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.