September brought in wonderful fall weather, complete with refreshing coastal breezes. Despite the changing season, many are still enjoying the late summer atmosphere, with vacationers continuing to visit. Local restaurants and shops are thriving, thanks to these late-season tourists. If you’re planning a trip to the Outer Banks in the coming weeks we hope the beautiful weather sticks around. The fall season on the beach offers a variety of events for everyone to enjoy. Music lovers can look forward to the Duck Jazz Festival and the Bluegrass Island Music Festival, while food enthusiasts will relish the renowned Outer Banks Seafood Festival. For outdoor adventurers, there are great waves for surfing, fantastic fishing, and even a marathon for the more daring. It’s no secret that the fall season is a favorite here for many!

In local real estate news, to summarize the OBAR MLS statistics report for August 2024, this summer has seen a notable increase in real estate inventory on the Outer Banks, with total inventory rising by 38%, residential inventory up by 51%, and lots/land inventory growing by 24%. However, sales have been relatively weak. One significant indicator of this is the 7% increase in days on the market for residential listings in 2024, compared to a 29% rise from the same period last year. Additionally, listings under contract have dropped by 20%. A review of sales data for 2024 reveals a 5% decline in residential sales and a 17% drop in lots/land sales. We feel these trends suggest a market adjustment period where increased supply is not yet translating into higher sales, and buyers may be waiting for more favorable financial conditions before making moves. It is safe to guess that we will gain a clearer understanding of the market adjustment once the Federal Reserve makes its rate cut decision later this month and after the presidential election results. These upcoming events could play a crucial role in shaping buyer sentiment and financial conditions, potentially influencing both inventory levels and sales activity in the Outer Banks.

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 everyone has a great fall and that we see you in Duck soon!
Heather & Mandi

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

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

In June, the inviting beaches of the Outer Banks are filled with the sound of seagull calls that blend with the sound of endless waves breaking on the shoreline. The saltwater breeze and smooth, warm sand make it easy to unwind. It’s the sort of spot where all of your worries seem to disappear much like a sandcastle when the tide comes in. The expansive views and laid-back atmosphere make it the ideal place to relax and recharge. Welcome to summer on the Outer Banks, where leisure and relaxation await! We would like to take this opportunity to wish a happy Father’s Day to any dads and all father figures out there! We are deeply thankful for the important role fathers play in our lives.

For some exciting local news, the Outer Banks has made history as the first location in North Carolina to welcome Wawa, a development that many familiar with the company will especially appreciate. This inaugural store marks the beginning of an ambitious plan to open in 90 more locations across the state. Wawa’s business model emphasizes deep community integration. Since the end of last year, Wawa associates have been residing in the area, not only to prepare for the grand opening but also to build relationships with local residents. “We don’t just open the doors. Long before the shovel even hits the ground, we become part of the community,” said area manager Jay Ratcliffe. The store will operate 24/7, providing a convenient spot for travelers and locals to grab coffee and gas. We are optimistic that it will be a tremendous success and a valuable addition to our community.

In real estate news, the May 2024 MLS Statistical Report highlights a significant boost in inventory levels. Residential inventory is up by 67% from last year, and lot and land inventories have also seen substantial increases. Despite this, residential sales are experiencing a seasonal downturn. Single-family home sales have seen a modest decline both year-over-year and since January, whereas condo sales have increased by 8% compared to last year but have recently experienced a slight dip. Additionally, the number of properties under contract has decreased by 19% compared to the previous year. There are still buyers out there and looking, but we have noticed a bit of a decline for requests to see properties, which we feel correlates to seasonality we generally experience during the peak season.

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 a luxurious experience wherever you are. Reach out today, and let’s make your real estate dreams a reality, no matter where you’re located.

Happy Summer and hope to see you all in Duck soon!

Welcome to May, the month that extends its welcoming embrace with a sparkle in its eye, seemingly whispering, “Let’s make this month full of bloom!” Though Mother’s Day has come and gone, it’s never too late to lavish our moms with affection, appreciation, and perhaps a bouquet or two. While we celebrate those extraordinary women who have shaped our lives, let us also remember the courageous members of the military who lost their lives while fighting for our freedom and security as Memorial Day approaches. So here’s to May, a month brimming with love, commemoration, and the anticipation of positive times ahead!

Outer Banks communities have ramped up efforts to prohibit balloon releases due to environmental concerns. The Town of Duck led the charge by enforcing a ban in April, followed by Southern Shores and Nags Head with a similar outright ban. Kill Devil Hills along with Kitty Hawk have discussed the potential ban, but have yet to vote on it at the time of this note. This response comes after a notable surge in balloon-related litter on Outer Banks beaches. In 2023, the National Park Service retrieved 1,786 balloons, more than double the amount from 2022. Balloons present a significant danger to wildlife and coastal ecosystems, prompting organizations like the Outer Banks Association of Realtors and the Outer Banks Wedding Association to advise against balloon releases. North Carolina is also contemplating a statewide ban on helium balloon releases, showcasing the area’s increasing dedication to environmental preservation. Local groups advocating for environmental conservation have recommended various eco-friendly options to mark significant occasions. These alternatives include blowing bubbles, planting trees, or utilizing biodegradable confetti. Let’s come together to celebrate responsibly and demonstrate our care for the planet.

