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Outer Banks Realty Report:
July 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 an Oute Banks property, please contact them by clicking on the link attached to their names.

Outer Banks Realty Sales Statistics Analysis

As is typical here during the summer, July showed a 16% decline in total number of units sold over previous month for Outer Banks Realty. This is not unusual for the month of July historically.

The Numbers

July 2010 sales increased 23% over the number of sales reported in July 2009.
Single family home sales remained steady in July 2010 over the July 2009 (91 units)
Median sold price for a detached single family home in July 2010 was $301,000, an increase of 22% from July 2009.
Median price ($261,000) for ALL residential property sold showed no change from the median price in July 2009.
Median sold price for Condominiums was $252,000 - a 22% increase over July 2009.
33% of residential sales in July fell in the distressed category - the lowest level since November 2009.
13% of the current residential active inventory are distressed properties.
Condo sales have already exceeded the total number in the first quarter and are 87% higher than July 2009.

The Analysis

The number of Condo sales continue to explode
Single family home prices are steady with July 2009.
Distressed properties will continue to influence our property values.

The Good News

Under contract status for Outer Banks Realty rose 42% from June 2009 and 8% from May to June this year.
The active inventory of Outer Banks Realty property for sale has declined 7% over last year.
The highest number of units sold were in the $300,000 to $400,000 range, up slightly.

Northern Beaches

Southern Shores - increase in median sale price to $515,000 from $390,000 in June.
Corolla - median price rose to $714,000 from $490,000 in June 2010
Duck - median price sales fell to $470,000 in July from $715,000 in June
Carova - 50% increase in the number of lot sales and a 219% increase in sale price over July 2009.

Southern Beaches

Kitty Hawk - median price fell to $245,000.
Kill Devil Hills - increase in sales with decrease in median price to $195,000
Nags Head - decline in number of sales as well as median price to $284,250

This has been one of the busiest Outer Banks summers for Outer Banks Realty anyone can remember with many visitors planning their return in October with the intention to buy before prices begin to rise.

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%
	July 2010	1	$475,000	2	$690,000	-50%	-31%
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%
	July 2010	24	$625,460	181	$664,861	33%	25%
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%
	July 2010	56	$253,222	40	$246,501	40%	44%
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%
	July 2010	81	$366,253	60	$375,293	35%	32%

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%
	July 2010	6	$313,333	4	$147,125	50%	219%
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%
	July 2010	2/td>	$545,000	3	$155,167	-33%	134%
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%
	July 2010	3	$125,000/td>	3	$158,667	0%	-21%
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%
	July 2010	11	$304,091	10	$153,000	10%	119%