We hope that everyone enjoyed a safe and Happy 4th of July weekend. Needless to say, summer is now in full swing, the crowds have arrived, and the humidity and heat are here too, with temperatures in the 90’s on a regular basis now.

June was a bit quieter than usual for shops and restaurants, and the temps remained quite cool until just recently. Sales activity slowed in June, as it normally does this time of year, with showings becoming increasingly difficult because the homes are now rented.

Our 1st half of 2016 was very strong for our personal sales figures, and we wound up ranking number 1 in the Duck market and number 3 in the overall MLS, which covers the entire Outer Banks!

The MLS statistics for the first half of 2016 look good.  Residential sales for single family homes are down by 5% for unit sales; however, the median price is up by 10%.  Sales for condos are up by 10% this year.  Residential inventory is down by 8%, a very good sign of market health.  Land sales are up by 6%,  and land inventory is down by 10%.  The best news is that distressed sales are down considerably.  Short sales are down by 58%, and bank owned sales are down by 31%.  Dare County recorded 78 foreclosures the first half of 2015 and only 67 for the first half of 2016.  We remain optimistic that things are on track for market recovery.

Some other news: We plan to be slightly restructuring our team. In order to better serve our clients, and to assist in the growth of our business and expansion of our territory, we will be offering more “personalized service,” which we believe will improve the way we work with clients. To make our services more efficient, clients will have a primary agent, and the other agent will take a supporting role. Because of the heavier workload we are experiencing, we need to eliminate or limit duplication and overlapping duties so that we can give every client as much time and attention as always.

Enjoy your summer and if you’re in Duck, please stop in and say hello!

The Outer Banks certainly experienced its fair share of April showers and typical area winds last month.  Warmer and beach- friendly weather is sure to follow for May.

The Dare County preliminary flood maps are finally being released on June 30th.  Along with Currituck County’s maps they will still face final approval prior to becoming official.  The new maps will be favorable to most property owners, taking them out of flood zones, and for others the base flood elevations will be decreased by 1 to 3 feet.

Currituck County was fined with a $39.1 million fee in the lawsuit against Swan Beach property owners last week.  The lawsuit involves Swan Beach (located in the four wheel drive area) property owners who wish to develop their land for commercial use previously denied by Currituck County.  The future development of Swan Beach will be a hot topic, and we will keep you closely posted.

Currituck County meanwhile approved the rezoning of 80 acres north of Harbinger to be changed from heavy industrial to conditional business zoning.  The Aquatic Development Group has plans to develop the OBX Water Park that will include parking for up to 4,000 vehicles.
In real estate news, things continue to look promising.  Total sales volume is up by 15% and the average sale price is up by 22%.  The number of properties placed under contract in the 1st quarter of 2016 compared to the 1st quarter of 2015 is up by 7%.  Distressed sales are down by 49% with only 27 having sold during the 1st quarter of the year.  Dare County filed only 29 foreclosures during the 1st quarter compared to 45 this same time last year.

As always if you have plans to be on the Outer Banks this summer please stop by and say hello!

March brought some warmer weather, blooming flowers, and lots of rain.  Local businesses are starting to gear up for the summer season, and many have already opened back up for business after their winter break.  We’ve noticed traffic picking up, and there seemed to be a lot of visitors in town over the spring break holidays.  Real estate activity is not quite as busy, however.  Typically election years are a little slower as uncertainty looms.  Inventory remains on the decline, and we feel confident that things will pick up soon.

In local news, the Dare County Commissioners accepted a beach nourishment bid from Great Lakes Dredge and Dock Company on March 17th.  The project encompasses Duck, Kitty Hawk, and Kill Devil Hills, and the total price tag is $38,596,850.  The project is set to start next April and should be completed sometime in June of 2017.  In north Duck RPC contractors has started work on a storm water improvement plan.  The 400 foot span is along Duck Trail in the Sound Sea Village area.

April is a great time to  be on the Outer Banks.  If your plans bring you to the Outer Banks check out the Duck & Wine Festival on April 25th at the Waterfront Shops in Duck.  It is sure to be a great event again this year.  And as always, stop by and say hello as you pass through.

February certainly brought winter to the Outer Banks, though thankfully it was a short winter.  We are now enjoying very mild temperatures amid spring breakers and daffodil blooms.  We only hope the nice weather lasts and old man winter is done with us.

Preliminary work began the last week of February on the new Bonner Bridge.  Crews began setting the stage for the long-awaited project with site preparation at the foot of the bridge, and construction equipment was brought in.

Please note that South Dogwood Trail remains closed for new bridge construction at the Tall Pine Bridge.  We are hopeful that will wrap up before Memorial Day. We will keep you posted.

The new proposed flood maps for Currituck County have been made public.  The new maps still need approval by the North Carolina Flood Plain Mapping Program, but we hope to see them go into effect next year.  The new maps are going to take thousands of homes out of flood zones and have the potential to save homeowners thousands.  It is excellent news for the real estate market too.

The month of February was rather flat for real estate sales, but we are attributing that to the inclement weather our neighbors to the north experienced, which made it difficult for potential buyers to travel.  There were a total of 202 units sold in February compared to 201 in February of 2015.  Condominium sales however, jumped up 67% and land sales remain up with a 6% increase.  We continue to see inventory decrease, currently down by 15% along with a significant drop in distressed property sales of 62%.  The market seems to be heading towards recovery.

We hope to see you on the Outer Banks soon!

We hope that 2016 is off to a wonderful start for you and your family.   After spending much of the holiday season in shorts and T-Shirts, January finally brought the arctic blast we knew was looming.  We even had a slight dusting of snow mid January.  

 

If you find yourself in Corolla in the coming months you will notice the  pedestrian path along highway 12 is coming along very nicely.  For those of you that enjoy active visits to the northern Outer Banks, Corolla Adventure Park has gotten approval to add a high ropes course which will be similar to the one that is currently located in Nags Head.    

 

In real estate news, 2016 seems to be off to a great start for us.  We are busy working with buyer clients, taking new listings, and negotiating offers.  Interest rates remain historically low, and inventory continues to decline.  Unit sales were up by 9% in January, and total volume was up by 36%.  Single family homes sales were up by 11% compared to January of 2015.  Land sales remain flat, but we believe this is due to decreased inventory, as construction is booming.  Inventory continues to decline on all fronts while distressed property sales are half of what they were this time last year.  We are more optimistic than ever.    As always, we will keep you posted and we hope to see you in Duck soon!