In real estate news, recent patterns for inventory are apparent in the April 2024 MLS Statistical Report, with notable increases in both the residential and lot/land categories. Lot/land inventory has increased by 6% since last April and 16% since January, residential inventory has increased by 57% since April 2023 and 15% since January 2024. The overall inventory has increased significantly, by 31% from the previous year and by 15% since the start of 2024. Residential sales are rebounding, while single-family detached home sales are down 5% for 2024 after rising 19% in April 2023. In similar fashion, condo sales are down 6% for 2024 despite an 18% gain from April of last year. These figures point to a market that is active and offers chances for both buyers and sellers.

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 a luxurious experience wherever you are. Reach out today, and let’s make your real estate dreams a reality, no matter where you’re located.

Hope everyone has a fantastic spring and that we see you in Duck this summer! Heather & Mandi

As the Outer Banks soaks in the sun’s warming embrace, a colorful kaleidoscope of springtime flowers blooms, signaling the start of the warmer months. It’s a time when the local community aligns with nature’s regenerative flow. April is jam-packed with exciting events that offer endless opportunities for wonderful experiences and activities in the charming coastal conditions of the Outer Banks. Welcome to April!

We are often reminded of the incredible honor of being a part of the Sotheby’s International Realty brand. Last month, Heather had the pleasure of meeting Chris Whitehead from the Dubai SIR office, and she was deeply grateful for the warm welcome she received during her visit. Experiencing firsthand the support and camaraderie of the Sotheby’s International Realty family reaffirmed her decision to align with this esteemed brand.

Whether you’re considering buying or selling property anywhere in the world, for personal use or investment purposes, We’re here to assist you. With access to an exceptional network of agents, we can connect you with the perfect expert to guide you through your transaction seamlessly, regardless of your location. Luxury knows no bounds, and it is an experience our team is fully prepared to provide, no matter where you are situated. Don’t hesitate to reach out, and together, let’s turn your real estate dreams into a reality, regardless of your location on the map!

Attention all animal lovers! Be sure to save the date for Sunday, April 21st, from 1pm to 4pm at Jockey’s Ridge State Park. We’re excited to announce that the OBX Homes team will once again be sponsoring our local SPCA’s Bark in the Park event. This is an excellent chance to show our support for the local SPCA and make a difference for animals in need. Bring your furry friends along for an afternoon of fun and excitement for everyone! Enjoy live music, delicious refreshments, explore local vendors, and take part in activities specially crafted for your beloved dogs.

In real estate news, the Outer Banks Association of Realtors’ March statistics report reveals an increase in inventory levels from February and the same month last year. Active residential inventory jumped by 14% from the previous month and by an astounding 58% from the previous year, with slight increases noticed in active lots and land inventory. Despite growing inventory levels, residential median sales prices are still on the rise, with single-family detached homes up 7% and condos up 12% over the previous year. However, residential sales for 2024 are down 9% from 2023, with single-family detached house sales down 6% and condo sales down 16%.

Hope everyone has a wonderful spring and please stop by to see us if you’re in Duck anytime soon!
Heather & Mandi

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

“Happy Leap Day. A day where ‘this time last year’ and ‘this time next year’ does not apply.” -Unknown

February brings a little extra sunshine our way with a leap day! It’s like a bonus round of time, so why not crank up the excitement and tackle those things you’ve been putting off? Whether it’s a home project, a personal goal, or simply kicking back and enjoying the ride, let’s jump into February with all the good vibes and joy that an extra day brings. Here’s to making leaps, savoring the adventure, and having a blast with whatever’s on your plate!

In local Outer Banks news, homeowners were warned about potential increases in insurance premiums in North Carolina, as insurance providers proposed raising rates for homeowners’ insurance, triggering a period of public comment until early February to give all homeowners a chance to voice their opinions. During that time, the NC Dept of Insurance encouraged homeowners to participate in the process to express their concerns about the proposed price increase, which could have serious financial consequences for property owners. In response to the proposed rate increase and the feedback received, North Carolina Insurance Commissioner Mike Causey declined a suggested rise averaging 42.2%, citing insufficient evidence and describing it as “excessive and unfairly discriminatory.” The North Carolina Rate Bureau’s proposed rate adjustments showed significant variation, with coastal areas experiencing the highest increases. Causey received significant feedback from concerned policyholders, prompting the scheduling of a hearing for October 7, 2024, to further review the proposed rates.

In the recent real estate landscape, a cautious pause characterizes the market as consumers eagerly await news on potential interest rate adjustments, influencing both buyer and seller behaviors. Despite the overall cooling trend for 2023, the month of December saw a brief but significant increase in sales nationwide including the OBX, instilling a sense of activity and optimism. This surge in sales, while reflecting market resilience, is open to interpretation, with factors such as year-end financial considerations or property-specific conditions possibly influencing the increase.
Adding to the complexity, about 20% of single-family houses that are currently pending in our MLS are properties listed over a $1 million price point, indicating segment-specific demand that differed from the overall market sentiment. The connection between the temporary increase in December sales and the traction observed in the high-end sector demonstrates the multiple dynamics at work. As individuals navigate uncertainties, particularly those involving interest rates, the real estate market demonstrates adaptability and responsiveness to changing conditions.

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.

Look forward to seeing you at the beach soon!
Heather & Mandi