Outer Banks Realty Report:
Quarter 2, 2011

The Outer Banks Realty Report is brought to you quarterly 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.

The Local MLS statistics reveal a bouncing Outer Banks realty market, one month up a little, the next month down a smidge. In fact, this quarter looks very much like the First quarter 2011 and the Second Quarter of 2010 in the number of units sold. Average sale price per square foot was slightly lower than the First Quarter. For all of the Outer Banks, the average price for single family homes was $339,667 vs. $365,994 for the First Quarter. Number of units sold in the Second Quarter was 497 vs. 380 for the First Quarter.

Median sale price for single family detached homes was down 7% from last year and down 17% from last month.

Distressed Properties were down 6% from last year; however, the number of short sale units sold was up 81% from last year. June was the second month in a row where the sale of short sale listings has taken a significant jump. In comparison, the number of bank owned units sold was up 11% from May, but were down 48% from last year.

Inventory: Overall inventory has declined over the past year by 14% and the residential and land inventory declined by 15%.The majority of the current active residential listings fall in the following price ranges:

From the Outer Banks Association of Realtors - June 2011

Median Price Changes By Area

Changes in median sale price comparing the Second Quarter 2011 to Second Quarter 2010 for the Outer Banks Realty Market:

• 4 Wheel Drive: Down $420,000 (due to low sales, not all sale prices)
• Corolla: Down $52,000
• Duck Up $62,000
• Southern Shores Down $28,500
• Kitty Hawk Down $72,000
• Kill Devil Hills Down $6,800
• Nags Head Down $24,000

Summary

Inventory is down. Good news for property values as less product is available and more buyers are popping up. It has been a brisk Spring. Foreclosures are down. Good for property values as well. Short sales are up. Banks seem more interested in selling sooner rather than later. Good news for our overall market. Buyers are showing up with cash to make their best deals. Also good news for the overall market. Let’s hope this is a trend! Come on down! We are waiting for you!

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