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.
2010 Outer Banks Real Estate Summary
Below you will find an overview of the Outer Banks Realty Market for 2010 broken down by key metrics. As the market continues to dig itself out of the realty market meltdown in 2008, signs of life are becoming more prevalent.
Total Property Sales
A total of 1672 units were sold in 2010 which is a 21% increase over 2009 sales with residential property leading the way (see below). Total Volume Sold for 2010 was also up by 19% over 2009 with a total volume of $505 million.
For historical perspective, sales in 2010 were approximately 57% of what the sales were at their peak in 2004.
Residential property - up 22% for the year and the sales volume was up 18%.
Land –Sales were up 19% for the year.
Commercial – Sales were down 26% for the year; however the sales volume was up by $838,000 (12%)
How Sold
Buyers were looking for different / unique ways to finance their purchase. The data showed that the numbers of “Cash” sales were up 54%, “Other” sales are up 312%, “Conventional” loans are up 17%, “VA” loans are up 18% while the number of “FHA” loans were down 6.7%.
Distressed Properties
Distressed properties accounted for approximately 16% of residential property inventory while sales of distressed properties accounted for 38% of all sales in 2010.
Under Contracts
The number of listings placed under contract in 2010 was up by 19% from 2009.
Inventory
The total number of active listings declined 15% for the year. Overall, residential listings declined by 11%, land listing declined by 21% and commercial listings declined 23%. The majority of the current active residential listings fall in the following price ranges:
Price Range
Number of Listings
$1 - $99k
58
$100k - $199k
252
$200k - $399
309
$300k - $399k
323
$400k - $499k
233
$500k - $599k
167
$600k - $699k
140
$700k - $799
69
$800k - $899k
64
$900k - $999k
49
Over $1M
175
From the Outer Banks Association of Realtors - January 2011
Northern Beaches Median Price Changes
Changes in median sale price comparing January 2010 sales to December 2010 sales
4 Wheel Drive
down $76,000
Corolla
up $172,000
Duck
up $90,000
Southern Shores
up $20,000
Kitty Hawk
up $12,000
Kill Devil Hills
down $50,000
Nags Head
down $90,000
I am encouraged by these statistics and feel more positive energy around town. Nice way to start the new year! Would you like to buy a new house? I can help you with that!
