Last week, we shared the June real estate statistics for the Outer Banks, but given the positive trends, some further analysis is in order.  For the first 6 months of the year the overall market is the best it’s been in three years in terms of buyer activity and price stabilization.

Here are some additional highlights from the rosy month of stats: 

• On June 22, 2010, the number of listings in an ‘under contract’ status totaled 300 – the highest number of listings in this status since 2005
• Total Sales – The total number of sales (Residential, Land, and Commercial) for the first and second quarters of 2010 showed a 37% and a 36% increase over their respective quarters in 2009.
• Single Family Detached Home Sales – First quarter sales in this category showed a 22% increase from the first quarter of 2009 and second quarter sales showed a 24% increase over the second quarter of 2009.
• Residential Property Sales – Single family home sales rose 17% in June (133 units vs. 114 units in 2009).
• Current Inventory – The inventory of homes for sale at the end of June was 2,283 units, reflecting a 6% decline in inventory from the same time last year (2,439 units).
• Total Outer Banks Realty Sales are at their highest level since May 2007 (166 vs. 171)
• Residential property accounted for 72% of the Outer Banks Realty sales volume in 2006 compared to 89% in 2010.
• Bank owned properties account for 35% of all residential sales. However, bank owned properties are only 13% of the active listings.
• Condo Sales seem to be improving.  First quarter Condo Sales were weak with only 9 units being sold, but, sales in the second quarter soared – with 46 units sold in the second quarter – showing a large increase in sales.

Mortgage rates continue to hover around all-time low’s (4.5% – 5%), and 2010 is shaping up to be a strong rental year.  With prices off their boom highs and stabilizing, the ingredients are shaping up for a great buyer’s market.