As October ushers in cooler temperatures and vibrant foliage, the charm of autumn is fully upon us. The season invites us to embrace the warmth and comfort of fall, with festive traditions and cozy moments becoming part of our daily routine.
On a more somber note, we are grateful here in the Outer Banks for having been spared the direct impact of Hurricane Helene. However, our thoughts remain with those in western North Carolina and other regions who have suffered significant losses. Our hearts go out to them as they face the difficult task of recovery and rebuilding. In times like these, it’s essential that we continue to extend support and compassion to all of our neighbors!
In regional news, North Carolina continues to debate a proposed increase in homeowners insurance rates. Insurance providers, represented by the state’s Rate Bureau, are requesting a 42.2% average statewide increase, with coastal communities potentially facing larger increases. Insurance Commissioner Mike Causey earlier denied this request because of strong public opposition, which prompted a hearing on October 7. The insurance sector claims the premium hike is required because of climbing building material costs and more severe weather scenarios. After the hearing takes place, Causey will have 45 days to make a final determination on whether to modify the rates or not.
In local real estate news, OBAR shared the latest MLS data from a quarterly standpoint, revealing several notable trends. Total sales have decreased slightly, down 2% from the third quarter of 2023 and 9% lower for the year. In contrast, the residential median sales price has increased by 9% compared to last year and is up 5% year-to-date, while total inventory has surged by 38% for the quarter and 28% for the year. The market is cooling, but a clearer outlook for next year is anticipated after key events such as the presidential election, the end of hurricane season, and a possible rate cut from the Federal Reserve. Many buyers and sellers are waiting until after the election, and while transactions will continue, they are unlikely to set new records.
If you’re contemplating selling, looking to buy, or have friends or family interested, please feel free to reach out to us. We can offer a complimentary market analysis to sellers for your property, or include potential buyers in auto-email notifications tailored to specific properties. Additionally, if you’re unable to visit in person, we provide virtual showings and are happy to preview homes for you, sending detailed notes. Whether your real estate needs span the globe for personal use or investment, we’re here to help. Our extensive network of agents ensures seamless transactions, regardless of location. Our team is equipped to deliver an enjoyable experience wherever you are. Reach out today, and let’s make your real estate dreams a reality, no matter where you’re located.
Hope to see you in Duck soon! Heather and Mandi
