At last, February is over! We have seen some unusually cold weather here over the winter months. March has come in like a lion, and we certainly hope it goes out like a lamb! Spring can’t get here fast enough.
In statewide news, Governor Roy Cooper has requested an official exemption of off-shore drilling for North Carolina. We hope the level of importance of tourism for our area is recognized on a national level. In local news, a new ordinance requires permits to park on the 14-mile stretch of beach from Corolla village to the state line from the Friday before Memorial Day until 11:59 p.m. Labor Day. Residents and property owners will be given free permits and two guest permits. Exemptions will also be given to commercial fishers and tour groups. Commissioners said they wanted to set a $50 fee for a 10-day parking permit and a $150 fee for a year-round permit.
In real estate news, we have noticed lower than average numbers of requests to show houses. It appears the storms and cold weather have kept potential buyers from being able to visit the Outer Banks and search for properties. In addition to the weather, other factors are likely contributors to the decline in real estate sales for the year. There are fewer homes on the market overall, and especially fewer affordable homes. Additionally, the continuing increases in interest rates and complications in obtaining mortgages have had a serious effect on February’s home sales. According to the OBAR statistics report “Sales of Single Family homes were down 17 % and sales of condos were down 9 % …making it the weakest month for residential sales since November 2011”. We are optimistic this will change for the upcoming months, since the rental season is upon us, and future investors will want to purchase properties to earn rental income. We continue to be positive in the slower times, and strive to create strong results for our clients despite the current decline.
As always, please don’t hesitate to call or email with any questions, or if you need anything. We’ve included the February OBAR statistics report for your review, but if you would like a tailored report with specific figures for your neighborhood, please let us know. If you’ve been thinking about selling, we are happy to assist you with a free market analysis of your property. If you or anyone you know is interested in buying a property, we would love to help find the perfect home on the Outer Banks. Please feel free to stop by our office in Duck to say hello if you’re in the area.
