The 2013 peak summer season is now behind us, and the kids have gone back to school. We’ve been enjoying some fantastic weather in recent weeks. Temperatures were cooler than what is normally expected for August. The wind shifting to a cool north breeze has already given us a handful of fall-like days.
August also wound up being the busiest month for tourism on the northern beaches. Twiddy & Company was fully booked for three weeks during August, while July saw a bit of a decline in occupancy rates. Unfortunately, traffic congestion on Saturdays in August was more intense than we’ve experienced in past summers. If you plan to visit the Outer Banks during the off season this year, be prepared for slowly moving traffic over the Wright Memorial Bridge. On Sept 15th the westbound side of the Bridge will closed for repairs, and it will not reopen until May of 2014. The bridge has a series of dips that require repairs. The North Carolina Department of Transportation will spend $6.3 million to correct the problem.
In real estate news, rates seem to have settled in the 4’s for now. We are hoping they will not increase any more in the near future. We do not expect rates to decrease below 4% again in the near future. The number of properties placed under contract is down at this time by approximately 1/3. This is typical of late summer, and sales will probably pick up as fall approaches. We will continue to keep you posted.
As always, if you have any real estate related questions or concerns, please let us hear from you.
