September is a magical month, especially along the Outer Banks! The daily temperatures aren’t as hot, and the evenings aren’t as cold, creating perfect weather conditions, and the crowds have thinned out a bit. September serves as a gentle reminder to slow down and take advantage of the outdoors as the summer fades into the background and autumn draws near. We hope that everyone is still having a great time during the final few weeks of the summer and had a wonderful Labor Day weekend!

Thankfully, this year did not turn out to be the above-average storm season that was originally predicted. For the first time in a long time, there were no Atlantic basin hurricanes during the peak summer months. According to Phil Klotzbach, a hurricane researcher at Colorado State University, this is the first time since 1941 that the Atlantic has gone without a named storm from early July to the end of August. Sure enough, right after we turned the calendar to September, Tropical Storm Danielle was named. Thankfully, the storm formed far enough off in the ocean that it did not impact any coastal areas. We hope that the current weather pattern holds and that no hurricanes threaten our area for the rest of the year. The absence of storms also facilitated keeping this year’s beach nourishment programs on track and on schedule. Several towns are still a couple of months away from their completion dates, but if you want to know the status of any specific area, please visit www.morebeachtolove.com for updates.

According to the MLS data from August, inventory fell for the first time in five months, and sales were higher than in July. Despite the recent uptick in sales, however, we did notice that a lot of the properties that sold or are still pending had a price reduction before entering into contracts. As stated in our previous owner notes, our local REALTOR’s office believed the slowdown was seasonal, and it appears that this holds to be true based on the data from the previous month’s report. Over the coming months, we anticipate an increase in inventory, which will be a factor in the market’s becoming more balanced and could possibly make it less of a seller’s market.

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.

We’ve included the OBAR statistics report for August* for your review. If you would like a more tailored report with specific figures for your neighborhood, please let us know, as the report we send contains figures from Corolla south until Nags Head.

Please don’t hesitate to call or email us if you have any questions or should you need anything at all.

The OBX Homes Team

“If you saw a heat wave would you wave back?” Thank you for sharing your sense of humor, Steven Wright. Sometimes all we can do is laugh about the heat and express our gratitude for air conditioning. You are not alone if you have considered frying an egg on the sidewalk in recent weeks. This summer will undoubtedly go down in history as one of the hottest on record. The good news is that September is quickly approaching, and fall will soon follow! Can you tell we love fall around here?

In local news, a bill to promote elevator safety at short-term rental properties was approved by North Carolina Governor Roy Cooper last month. The new law was enacted in response to a young child’s death at a vacation rental last summer in Corolla. Rental property owners are now required by law to install a barrier over any sizable openings between the floor and the elevator. The updated safety requirements outlined in the new law will go into effect on October 1, 2022. Please take note that the homeowner must file documentation with the state Insurance Department. We would like to offer a friendly piece of local advice: If you own a property with an elevator, it might be in your best interest to contact a local elevator company very soon so you can get on their schedule to make the necessary changes before the law goes into effect. We noticed that a few elevator companies were already having supply problems and were being forced to place backorders for the parts to complete the repair. Please feel free to contact us if you have any questions regarding this new regulation.

In recent months, the real estate trend has remained consistent. Despite a gradual increase in inventory, homes are staying on the market for longer periods of time. Buyer activity is somewhat flat, but this could change once they have a better sense of the overall economy’s direction. The pattern appears to correspond with the seasonality of the neighborhood market, but we won’t know for sure if the market has shifted until the fall. We’ve seen a flurry of price reductions, some of which immediately increased interest in specific properties while having no effect on others. We remain optimistic that the activity will resume in the fall.

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.

We’ve included the OBAR statistics report for July* for your review. If you would like a more tailored report with specific figures for your neighborhood, please let us know, as the report we send contains figures from Corolla south until Nags Head.

Please don’t hesitate to call or email us if you have any questions or should you need anything at all.

The OBX Homes Team

We hope that everyone had a relaxing and enjoyable Fourth of July!

