| OBX MARKET 2024: It feels like Fall along the Outer Banks! After another successful summer season, we are ready for it. If you are like so many residents and visitors, you will agree that Fall is the best time to be on the Outer Banks! The weather is nearly perfect, and some of our favorite events are coming up soon, like the Outer Banks Seafood Festival and the Duck Jazz Festival! Be sure to check out our link to all upcoming events below! If you were in town over the summer, you might have noticed that the traffic was better on the weekends than it used to be (excluding the weekend after the Fourth of July). Some people attributed that to fewer rentals. I believe the rental model is changing, and more visitors opt to come in and depart on weekdays. Some rental companies offer flexible stays, and other guests opt for nontraditional options like Air BnB. I am keeping my eyes on this trend and will update you when I know more. |
| In real estate news, I continue to monitor the market closely. We are seeing a steady increase in inventory. Residential inventory is up by 52% since this time last year. Land inventory is up by 21%. Total sales volume is down by just 6% for the year, but we saw a big increase toward the end of July. We do anticipate sales for this fall to be strong. The number of building permits pulled in Dare County is up for the year, with 143 compared to 116 in 2023. Building permits are down in Currituck County so far this year, with 205 pulled compared to 230 for the same time last year. |