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!