December Recap

Posted Heather McLayPosted in News, News Letter

The hustle and bustle of the holiday season is now behind us, and the children are heading back to school.  We hope everyone had a wonderful holiday season and 2014 is off to a great start!   

December remained a mild month on the Outer Banks.  We even had one beach day towards the middle of the month!  Each year we find that more and more visitors spend their fall and winter holiday vacations here on the Outer Banks and in Duck especially.  We enjoyed two weeks of visitors this year, and our sidewalks and restaurants were  summerlike with activity.   We expect a lot of visitors once again for the Martin Luther King holiday weekend.  Time will tell if they will be ready to take advantage of the great real estate deals of today’s market.  

2013 wasn’t our year to break records.  We closed close to 7 million in sales as a team, ranking us once again among the top agents on the Outer Banks.  Residential sales were down 3% from 2012.  However, land sales increased by 7%.  We have enclosed the year-end statistical report for your review.  The good news is that inventory continues to slowly decline.  The even better news is that short sales are down by 26%, and foreclosures are down by 19%.  Most predict that interest rates will go up before the end of 2014.  The perfect ingredients are in place for the Outer Banks real estate market to flourish once again.   

Let us hear from you!

October Recap

Posted Heather McLayPosted in News

The month of October held true to expectations, and was spectacular for the myriad of fall outdoor events even though the second week of the month disappointed us a little with daily rain showers.  The Duck Jazz Festival was a tremendous success.  It just seems to get better every year.  The Seafood Festival, held on the third weekend in October is also gaining in popularity and will likely be an annual event.  With live music and strong participation from local restaurants, you’ll want to catch it next year if you missed it, and you will surely want to go back if you attended this year.
 
The closure of the west bound side of the Wright Memorial Bridge has not continued to cause traffic problems.  Now that the off season is upon us, we are finding that one bridge is enough to handle the egress and influx.   
 
In real estate news, fall has helped bring the sales figures for 2013 more in line with those of 2012.  Land sales are up by 6%, and  building activity is noticeably on the rise.  Residential sales are down by only 1%.  The overall market is up by 1% compared to this time last year.  The foreclosure filings remain consistent each month, but the number of residential short sales has declined by 20%.  We are experiencing a slight decline in overall sales for 2013, but overall market health is consistent. 

September Recap

Posted Heather McLayPosted in News Letter

September ushered in some amazing fall weather with cool north breezes. The traffic back-up due to lane closures on the Wright Memorial Bridge resulted in a summer-like traffic feeling. However, if you have plans to visit the Outer Banks in October no need to worry, as things have calmed down a bit now.  If you aren’t planning to be on the Outer Banks in October, you should!  The weather couldn’t be better, and the Duck Jazz Festival and the Parade of Homes are on the immediate horizon.

Meanwhile, the government shut down has impacted our peak fishing season along the Cape Hatteras National Seashore.  The beaches are closed for our neighbors just to the south.  Perhaps areas just to the north will see increased fishing activity.  Other closures include the Wright Brothers National Monument and the Raleigh National Historic Site.  We are bracing ourselves for the certain economic impact that is to follow, and we are hopeful that this will be short term.

In real estate news, 2013 hasn’t been a banner year.  Year-to-date sales remain flat with only a 1% increase in activity.  The total volume is down by 5%.  The news is good for buyers, as the average sales price and the median sale price are down by 6%.  Inventory is on the rise by 1% this fall.  The number of under-contract properties along the Outer Banks is currently down by 6%.  The interest rates have remained in the mid 4% range.  Despite a slightly higher interest rate, the market continues to favor buyers. As always, please do not hesitate to be in touch if you have any real estate related needs. 

Enjoy your fall! 

August Recap

Posted Heather McLayPosted in News, News Letter

The 2013 peak summer season is now behind us, and the kids have gone back to school.  We’ve been enjoying some fantastic weather in recent weeks.  Temperatures were cooler than what is normally expected for August.  The wind shifting to a cool north breeze has already given us a handful of fall-like days. 
August also wound up being the busiest month for tourism on the northern beaches.  Twiddy & Company was fully booked for three weeks during August, while July saw a bit of a decline in occupancy rates.  Unfortunately, traffic congestion on Saturdays in August was more intense than we’ve experienced in past summers.  If you plan to visit the Outer Banks during the off season this year, be prepared for slowly moving traffic over the Wright Memorial Bridge.  On Sept 15th the westbound side of the Bridge will closed for repairs, and it will not reopen until May of 2014.  The bridge has a series of dips that require repairs.  The North Carolina Department of Transportation will spend $6.3 million to correct the problem. 
In real estate news, rates seem to have settled in the 4’s for now.  We are hoping they will not increase any more in the near future.  We do not expect rates to decrease below 4% again in the near future.  The number of properties placed under contract is down at this time by approximately 1/3.  This is typical of late summer, and sales will probably pick up as fall approaches.  We will continue to keep you posted. 
As always, if you have any real estate related questions or concerns, please let us hear from you. 

