We hope you enjoyed your Memorial Day weekend! June has arrived, bringing with it warmer temperatures and longer daylight hours. There are numerous fun events going on, including several outdoor concerts from Corolla to Manteo. We highly recommend that you join in the fun while you’re in town! Finally, happy Father’s Day to all the fathers, grandfathers, and those individuals who are just like dads.
In our area, beach nourishment has begun. One project is currently underway in Kill Devil Hills and will progress north to Duck. Each town’s expected completion time is one month, resulting in the following rough timeline: Kitty Hawk in July, Southern Shores in August, and Duck in September. Also this year, beach nourishment will also be completed in Nags Head, with work set to begin in early August. Remember that this plan is subject to change based on weather conditions, so the dates are only estimates. For the most recent information, please visit https://www.darenc.com/government/beach-nourishment/upcoming-projects.
In real estate news, individual transaction prices in our local market were still higher than expected in May, but the aggregate number of transactions declined. It’s tough to tell if the market is cooling or if sales are being affected by our usual seasonality. Some could argue that, with interest rates already a couple of points higher, the current frenzy will start to shift by the end of the year or early next year. However, there continues to be a shortage of homes listed which is keeping prices higher than pre-pandemic levels. We cannot state with certainty that things will have a significant impact on our market in the near future, but there are hints that changes could be on the way.
If you’ve been thinking of selling, are looking to purchase, or have friends/family interested, please don’t hesitate to reach out, as we can send a free market analysis for your property and also add prospective buyers to the auto-email notifications for specific types of properties here at the beach. If you’re not able to come visit in person, we offer virtual showings and are more than happy to preview a home for you and send some notes.
We’ve included the OBAR statistics report for May* for your review. If you would like a more tailored report with specific figures for your neighborhood, please let us know, as the report we send contains figures from Corolla south until Nags Head.
Please don’t hesitate to call or email us if you have any questions or should you need anything at all.
The OBX Homes Team
