June 2015 Recap

Posted Heather McLayPosted in News, News Letter

Our summer season is in full swing!  The beaches are packed, and local business owners are happy.  Surprisingly, traffic was very mild during June, and visitors enjoyed free-flowing traffic into Duck up through the last weekend of June.  As for many areas on the East Coast, June also brought some excessive heat.  We are hopeful that isn’t a sign of a warmer than normal August to come.  Despite national media coverage,  shark sightings have not seemed to deter any visitors from enjoying the ocean.

The market continues to show signs of improvement.  Residential sales are up by 8% as of the June report with single family homes leading the way at an increase of 9%.  Land sales are also looking strong with a 9% gain over last year.  The inventory is down by 10%.  We continue to see dramatic decreases in the number of distress property sales and foreclosures for the area.

If you are in Duck please stop by and say hello.  And do not hesitate to ask if you have any real estate related needs.  Have a great July!

 

May 2015 Recap

Posted Heather McLayPosted in News

The busy season is well underway on the Outer Banks.  Traffic has been manageable thus far, but we expect to see big changes in the coming days.  We savor this time of year, as the return of visitors to our area signifies a healthy local economy.

If you find yourself in Duck be sure to take advantage of the upcoming events on the Duck Town Green.  Morning yoga, movies and the summer concert series are about to begin.  You can visit www.townofduck.com for a complete schedule of events.

Many of you will be relieved to know that the Town of Southern Shores postponed the closure of the Tall Pine bridge until October.  Dogwood Trail serves as a lifeline for many local residents on the weekends during the busy season.

Real Estate news is excellent this month.  Single family residential sales are up by 8%.  Average sale prices are down slightly but things are moving in the right direction overall.  Land sales remain strong and are holding with a 16% increase this year.  Residential inventory is down by 16%, and distressed sales are down by 32%.  The improving market is being fueled by low interest rates.  Both primary and 2nd home loans are in the very low 4% range for a 30 year loan, and 15 year loans are available in the low 3% range.  Investment loan rates are also outstanding with 30 year rates coming in the mid 4% and 15 year rates in the mid 3% range.  We look forward to continued improvement for our local real estate market.

As always if you have any real estate related questions please do not hesitate to contact us.  Have a great summer!  And please don’t forget to send us your email address.

April 2015 Recap

Posted Heather McLayPosted in Uncategorized

 

April was a great month for both tourism and sales activity in Duck!  Both the Flying Pirate Half Marathon and bike week brought lots of visitors to the area this year.  Duck hosted the Duck and Wine Festival again this year also and the turn out was fantastic.

We are pleased to announce that the westbound lanes of the Wright Memorial Bridge are now reopened!  The project is now complete, just in time for our busiest months.  On another traffic note, be aware of your speed when traveling in North Duck.  The seasonal speed limit has been reduced to 35 mph.

In real estate news, things continue to improve.  The first quarter sales statistics are in, and residential sales have increased by 5% while land sales have jumped up by a tremendous 27%.  Inventory has continued to decline, residential inventory is down by 6% and land inventory is down by 11%.  Distressed property sales have also drastically declined with short sales down by 20% and bank owned down by 31%.  We are feeling very optimistic that the market will continue to improve.

We hope that your summer plans will bring you to the Outer Banks.  As always don’t hesitate to ask if you have any real estate related questions or need an updated market valuation.

 

 

March 2015 Recap

Posted Heather McLayPosted in News

The early signs of spring are abundant in Duck as the first waves of visitors have arrived for spring break!  After a record breaking cold winter we couldn’t be happier to watch the transformation around us. 

In Outer Banks news, we are pleased that the west bound lanes of the Wright Memorial Bridge should be opening in mid May.  We have enclosed an article about the bridge.  We are also enclosing an article about the strange rumblings we experienced several times over the winter.  We felt what might have been small earthquakes along the Outer Banks, and speculation has run high.  You’ll also find an article about the recent closure of Oregon Inlet to vessels that draw more than two feet of water.  This is a major concern for the area, and we hope there is a quick resolution. 

The real estate market seems to be on a continued path towards a slow and steady recovery.  The numbers for the first quarter look very promising.  Residential sales are up on the Northern Outer Banks with 94 units closing compared to only 78 during the first quarter of 2014.  Land sales are also on the rise, and foreclosures have continued to decline. 

As always, please do not hesitate to call, email, or stop by with any real estate or local-area questions we might be able to help with.