February 2016 Recap

Posted on Posted in News, News Letter
February certainly brought winter to the Outer Banks, though thankfully it was a short winter.  We are now enjoying very mild temperatures amid spring breakers and daffodil blooms.  We only hope the nice weather lasts and old man winter is done with us.
Preliminary work began the last week of February on the new Bonner Bridge.  Crews began setting the stage for the long-awaited project with site preparation at the foot of the bridge, and construction equipment was brought in.
Please note that South Dogwood Trail remains closed for new bridge construction at the Tall Pine Bridge.  We are hopeful that will wrap up before Memorial Day. We will keep you posted.
The new proposed flood maps for Currituck County have been made public.  The new maps still need approval by the North Carolina Flood Plain Mapping Program, but we hope to see them go into effect next year.  The new maps are going to take thousands of homes out of flood zones and have the potential to save homeowners thousands.  It is excellent news for the real estate market too.
The month of February was rather flat for real estate sales, but we are attributing that to the inclement weather our neighbors to the north experienced, which made it difficult for potential buyers to travel.  There were a total of 202 units sold in February compared to 201 in February of 2015.  Condominium sales however, jumped up 67% and land sales remain up with a 6% increase.  We continue to see inventory decrease, currently down by 15% along with a significant drop in distressed property sales of 62%.  The market seems to be heading towards recovery.
We hope to see you on the Outer Banks soon!