Is it any surprise that we associate the summer months with happiness and carefree living? Vacations at the beach, longer daylight hours, fewer hours of darkness, sun, warm weather, ice cream, and so many other exciting outdoor activities! What could possibly be disliked about this time of year? Except for weekend traffic, but that is why radios were put in cars right?

In local news, Mother Nature threw a curve ball for the holiday weekend with a surprise tropical storm. Thankfully, it didn’t amount to much other than watering some flowers and a bit of wind. Let’s hope that was the worst of the tropical weather for the rest of the year! As for the town of Southern Shores and their ongoing struggle to combat traffic, they decided the current method of closing down the side streets was ineffective, so they removed the barricades for the first weekend of July for the holiday weekend. It was not clear if this would be a permanent decision. However, it is surprising to see the town acknowledge that there was a different outcome this year. They determined this year, compared to last, the back-ups were exacerbated by the barriers placed at a number of intersections. How much longer until that bridge is built?

Now that the first half of 2022 is over, some concrete data suggests that sales this year won’t be as strong as they were in 2021. The sales volume for the month of June decreased by 22%. Residential sales have decreased by 23%, and land sales have decreased by 19%. If the last two years have taught us anything, it is to be prepared for the unexpected. The market is constantly shifting, and this year more than in recent years, the uncertainty is having a significant impact due to the steady rise in mortgage rates, construction costs, food prices, and rising costs of other commodities. According to the Outer Banks Association of REALTORS’ statistics report, the current decline we are seeing is solely attributable to the seasonal slowdown we typically experience at this time of year. Of course, we won’t know for sure until, as with many other things, we look back down the road.

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 come visit in person, we offer virtual showings and are more than happy to preview a home for you and send some notes.

We’ve included the OBAR statistics report for June* for your review. If you would like a more tailored report with specific figures for your neighborhood, please let us know, as the report we send contains figures from Corolla south until Nags Head.

Please don’t hesitate to call or email us if you have any questions or should you need anything at all.

The OBX Homes Team

We hope you enjoyed your Memorial Day weekend! June has arrived, bringing with it warmer temperatures and longer daylight hours. There are numerous fun events going on, including several outdoor concerts from Corolla to Manteo. We highly recommend that you join in the fun while you’re in town! Finally, happy Father’s Day to all the fathers, grandfathers, and those individuals who are just like dads.

In our area, beach nourishment has begun. One project is currently underway in Kill Devil Hills and will progress north to Duck. Each town’s expected completion time is one month, resulting in the following rough timeline: Kitty Hawk in July, Southern Shores in August, and Duck in September. Also this year, beach nourishment will also be completed in Nags Head, with work set to begin in early August. Remember that this plan is subject to change based on weather conditions, so the dates are only estimates. For the most recent information, please visit https://www.darenc.com/government/beach-nourishment/upcoming-projects.

In real estate news, individual transaction prices in our local market were still higher than expected in May, but the aggregate number of transactions declined. It’s tough to tell if the market is cooling or if sales are being affected by our usual seasonality. Some could argue that, with interest rates already a couple of points higher, the current frenzy will start to shift by the end of the year or early next year. However, there continues to be a shortage of homes listed which is keeping prices higher than pre-pandemic levels. We cannot state with certainty that things will have a significant impact on our market in the near future, but there are hints that changes could be on the way.

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 come visit in person, we offer virtual showings and are more than happy to preview a home for you and send some notes.

We’ve included the OBAR statistics report for May* for your review. If you would like a more tailored report with specific figures for your neighborhood, please let us know, as the report we send contains figures from Corolla south until Nags Head.

Please don’t hesitate to call or email us if you have any questions or should you need anything at all.
The OBX Homes Team

“May . . . it’s full of all the things that make spring and the brighter part of the year so special. Flowers bud, the sun shines, and new seeds are sown into the fabric of our lives. May is awesome.” ―Jenna Danchuk. Is there a more evocative way to describe the month of May? We hope everyone had a wonderful Mother’s Day!

