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Outer Banks Realty Report:
June 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

The number of properties under contract soared in June creating the highest number of listings under contract since 2005!

The Numbers

300 properties currently awaiting closing on the Outer Banks Realty Market! Good for us!
Single family home sales rose 11% in June over the same month last year (127 units vs. 114 units in 2009)
Median sold price for a detached single family home in June 2010 was $323,000, an increase of .06% from June 2009,
Median price ($305,000) for ALL residential property sold showed a 3% decline from the median in June 2009.
Median sold price for Condominiums was $266,950 - a 17% decline over June 2009.
In June 40% of residential sales fell in the distressed category.
13% of the current residential active inventory are distressed properties.

The Analysis

The number of Condo sales are up as their prices have come down.
Single family homes are selling with a slight rise in prices.
Distressed properties continue to be a major factor in the Outer Banks Realty Market.

The Good News

Under contract status rose 42% from June 2009 and 8% from May to June this year.
The upward trend in number of sales may be holding, even though we are past the time for first time home buyers to cash in on the $8000 tax credit.
The Outer Banks Realty Market is still waiting for the median price to begin an upward climb.

Northern Beaches

Sales are up, prices down month over month since January
Duck, Southern Shores and Corolla/Carova are still in a slightly declining Outer Banks Realty Market

Southern Beaches

Sales are down, prices are rising month over month since January
Kitty Hawk, Kill Devil Hills and Nags Head may be moving toward stabilization.

One Thing Is Very Clear - Now Is The Time To Buy!!

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%
	June 2010	1	$78,000	1	$400,000	0%	-81%
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%
	June 2010	23	$647,526	31	$622,079	-26%	4%
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%
	June 2010	61	$333,250	39	$340,054	56%	-2%
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%
	June 2010	85	$415,286	71	$464,036	20%	-11%

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
	June 2010	4	$96,750	5	$93,100	-20%	4%
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%
	June 2010	4/td>	$141,375	3	$101,333	33%	40%
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%
	June 2010	4	$98,375/td>	12	$111,908	-67%	-12%
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%
	June 2010	12	$112,167	20	$105,620	-40%	6%