The busy season is well underway on the Outer Banks. Traffic has been manageable thus far, but we expect to see big changes in the coming days. We savor this time of year, as the return of visitors to our area signifies a healthy local economy.
If you find yourself in Duck be sure to take advantage of the upcoming events on the Duck Town Green. Morning yoga, movies and the summer concert series are about to begin. You can visit www.townofduck.com for a complete schedule of events.
Many of you will be relieved to know that the Town of Southern Shores postponed the closure of the Tall Pine bridge until October. Dogwood Trail serves as a lifeline for many local residents on the weekends during the busy season.
Real Estate news is excellent this month. Single family residential sales are up by 8%. Average sale prices are down slightly but things are moving in the right direction overall. Land sales remain strong and are holding with a 16% increase this year. Residential inventory is down by 16%, and distressed sales are down by 32%. The improving market is being fueled by low interest rates. Both primary and 2nd home loans are in the very low 4% range for a 30 year loan, and 15 year loans are available in the low 3% range. Investment loan rates are also outstanding with 30 year rates coming in the mid 4% and 15 year rates in the mid 3% range. We look forward to continued improvement for our local real estate market.
As always if you have any real estate related questions please do not hesitate to contact us. Have a great summer! And please don’t forget to send us your email address.
