May was a bit cooler and wetter than expected, but we are seeing the benefits now as we enjoy the late spring flowers! Traffic began to pick up predictably, and the holiday weekend brought a fantastic turnout of visitors to the area. Twiddy & Company is kicking off our 38th year serving guests and homeowners in the northern beaches. You might have noticed recently that the rental management division has ventured south and is now representing several oceanfront homes in the Kill Devil Hills area.
We are pleased to share with you that the Tall Pine Bridge in Southern Shores has reopened allowing passage through Dogwood Trail once again. The Currituck Pedestrian path is also nearly complete and should be fully accessible within another week or so. It really is an outstanding addition to the Corolla area that everyone can enjoy.
In real estate news, the market continues to slowly improve. The average sale price is up by 10% over the area while inventory is down by 6%. Condominium sales are very hot this year with a staggering 22% increase from 2015. Single family home sales are down just slightly, and residential inventory is down by 6%. Land sales are up by 6% with land inventory down by 4%. Distressed property sales are down by 40% so far this year. Things are moving in the right direction, and we continue to have a good amount of business representing both buyers and sellers.
The summer of 2016 is sure to be busy, and we hope you are planning a trip to the Outer Banks. The fireworks this year will once again be held at The Whalehead Club, Kill Devil Hills, Nags Head, Manteo and Ocracoke Island. Don’t forget that both the Town of Duck and The Whalehead Club continue to host concerts and events all summer long. Have a great summer!