July Recap

Posted Heather McLayPosted in News Letter

July was a fantastic month on the Outer Banks. Occupancy hit 100% for most of the month and it was evident with heavy Saturday traffic and crowds abound. The rain took a bit of a hiatus, and we were fortunate enough to enjoy some cooler temperatures for much of the month.

Dare County approved the 1% occupancy tax increase in mid July. The rate will be 6% beginning in January of 2014, which is the same rate as Currituck County. The additional funds will be allocated to beach nourishment and shoreline management projects. The increase is expected to raise over $3.5 million each year.

If your homeowners insurance policy is up for renewal, be advised that rates increases are now in effect. The barrier island portions of Dare, Currituck and Hyde counties will see a 17% increase. Mainland areas will see a 3.4% increase. The rate increase will not apply to you if your rate was increased last year.

The Town of Duck has approved restrictions on oceanfront accessory structures such as pools, gazebos, and dune decks. These structures will now be prohibited within the first 30 feet of the fist line of stable natural vegetation. This will have the largest impact on the eroding areas of shoreline in Duck. Duck is also working on its first pedestrian plan. The goal is to improve the pedestrian experience in Duck with infrastructure improvements. The focus will be on the village center which has the highest pedestrian and bicycle usage. We hope that Corolla is going to follow suite.

In Real Estate news, interest rates have reached a 2 year high. The conforming, 30 year fixed rate is now at 4.5% and may increase a little more in the next 12 months. The year to date sales are still only down slightly compared to 2012. Residential sales are down by 3%, but the current number of under contract properties is only down by 1%, and land contracts are up by 6%. All year we’ve seen the number of distressed properties for sale decrease. At the close of 2012, distressed properties made up 13% of total inventory, and now they make up only 8%. We continue to see signs of market improvement and we are busier showing property to potential buyers than we’ve been in years.

As always please don’t hesitate to get in touch if you have any real estate related questions or concerns. We always like to hear from you.

June Recap

Posted Heather McLayPosted in News Letter

Rain, rain go away!  June was certainly not a dry month for our area.  We had only 14 days with no rain, and our rainfall total was nearly an inch and half more than our normal June rainfall totals.  Even though all of this rain has made everything very lush and green, we hope it clears up soon. 
 
Dare County will be voting on a 1% occupancy tax increase on July 15th.  The current rate is 5% and is 1% less than Currituck County currently charges.  The County needs to make up funding for the proposed beach nourishment projects in Kill Devil Hills and Duck.  The town of Kitty Hawk is also working on a large scale plan to reduce storm flooding.  These projects are critical to the long term enjoyment of the area.  
 
The town of Duck may soon be cracking down on oceanfront properties.  On June 5th, 2013, the Town Council of Duck held a public hearing in regard to a proposed ordinance that would require oceanfront pools, decks, dune decks and gazebos to be located a minimum of 30 feet from the first line of stable natural vegetation. CAMA currently requires a minimum setback of 60 feet for these types of structures but does not regulate placement within that setback. Thus, in some ways, the proposed ordinance is more restrictive than current CAMA regulations. The ordinance also has other requirements and bans.   We will keep you informed on this matter. 
 
In real estate news, interest rates are on the rise.  Rates are still low, but the days of 30 year fixed rates under 4% may soon be over.   With the first half of 2013  now behind us, we have some concrete numbers that indicate that this year will not be as good for sales as 2012 was.  The total sales volume is down by 12%.  Residential sales are down by 6%, but land sales are still up by 3%.  The good news is that the number of distressed properties on the market continues to decline.  Distressed properties now account for only 9% of the total inventory,  compared to 13% at the close of 2012.   During the first quarter of 2013, distressed properties made up 31% of the total sold properties, and that number is now down to only 16%.  This is a big improvement, to say the least. 
 
If your summer plans bring you to Duck, please stop by and say hello.  And, as always, please let us know if you have any real estate related questions.

May Recap

Posted Heather McLayPosted in News, News Letter

After what felt like the never-ending winter, it is feeling like summer on the Outer Banks again! The weather has been almost perfect for enjoying outdoor activities, and we are seeing visitor traffic picking up considerably. We are looking forward to another beautiful summer on the Outer Banks and hope your summer plans bring you to the area.

In real estate news, 2013 is finally beginning to pick up pace a bit. Residential sales have been down around 18% all year until now, but currently are down by only 5%. So even though residential sales aren’t up from last year, at least we are moving in a positive direction. Compared to this time last year, land sales are up by 15%, foreclosure fillings are down by 16%, and distressed properties are currently making up only 10% of active inventory, compared to last year’s 13%. At one point distressed property sales were nearly 40% of sales, but now only 22% of sales are for distressed properties. As we predicted, the market is making a slow but steady recovery. Continued low interest rates and fantastic deals are the biggest driving factors.

As always, please do not hesitate to contact us if you have any real estate related needs that we can help with. We hope your summer is off to a wonderful start.