In local news, our community is preparing for another busy summer season. We’re about as close to “normal” as we were a few years ago. The usual topic of conversation is traffic, which has returned to being the main topic of discussion. Southern Shores held a public meeting at the end of last month to discuss several traffic mitigation techniques to relieve congestion on busy weekends throughout the summer months. Tourists have traditionally used residential streets in the municipality in an attempt to discover a faster path to destinations north. There have been multiple complaints about the “no left turn” regulation implemented in recent years, but as Southern Shores Mayor Elizabeth Morey put it, “There’s no one magic way to make it go away.” Following their recent May meeting, town officials announced that they will file an amicus “friend of the court” brief in support of the Currituck Bridge to demonstrate their public backing for the bridge’s construction. They have until mid-June to file this, and we hope to hear more about the bridge’s progress soon.

In real estate news, many of us are wondering how current world events will affect our own future and investments. The upheaval in Ukraine, ongoing COVID outbreaks, and the Federal Reserve’s repeated threat to raise interest rates all have a significant influence on our local and national economies. In an ideal world, our current market would remain robust. However, we’ve witnessed a significant drop in activity during the last few weeks. With each rate hike, many customers’ purchasing power diminishes, and the fear of missing out on buying a beach property is no longer a motivator for others. To deal with the recent slowdown, we’ve been less aggressive in our market analysis. We’re hoping this is only a brief pause, similar to what we experienced last fall for a few months.

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 come visit in person, we offer virtual showings and are more than happy to preview a home for you and send some notes.

We’ve included the OBAR statistics report for April* for your review. If you would like a more tailored report with specific figures for your neighborhood, please let us know, as the report we send contains figures from Corolla south until Nags Head.

Please don’t hesitate to call or email us if you have any questions or should you need anything at all.

The OBX Homes Team

Mark Twain once said, “In the spring, I have counted 136 different sorts of weather within 24 hours,”. During the same week last month, we had snowfall and beautiful, sunny beach days. Quite an interesting time of year it can be in our area during this season! Let’s hope Mother Nature gets her act together and begins paying attention to the calendar so we don’t have to deal with any more wacky weather.

The OBX Homes team is excited to share information about an upcoming event that is close to our hearts. From 1 to 5 p.m. on Sunday, April 24, the Outer Banks SPCA will host a Bark in the Park event at Dowdy Park in Nags Head. We’d love to see you there if you’re in the neighborhood. Please visit https://www.obxspca.org/donate/ if you’d want to support this event or the SPCA in general. We all know how much joy our pets provide us, and this is a terrific way to help animals in need and anyone considering adoption. For further information about the event, please see the attached flyer in this email.

According to local press, Currituck County has revised the process for beach parking permits in the 4×4 area. If you own property in Currituck County and would like additional information about these changes, please visit the following link: https://co.currituck.nc.us/beach-parking/. As a reminder, from April 30 to October 1, beach parking permits are required in the 4×4 area. If you plan on hanging out on this stretch of Corolla, please apply for a parking permit at https://currituckcountync.ticketspice.com/currituckbeachparking. Please note there is a limit of 300 permits per week for all non-property owners or tenants and that permit costs $50 for the week.

In real estate news, the possibility of rising interest rates has prompted a feeding frenzy among last-minute investors, apparent from the most recent statistics report. In the month of March alone, 13 homes sold for more than $2 million. At the time of writing, our MLS has 25 listings under contract with a $2 million asking price, 21 of which are north of the Oregon Inlet. At the same price point or higher, there are more homes under contract than active listings. The shrinking inventory is forcing prices higher and higher, keeping sellers in the lead, but there’s always the possibility that current events and the status of our economy could change the game. It’s worth pointing out that we have noticed a decrease in buyer interest. The key question is when or if prices will level off or even start to decline. Only time will tell.

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.

We’ve included the OBAR statistics report for March* for your review. If you would like a more tailored report with specific figures for your neighborhood, please let us know, as the report we send contains figures from Corolla south until Nags Head.

