales!

Vacant land sales, which have been minimal since home prices slid, saw a large increase. And this is the second consecutive month with an increase in number of total transactions over last year.

The really good news is the consistent increase in month to month sales for the first time in at least 3 years. For example, in March there were 73 homes sold in the Northern Beaches. In April that number increased to 89. Only one lot sold in March versus 14 in April.

The price range that is really moving here is $150,000 to $325,000, especially in Kill Devil Hills NC, Kitty Hawk NC and Nags Head NC. Days on the market has also declined, especially when the property is priced realistically.

We are still in a declining market and will be until the foreclosures are cleared up. Although the decline in home prices is quite small, it does continue over most of the Outer Banks Realty Market. We certainly are not seeing any consistent increase in homes prices!

Interest rates remain low. Summer is here and everyone loves the beach, don’t they? Anyone want to buy anything?

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
	February 2010	0	$0	1	$1,150,000	-100%	-100%
	March 2010	2	$629,500	1	$300,000	100%	110%
	April 2010	0	$0	1	$700,000	-100%	-100%
Northern Beaches (2)	January 2010	24	$584,108	12	$824,658	100%	-29%
	February 2010	21	$631,424	11	$752,004	90%	-16%
	March 2010	23	$529,720	26	$581,129	-12%	-9%
	April 2010	33	$597,413	21	$618,814	57%	-3%
Southern Beaches (3)	January 2010	34	$437,085	19	$384,968	79%	14%
	February 2010	21	$406,621	37	$296,578	-43%	37%
	March 2010	48	$282,478	30	$287,330	60%	-2%
	April 2010	56	$284,019	29	$334,903	93%	-15%
Total Northern Outer Banks (4)	January 2010	62	$1,572,443	31	$1,209,626	100%	30%
	February 2010	42	$519,022	49	$416,233	-14%	25%
	March 2010	73	$361,260	57	$421,566	28%	-14%
	April 2010	89	$400,221	51	$458,967	75%	-13%

Notes:
1. The area of Carova Beach and north.
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%
	February 2010	2	$122,000	1	$165,000	100%	-26%
	March 2010	0	0	1	$125,000	-100%	-100
	April 2010	4	$200,500	1	$56000	300%	258
Northern Beaches (2)	January 2010	2	$512,000	5	$291,800	-60%	75%
	February 2010	4	$422,500	0	$0	N/A	N/A
	March 2010	1	$155,000	1	$125,000	0%	24%
	April 2010	2	$133,700	0	$0	N/A	N/A
Southern Beaches (3)	January 2010	0	$0	10	$118,040	-100%	-100%
	February 2010	6	$80,500	20	$125,000	20%	-36%
	March 2010	0	$0	8	$145,550	-100%	-100%
	April 2010	8	$122,300/td>	4	$172,500	100%	-29%
Total Northern Outer Banks (4)	January 2010	5	$606,883	17	$582,340	-71%	4%
	February 2010	12	$201,416	3	$138,333	30%	46%
	March 2010	1	$155,000	10	$141,440	-90%	10%
	April 2010	14	$146,271	5	$149,200	180%	-2%