It is safe to say the warmer weather might be here to stay for awhile. The pollen is turning the cars yellow, and the birds can’t stop singing! The tourist season is rapidly approaching, and we are expecting another season with high numbers of visitors and newcomers to the beach. Every year it is amazing how many people come here for the first time, and end up making this a new permanent destination for future vacations.
In local news, the Wright Memorial Bridge eastbound bridge will be back up and running around May 14. The bridge has been closed since October, and despite the unfavorable weather this winter they will be able to open as scheduled. Another important item to note is the new traffic patterns concerning anyone who uses Dogwood Trail as a “bypass” to the northern beaches. The town of Southern Shores voted for no left turns at the U.S. 158/South Dogwood intersection to take place for just a single weekend (Saturday, June 23 and Sunday, June 24 from 8 a.m. to 6 p.m.) as an experiment to decide if this prevents unnecessary traffic through that part of the town.
On the real estate front, we are still seeing fairly low initial offers. The good news is there has been an increase in the percentage of sales price to the listing price. With that being said, most properties are selling just above 90% of asking price. New construction has been gaining momentum in the real estate market for this year. According to the OBAR statistics “building permits in Dare County have increased 15% since 2017.” Concerns about flood maps, increasing insurance, and rising interest rates don’t seem to be affecting too much of the market as we had originally thought in the early spring. Activity levels for last month have shown signs for a favorable market, and we hope that continues to be a trend.
As always, please don’t hesitate to call or email with any questions, or if you need anything. We’ve included the April 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.
