Although Hurricane Matthew was forecast to turn out to sea before impacting our area, we awoke to a full blown hurricane during the wee hours Saturday night and into Sunday October 9th. Many of the area’s most popular events were cancelled in anticipation of potential rain and wind, but few were prepared for the brunt of the storm that we got. The Duck Research Pier clocked winds at 80 miles per hour and we experienced torrential downpours totaling 17+ inches. The result has been widespread flooding due to the rain water sparing few areas of the island. There was some storm surge flooding too. The area was just drying out from Tropical Storm Hermine and the tropical depression that followed it, so we were in no way able to absorb the amount of rain that we experienced. Many homes and roads are still flooded. Power lines and trees came tumbling down, and the result was widespread power outages and now a widespread cleanup effort. The good news is that most have power once again, visitors are returning, and school is back in session. We have no doubts that the Outer Banks will be back to normal in no time. If you missed your fall Outer Banks getaway due to Matthew, hopefully you will have the opportunity to return before winter.
In real estate news, things are still improving. We saw a slight stall for sales during September, but that may be attributed to the upcoming election. There was only one short sale property sold during the entire month of September and only 3 bank owned sales. Both brought the average distressed property sale price up by over 20%. Land sales continue to be up with land inventory down by 16%. Single family homes sales were down just slightly with a 3% decrease, but the average sale price is up by 2% and inventory down by 10%. Condo sales are also up by 6%, and the average sale price for condos is up by 7%.
As always, please do not hesitate to ask if we can be of assistance to you.