Monthly Archives: August 2010

Mortgage Rates Continue to Drop

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Freddie Mac, the government-run mortgage agency that surveys the market each week, announced that mortgage rates fell again this week…continuing to set record lows. 

The average price of a 30-year mortgage dropped to 4.42% from 4.44%.  This time last year, the mortgage rate was 5.12%, which was low at the time.

Amazingly, you can get a 15-year fixed-rate loan for under 4% — 3.90% this week, which is down from last week’s rate of 3.92%. This time last year, the same loan cost 4.56%.

Housing Starts Rise

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Wall St. Journal (8.17.10) – Housing starts increased by 1.7%, to a seasonally adjusted annual rate of 546,000, the Commerce Department said Tuesday, more than the 0.2% increase expected by economists. However, the increase was driven by groundbreakings of homes with five or more units, while key single-family housing starts plunged 4.2% and July building permits fell 3.1% to an annual rate of 565,000.

Outer Banks Market Report – 2010 Q2 Real Estate Highlights

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Outer Banks Market Report Q2 2010

Outer Banks Market Report Q2 2010

Highlights:

Under Contracts Surge

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. Additionally, the number of listings that are in an Under Contract status is up 42% from June 2009

and 8% from May of this year. Should we be dancing in the streets?

The bright spots include:

*soared – showing a 522% increase in sales (56 units).

*of 2009 and second quarter sales showed a 24% increase over the second quarter of 2009.

*showed a 37% and a 36% increase over their respective quarters in 2009.

Condo Sales - First quarter Condo Sales were weak with only 9 units being sold; however, sales in the second quarterSingle Family Detached Home Sales - First quarter sales in this category showed a 22% increase from the first quarterTotal Sales - The total number of sales (Residential, Land and Commercial) for the first and second quarters of 2010Residential Property Sales

Property sales continue to account for 40% of all residential property sales even though they only account for 13% of all active listings.

- Single family home sales rose 11% in June (127 units vs. 114 units in 2009). Distressed

Price Range

Price Range Units Sold Average Days on Market

$100,000 – $199,000 29 146

$300,000 – $399,999 29 141

$200,000 – $299,999 23 153

- The fastest moving properties fell into the following categories:

Median Sale Price

*3% from June 2009 ($315,450).

*.06% from June 2009 ($325,000).

*June 2009 ($320,000).

All Residential Property - The median sold price for Residential property in June 2010 was $305,000 – an decline ofSingle Family Homes - The median sold price for a single family home in June 2010 was $323,000 – an increase ofCondos - The median sold price for Condominiums in June 2010 was $266,950 – a decline of approximately 17% fromCurrent Inventory

Inventory from the same time last year (2,439 units). The majority of the current active home listings fall in the following price ranges:

Price Range Number of Listings Price Range Number of Listings

$1 – $99,999 60 $400K – $499K 292

$100K – $199K 269 $500K – $599K 220

$200K – $299K 413 $600K – $699K 173

$300K – $399K 418 $700K – $799K 112

- The inventory of homes for sale at the end of June was 2,283 units, reflecting a 6% decline in

Source: Outer Banks Association of REALTORS® compiled MLS data.