The month of March begins with a renewed sense of possibility as we say goodbye to winter’s chill and welcome the gentle warmth of spring. This season, which is typically linked with renewal and growth, represents the growing optimism in our efforts throughout the year. In the spirit of the month of March, remember the wise words: “The best luck of all is the luck you make for yourself.” As we get started on this transitional month together, your forward thinking will definitely contribute to a successful and fulfilling journey this year.
In local news, the Town of Duck is close to wrapping up another stage of its coastal resiliency project, aiming for completion by May. This comprehensive endeavor involves several elements, including the conservation of coastal wetlands, improving safety for pedestrians and cyclists with the extension of sidewalks and bike lanes, and tackling flooding issues. The project encompasses a quarter-mile stretch at the northern tip of Duck Village, extending from the former Resort Realty property to Sunset Grille. If you have any inquiries, feel free to reach out to us.
In real estate news, upon reviewing the statistical report for last month, there emerges a noteworthy shift in inventory levels. Overall, there has been an uptick in inventory, with active listings increasing by 11% compared to the previous year. Residential listings have experienced a notable increase of 33%, while lot/land listings have decreased by 7%. Despite the rise in available properties for sale, both sales and under contract listings have shown lower figures than those observed in 2023. Under contract listings have decreased by 14%, while sales have seen a decline of 12% from the previous year. Specifically, residential sales have experienced an 11% decline, while lot/land sales have seen a more pronounced of 19%. Looking ahead, it is imperative to closely monitor a growing trend: the rise of Dare County foreclosures. These properties are anticipated to enter the market soon, potentially altering the current market dynamics. As we continue to track market trends, we will remain vigilant regarding this development.
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 visit in person, we offer virtual showings and are more than happy to preview a home for you and send some notes.
Hope everyone had a Happy Easter weekend! Heather & Mandi
