While it is sad to see summer coming to a close, September is our favorite time of year on the Outer Banks, so we are excited! Typically the temperatures cool off just enough in September to maximize outdoor enjoyment. This year has been an exception. The month of August was unusually mild, and the first week of September saw temperatures in the 90s nearly every day. Not exactly what we had hoped for. Summer officially ended for local children just a little early, as Dare and Currituck County schools started back on August 25th.
In real estate news, the year to date summery is out, and there isn’t much new news to report. Residential sales are down from last year by 4%. However, we expect to make up for that this fall. Things got off to a slow start for 2014 because all the snow the East Coast made it difficult for many of our clients to travel to look at beach property. Though August is typically a slow month for sales, this August was very busy for us. We believe this is a good indication that sales will be good this fall. Thus far, lot sales are holding at the same rate as in 2013. Inventory is down from last year but it is expected to spike as we get into the fall season. The wonderful news is that distressed and bank owned sales are still down by 44%.
Interest rates are holding. The 30 year rate for primary and 2nd homes is still in the low 4% range. The investment loan rate is in the mid 4% range. And the 15 year rates are in the mid 3% range.
If you have plans to be on the Outer Banks this fall, you surely want to take note of some of the fantastic upcoming events. The Outer Banks Seafood Festival is scheduled for October the 18th. The Outer Banks Marathon and Half Marathon is scheduled for November 9th. And the Duck Jazz Festival is coming up on Sunday, October 12th over Columbus Day weekend.
As always if you have any real estate related questions please don’t be a stranger. Happy Fall!
