Outer Banks Realty Report:
May 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.

May sales continued the upward climb that started in January 2009.

Here are some quick facts that tell the story.

• Total number of Outer Banks Realty sales (Residential, Land and Commercial) rose 32% from May 2009.
• Bank owned properties account for 35% of all residential sales.
• However, bank owned properties are only 13% of the active listings!!
• Condo Sales seem to be improving with 46 units sold in the second quarter so far.
• Total Outer Banks Realty Sales are at their highest level since May 2007 (166 vs. 171)
• Residential property accounted for 72% of the Outer Banks Realty sales volume in 2006 compared to 89% in 2010.

  Median prices in all residential home categories (Single Family & Condo) showed an increase of 7% over May 2009, while our inventory of homes for sale declined 5%. This could indicate the demise of the declining Outer Banks Realty market were it not for the continuing flow of distressed properties. (Source: Outer Banks Association of REALTORS compiled MLS Data)

  Trends in the Northern Beaches residential home market, mimicked those of the entire Outer Banks. However, one interesting exception is land sales in the 4 Wheel Drive beaches. The total sales volume has almost tripled, both in number of transactions and in sale prices, since May 2009!! Perhaps that Mid-Currituck Bridge is already having a positive impact on our isolated beaches? I wonder how the Wild Spanish Mustangs will feel about this!

  While some large investment properties are moving, the prices are still well below those seen during the housing boom. The market is correcting. Maybe we won’t again see such high prices as we did in the mid 2000’s, but we may be seeing a more consistent and healthier market emerging, which would suite us just fine!

  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%
  	May 2010	1	$547,900	1	$390,000	0%	40%
  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%
  	May 2010	33	$664,048	21	$631,752	57%	5%
  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%
  	May 2010	66	$316,071	46	$317,723	43%	-1%
  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%
  	May 2010	100	$432,222	68	$415,799	47%	4%

  
  
  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	$56,000	300%	258%
  	May 2010	2	$217,500	0	$0	N/A	N/A
  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
  	May 2010	4/td>	$227,000	4	$211,250	0%	7%
  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%
  	May 2010	4	$88,800/td>	3	$109,333	33%	-19%
  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%
  	May 2010	10	$169,820	7	$167,571	43%	1%

  
  
  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.
  
  
  

  
  
  

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