far more daily volume are done privately than on bitstampt/btc-e, etc combined. and while the crappy exchanges are falling whilst they play with satoshi dust amounts of $5, the localbitcoins/otc trades are healthily $450-$550
I wish I could sell a bitcoin locally for $550
your not the only wishing so, to sell bitcoins for at least 500 USD, I think btc priced is way undervalued at this moment.