May Recap

Posted on Posted in News

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. Luckily, all four lanes of the Wright Memorial Bridge are now opened again. We are looking forward to another beautiful summer on the Outer Banks and hope your summer plans bring you to the area.

Dare County recently approved a new concrete plant in Waves. There will be restrictions on the facility. And Currituck County has approved a 225 acre solar farm to be built on the mainland sometime next year.

In real estate news, sales have picked up a bit; however, we are still behind last year’s sales for the same period. The total number of properties placed under contract for the past year is down by 26% compared to the same time frame the previous year. The good news is that the total number of distressed property sales has gone down by 35%. Interest rates have gone up just a smidge, the 30 year fixed jumbo and conforming rate is at 4.375%. The 15 year rate is still very low at 3.5%.

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.