We hope everyone is enjoying their Indian summer and having a great fall! Although the kids are back at school, we are still seeing above average numbers of tourist along the Outer Banks. The tourism board has done a great job with supporting the local industry by adding exciting events during the shoulder seasons to help bring in more business. The Duck Jazz Festival, the Outer Banks Bluegrass festival, and the Parade of Homes, to name a few, have brought in considerable amounts of traffic for our shops, restaurants, and especially real estate companies.
Just a friendly reminder to anyone planning on traveling to the OBX this off season, the eastbound Wright Memorial Bridge will be closed until May 2018. Keep a look out for detours and delays.
On the real estate front, the market level has increased significantly. We have personally witnessed numerous properties come on the market and generate multiple offer situations. This evidence suggests the inventory is still on the low side, and the demand is steadily increasing, prompting buyers to be more aggressive with their offers. The threat of rising interest rates in the late fall or early winter could also be a factor with potential buyers wanting to buy immediately. Another trend we have noticed in recent months is the level of interest for vacant lots. Many builders on the beach have mentioned a boost in the number of clients contacting them for new construction quotes and availability. Overall, the real estate market on the Outer Banks is demonstrating a substantial increase in activity.
As always, please don’t hesitate to call or email with any questions, or if you need anything. We’ve included the September OBAR statistics report for your review, but if you would like a tailored report with specific figures for your neighborhood please let us know. If you’ve been thinking about selling, we are happy to assist you with a free market analysis of your property. If you or anyone you know is interested in buying a property, we would love to help find the perfect home on the Outer Banks. Please feel free to stop by our office in Duck to say hello if you’re in the area. We hope everyone has a great fall!