The peak of summer is here. The days are long, enjoyable, and filled with sunshine. We keep a pair of flip flops in our car in case we have a spontaneous trip to the beach or a barbecue. Ah, Summertime, it’s delightful how you can put a grin on nearly every face without making an effort. We hope everyone had a memorable Fourth of July holiday and had a chance to slow down and enjoy the celebrations.
In local news, the Whalehead Property Owners Association (WPOA) is suing Currituck County and CB Land Development over a 13-acre mixed-use development. The WPOA claims that the approval process was flawed and that revisions to the plan were not properly conveyed to the community. In particular, the lawsuit argues that the permitted design differs dramatically from what was presented during a mandatory community hearing and petitions the court to overturn the decision. They are concerned about the project’s size and its impact on the community. A hearing is scheduled for August 12.
This month, the Outer Banks Association of REALTORS® MLS took a comprehensive approach to analyzing their statistics by incorporating quarterly data. The median sales price for residential properties reached a new peak in the final quarter of 2023 and approached this milestone again by the second quarter of this year. Furthermore, there has been a notable rebound in total inventory levels from recent lows. As of June 2024, year-to-date residential inventory saw a substantial 62% increase compared to June 2023. Quarter-to-quarter data indicated a 34% decline in sales of single-family detached homes compared to the previous year. Throughout this year, the average days on the market for residential properties has remained stable at around 55 days. Similar to the national real estate scene, the Outer Banks market is facing various challenges, including inflationary pressures, seasonal fluctuations, economic uncertainties, and the typical slowdown during presidential election years. Despite these challenges, the market exhibits resilience and has the promise to remain above a nationwide basis.
If you’re in town this summer, please stop by and say hello! Hope everyone has a wonderful rest of July!!
Heather and Mandi
