We hope that everyone had a relaxing and enjoyable Fourth of July!
Is it any surprise that we associate the summer months with happiness and carefree living? Vacations at the beach, longer daylight hours, fewer hours of darkness, sun, warm weather, ice cream, and so many other exciting outdoor activities! What could possibly be disliked about this time of year? Except for weekend traffic, but that is why radios were put in cars right?
In local news, Mother Nature threw a curve ball for the holiday weekend with a surprise tropical storm. Thankfully, it didn’t amount to much other than watering some flowers and a bit of wind. Let’s hope that was the worst of the tropical weather for the rest of the year! As for the town of Southern Shores and their ongoing struggle to combat traffic, they decided the current method of closing down the side streets was ineffective, so they removed the barricades for the first weekend of July for the holiday weekend. It was not clear if this would be a permanent decision. However, it is surprising to see the town acknowledge that there was a different outcome this year. They determined this year, compared to last, the back-ups were exacerbated by the barriers placed at a number of intersections. How much longer until that bridge is built?
Now that the first half of 2022 is over, some concrete data suggests that sales this year won’t be as strong as they were in 2021. The sales volume for the month of June decreased by 22%. Residential sales have decreased by 23%, and land sales have decreased by 19%. If the last two years have taught us anything, it is to be prepared for the unexpected. The market is constantly shifting, and this year more than in recent years, the uncertainty is having a significant impact due to the steady rise in mortgage rates, construction costs, food prices, and rising costs of other commodities. According to the Outer Banks Association of REALTORS’ statistics report, the current decline we are seeing is solely attributable to the seasonal slowdown we typically experience at this time of year. Of course, we won’t know for sure until, as with many other things, we look back down the road.
If you’ve been thinking of selling, are looking to purchase, or have friends/family interested, please don’t hesitate to reach out, as we can send a free market analysis for your property and also add prospective buyers to the auto-email notifications for specific types of properties here at the beach. If you’re not able to come visit in person, we offer virtual showings and are more than happy to preview a home for you and send some notes.
We’ve included the OBAR statistics report for June* for your review. If you would like a more tailored report with specific figures for your neighborhood, please let us know, as the report we send contains figures from Corolla south until Nags Head.
Please don’t hesitate to call or email us if you have any questions or should you need anything at all.
The OBX Homes Team
