During a recent baseball game broadcast, one of the announcers joked about the extreme heat, saying, “It’s so hot that I saw a dog chasing a cat… and they were both walking!” This amusing description captures the intensity of this summer’s heat. We cannot thank Willis Carrier enough for developing the air conditioner. His revolutionary idea has considerably improved the comfort and quality of life for many people throughout the world, radically changing the way we live. We hope everyone is keeping cool and can find some shade or air conditioning for the remaining weeks of the summer!
Believing in the Mid Currituck Bridge project was starting to feel like believing in the Tooth Fairy—something you heard about but never really expected to see. However, after years of delays, legal battles, and skyrocketing costs, the bridge is finally moving closer to reality. Though there’s still no firm construction start date, the bidding process is set to begin next year, and construction could kick off in 2026 for the now $1 billion project. This long-awaited development follows the resolution of legal challenges, including the U.S. Court of Appeals rejecting a petition against the bridge in February 2023. Despite the progress, funding remains a challenge. The costs are expected to be covered by a combination of federal and state funds, along with the introduction of tolls. A $423 million grant has also been requested from the U.S. Department of Transportation, receiving widespread support from local counties. While design and development are on track to finish this year, the timeline for construction and opening remains uncertain, although State Representative Bobby Hanig remains optimistic.
The July 2024 Outer Banks MLS Statistical Report indicates a notable rise in real estate inventory compared to the same period last year, showing a 37% increase since July 2023 and a 31% surge since January 2024. Particularly, residential inventory has seen a substantial uptick, marking a 52% rise from July 2023 and a 36% increase from the beginning of the year. In contrast, land inventory has experienced a more modest growth of 21% since last July and 25% since the start of 2024. Despite these changes in inventory, sales figures for 2024 have been somewhat inconsistent. While total home sales have decreased by 6% this year, there was a notable 21% spike in July 2024 compared to the same month in 2023. However, the number of under contract listings has declined by 18% over the year and by 17% since July 2023. Our team expects a sales rebound following the summer peak rental season, supported by the recent drop in mortgage rates. However, the election year is creating some market headwinds, which may slow down the fall market, though the duration of this slowdown remains uncertain.
Please don’t hesitate to reach out if you need anything and hope to see you at the beach this fall!
Heather & Mandi