Please don’t hesitate to call or email us if you have any questions or should you need anything at all.
The OBX Homes Team

In honor of the great Irish holiday ahead, we thought we’d share an Irish wish for you to start our monthly owner note. “May peace and plenty be the first to lift the latch to your door, and happiness be your guest today and evermore.” With all the negative news surrounding us, we thought we would focus only on the positive.

So here’s some positive news: Currituck County property owners just received an encouraging update about their flood insurance rating. During times of increased costs for just about everything, the county’s improved ranking within the National Flood Insurance Program (NFIP) could likely decrease homeowners’ annual premiums. The potential discounts come from Currituck’s proactive measures to meet certain criteria suggested by the Community Rating System (CRS). This is not a requirement of the NFIP, but something offered to each area locally to help achieve a better rate. The county was placed in a class that is presumed to receive a 20% discount for all policies in its Special Flood Hazard Areas. We are not sure if this is effective immediately, but hopefully, it will be a favorable break for many property owners’ wallets.

In real estate news, the majority of properties that were listed last month went under contract in record-breaking time. The average days on the market for February 2022 was 48. This is down over 50% from what it was last year during the same time frame (82 days). In many cases, properties that were priced appropriately faced multiple offer situations. This generally puts sellers in a great position; however, they are now presented with the challenge of determining which offer is the best fit for their needs. It is not always the case that the highest offer price wins the contract. This market brought forth some creative offers that make it tougher for sellers to see one as a slam dunk over the others. When presenting offers to clients, we help to break down each aspect of the offers and ask the sellers to prioritize what they want most from the sale. Although it seems like a great problem to have, even in this heavily-favored seller’s market, there are challenges to overcome. We continue to be amazed at the current market conditions and hope it remains strong for our clients!

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 come visit in person, we offer virtual showings and are more than happy to preview a home for you and send some notes.

We’ve included the OBAR statistics report for February* for your review. If you would like a more tailored report with specific figures for your neighborhood, please let us know, as the report we send contains figures from Corolla south until Nags Head.

Please don’t hesitate to call or email us if you have any questions or should you need anything at all.

The OBX Homes Team

It might be hard to imagine how cold it has been on the Outer Banks this winter, but it’s snow joke! Yes, the OBX saw snow a couple of times already; however, we have been lucky to not have endured the extreme conditions that many other parts of the country experienced. It’s a good thing March is right around the corner. We will do our best to manifest an early spring and warmer conditions unlike our friend Punxsutawney Phil.

Many beaches along the Outer Banks will be getting another facelift later this year with beach nourishment. As of right now, Duck is the only town that has tentative dates which are set to start early August and end in September. We have not heard anything on timing for Southern Shores, Kitty Hawk, Kill Devil Hills, or Nags Head; however, many variables impact the schedule like weather and permits, etc. The timeline for these beaches will likely not be known until later this spring, but it is important to note it could affect rentals for a few weeks. If your house is in a rental program, we recommend you reach out to your property manager to ask for more information. Basic information can be found on their www.morebeachtolove.com website for anyone with questions.

Chief Economist, Mark Flemming wasn’t specifically talking about our local market, when he said “Strong demographic demand will continue to act as the wind in the housing market’s sails,” but he could not have been more accurate if he were. The demand for properties in our area is extremely high, and potential buyers are essentially begging people to sell their homes. The low inventory is expected to continue well into 2022. At the end of January, the number of residential properties (all co-ownership, condos, townhomes, and single-family homes combined) for sale in our MLS was 281*. Let’s put this into perspective: Last year that number was 443, and in 2019 it was 1330 properties! To say it’s a seller’s market is an understatement right now. If you have any intention of selling in the next few years, now might be the best time to consider it. Threats of rate increases might dwindle the purchasing power of these buyers and ultimately lessen the overall demand.

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 come visit in person, we offer virtual showings and are more than happy to preview a home for you and send some notes.

We’ve included the OBAR statistics report for January* for your review. If you would like a more tailored report with specific figures for your neighborhood, please let us know, as the report we send contains figures from Corolla south until Nags Head.

Please don’t hesitate to call or email us if you have any questions or should you need anything at all.

The OBX Homes Team