The Outer Banks, along with the entire Eastern Seaboard, is breathing a sigh of relief as Hurricane Joaquin is passing to the East. After more than a week of very heavy rain from a stalled front, the last thing we needed was a hurricane.
In real estate news, the forecast is looking great! Residential sales are up by 13% for the year thus far, and land sales are also on the rise. Land is selling for 15% more this year, and residential values are also showing a 5% increase. Distressed property inventory is now decreased by 52%! Both residential and land inventory are also down.
Please note that Dogwood Trail is now closed for the replacement of the Tall Pine Bridge. This is going to take 6 to 9 months to complete.
We hope to be seeing a lot of you in the coming months. After the busy rental season has wound down, you can enjoy the best time to be here! Mark your calendars for the Duck Jazz Festival on October 11th and the Outer Banks Seafood Festival on October 17th. Have a great October!