April was a great month for both tourism and sales activity in Duck! Both the Flying Pirate Half Marathon and bike week brought lots of visitors to the area this year. Duck hosted the Duck and Wine Festival again this year also and the turn out was fantastic.
We are pleased to announce that the westbound lanes of the Wright Memorial Bridge are now reopened! The project is now complete, just in time for our busiest months. On another traffic note, be aware of your speed when traveling in North Duck. The seasonal speed limit has been reduced to 35 mph.
In real estate news, things continue to improve. The first quarter sales statistics are in, and residential sales have increased by 5% while land sales have jumped up by a tremendous 27%. Inventory has continued to decline, residential inventory is down by 6% and land inventory is down by 11%. Distressed property sales have also drastically declined with short sales down by 20% and bank owned down by 31%. We are feeling very optimistic that the market will continue to improve.
We hope that your summer plans will bring you to the Outer Banks. As always don’t hesitate to ask if you have any real estate related questions or need an updated market valuation.