June 2016 Recap

Posted on Posted in News, News Letter

We hope that everyone enjoyed a safe and Happy 4th of July weekend. Needless to say, summer is now in full swing, the crowds have arrived, and the humidity and heat are here too, with temperatures in the 90’s on a regular basis now.

June was a bit quieter than usual for shops and restaurants, and the temps remained quite cool until just recently. Sales activity slowed in June, as it normally does this time of year, with showings becoming increasingly difficult because the homes are now rented.

Our 1st half of 2016 was very strong for our personal sales figures, and we wound up ranking number 1 in the Duck market and number 3 in the overall MLS, which covers the entire Outer Banks!

The MLS statistics for the first half of 2016 look good.  Residential sales for single family homes are down by 5% for unit sales; however, the median price is up by 10%.  Sales for condos are up by 10% this year.  Residential inventory is down by 8%, a very good sign of market health.  Land sales are up by 6%,  and land inventory is down by 10%.  The best news is that distressed sales are down considerably.  Short sales are down by 58%, and bank owned sales are down by 31%.  Dare County recorded 78 foreclosures the first half of 2015 and only 67 for the first half of 2016.  We remain optimistic that things are on track for market recovery.

Some other news: We plan to be slightly restructuring our team. In order to better serve our clients, and to assist in the growth of our business and expansion of our territory, we will be offering more “personalized service,” which we believe will improve the way we work with clients. To make our services more efficient, clients will have a primary agent, and the other agent will take a supporting role. Because of the heavier workload we are experiencing, we need to eliminate or limit duplication and overlapping duties so that we can give every client as much time and attention as always.

Enjoy your summer and if you’re in Duck, please stop in and say hello!