OuterBanks Market Update

July 2011 MLS Report Summary

Overall ? Sales during the first seven months of 2011 are up 5% when compared with the same period of 2010. The biggest gains were in Land sales which showed a 28% increase. Total Property Sales

Year to Date

Residential

Land

Commercial

Total

2010

820

137

11

968

2011

822

175

15

1012

Distressed Properties ? The number of distressed properties sold during the first seven months of 2011 are up 5% when compared with the same period in 2010. However, during the last three months, the number of residential listings listed as a potential short sale has dramatically declined while the number of sold bank owned sales have dramatically risen. Distressed Property Sales

2010

2011

Potential Short Sale

91

119

Bank Owned

218

209

Total

309

328



June 2011
MLS Report Summary

Overall, sales for June were up by 3% from one year ago and 12% from last month. Residential property sales in the $200,000 to $499,999 category were the hottest properties with sales up 7% since last year and up 48% from last month.

Distressed residential property sales were down 6% from last year; however, the number of short sale units sold was up 81% from last year. This is 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.

Median sale price for single family detached homes was down 7% from last year and down 17% from last month. The median sales price for condos was also down 36% from one year ago; however, the median sales price was up 28% from last month.

Inventory : Overall inventory has declined over the past year by 14% and the residential and land inventory declined by 15%.

Foreclosure report :The foreclosure rate in Dare County is up 28% in June 2011(50 units) over May 2011 (39 units).

Sale Price Range ? The fastest moving residential properties fell into the following categories: Price Range

Units Sold

Average Days on Market

$200,000 - $299,999

38

261

$300,000 - $399,999

30

250

$100,000 - $199,999

29

212

$400,000 - $499,999

9

389

$1 - $99,999

8

133

$500,000 - $599,999

6

221

$600,000 - $699,999

5

189

Update Feu


April 2011 MLS Report

The good news for April is that inventory of residential property continues to decline down 16% from April 2010. Coupled with the decline in inventory is a 23% increase in the median sales price when compared with April 2010 and a 26% increase over the March 2011 median sales price. Overall sales were down 16% from April 2010; however, one significant data point is that residential property sales in the $300K to $399K range are at their highest levels in the last 6 months. The breakdown is listed below:

Sales

o Residential  Down 2% from April 2010 (133 units vs 136 units)

o Land Up 4% from April 2010 (27 units vs 26 units)

o Commercial Up 50% from April 2010 (3 units vs 2 units)

Under Contract

o Residential Down 15% from April 2010 (146 units vs 171 units)

o Land Up 5% from April 2010 (22 units vs 21 units)

o Commercial  Down 67% from April 2010 (3 units vs 1 unit)

Sale Price Range ? The fastest moving residential properties fell into the following categories: Price Range

Units Sold

Average Days on Market

$300,000 - $399,999

29

400

$200,000 - $299,999

27

147

$100,000 - $199,000

23

150

$600,000 - $699,000

11

220

$1 - $99,999

6

172



 Source: Outer Banks MLS