| OBX MARKET 2025: It is nearly spring on the Outer Banks, and we couldn’t be more excited! The winter of 2025 proved to be a real winter for us, with not one but two snowfalls. Adults and children alike took full advantage of the extra days off school, and I watched many snowmen go up and lots of sledding on some of the well-known local sled hills. We aren’t likely to see snow again for another seven to nine years as we typically only see snow an average of once per decade. Many areas on the East Coast had snow, too, so even if you were not on the Outer Banks, I hope you got out and enjoyed the snow! Parks Service Outer Banks Layoffs The National Park Service has laid off somewhere between 1,000 and 2,000 employees thus far. The layoffs are said to be focused on probationary employees or those who have held their positions for less than two years. The three national parks on the Outer Banks are Fort Raleigh Historic Site, Cape Hatteras National Seashore, and The Wright Brothers National Memorial. As of this writing, we know six positions that have been cut at those locations. Which positions were cut is unknown at this time, and it remains unclear whether this will impact our summer tourism season. Historically, the National Parks hire more employees during the summers. Tax Re-valuation Update The Dare County tax revaluations have been completed, and you can expect to receive yours in the mail soon. The new property values went into effect on January 1st. There will be an option to contest your revaluation if you disagree. Dare County is reporting a staggering 67% increase in property values. The North Beach towns saw an increase of 55% up to 74%, while Hatteras Island saw a 55% increase, while mainland areas saw an average increase of 37%. Both Dare and Currituck County are revenue neutral, meaning the tax rate will be adjusted downward to offset the higher property valuations. The goal is to keep the tax bill relatively consistent and not cause hardships for homeowners. Insurance Update Insurance companies and state regulators have settled on insurance rate hikes. There will be an increase in both 2025 and 2026. There will not be an increase allowed in 2027. The area along the Outer Banks from Carova down to Ocracoke is known as Territory 110, and this area will increase by 5.1% in 2025 starting in June with policy renewals and new policies. A rate increase of 4.8% will go into effect in June of 2026 for territory 110. We can all agree that any increase is bad news, but this is much better than the 20% + increase insurance companies sought. Insurance Commissioner Mike Causey commented, “I fought hard for consumers and knocked them back to 7.5%. (average state-wide) We consider this a big win for homeowners and the State of North Carolina.” Mid-Currituck Bridge Update As a lifelong resident of the Outer Banks, I am no stranger to change on the island. Change can be difficult, but the bridge is needed and will improve the quality of the experience for visitors and residents. With more than 75 people gathered to hear public comment at the Currituck County Cooperative Extension building in Barco, the North Carolina Division of Water Resources held a hearing on the NCDOT and NC Turnpike Authority’s 401 water quality certification application for the Mid-Currituck Bridge (MCB). Although the 401 permit is limited to water quality, a dozen speakers came to the podium to vent their frustration over a project that they felt was unneeded, prohibitively expensive, and damaging to the environment; the majority in attendance were opponents to the bridge; while only two spoke in favor of it. Southern Shores Town Manager Cliff Ogburn and Council Woman Paula Sherlock. In my experience, most residents on the Outer Banks are in favor of the bridge, while residents at the proposed site of origin are opposed to it. The Mid-Currituck Bridge was first proposed in a planning exercise for Currituck County in 1978, and it became a part of NDOT’s planning documents in the 1990s. After years of false starts and successful court challenges, the $1 billion two-lane toll road will begin construction in 2026. Paula Sherlock, who spoke in favor of the project at the hearing, shared the following with me and I encourage you to submit your comments during the public comment period: Last Thursday, Southern Shores Town Manager, Cliff Ogburn, and I attended a hearing in Currituck Co held by the NC Division of Water Resources on whether or not to issue a necessary water quality permit for construction of the Mid-Currituck Bridge. Of 17 speakers & 75 folks in attendance, Cliff & I were the only ones who spoke in favor of issuing the permit to allow construction of the bridge. We weren’t booed but it was close. Please send an email in support of issuing this permit to PublicComments@deq.nc.gov by March 31st & please forward this email to anyone else who might be supportive. Email comments will be given the same weight as oral comments at the hearing. Some points to consider: NC Water Resources has already determined that there will be minimal temporary or permanent impact on water quality in the Currituck Sound and Maple Swamp. The bridge design includes protections for wetlands impact. After extensive litigation, Federal Courts, including the 4th Circuit Court of Appeals, held that NCDOT has met or exceeded all environmental standards. Amicus briefs in support of the bridge were filed by Southern Shores, Duck, KDH, Nags Head, Kitty Hawk & Currituck County. In 1980, when the Bridge was first discussed, there were 250 houses in Corolla – there are now almost 5000 & most are multiple-bedroom weekly vacation rentals. In Duck, there were 300 houses, and now, there are 3000. Each occupant of these houses has to travel through Southern Shores at least twice to get to and leave their home or rental. OBX is subject to hurricanes and other extreme weather events, not always predictable days in advance & evacuating everyone from the Northern Beaches over the only available access, the Wright Memorial Bridge, could result in a disaster. Remember the wildfires in Maui & Los Angeles? Southern Shores financially & physically maintain all of its internal roads & thousands of tourist & service vehicles use them as a “shortcut” to Duck & Corolla, especially during the summer. Residents, trapped in their homes every summer weekend, rightfully complain of increased carbon monoxide levels, choking car exhaust from idling cars, no access for emergency services, not to mention people tossing trash & taking bathroom breaks in their yards. We need this water quality permit to be issued! Please email your support to PublicComments@deq.nc.gov ASAP. Real Estate News Residential inventory is up by 48% as of January, according to the Outer Banks Board of Realtors. Land inventory is up by only 1%. While inventory is increasing, residential sales for January were also up by 25%. The median sales price is also up by 8%. While inventory is up, it is still very low compared to pre-pandemic inventory. Almost all towns saw pricing increases in 2024 – except for Hatteras Island – which is now entering the second year of decreasing prices. This is all related to inventory. Each town is different, so I am breaking it down for you town by town below: 4×4 Area:Currently for sale: 44 (up by 1)Currently pending: 2 (up by 2)Sold year to date: 2Average sale price: $417,500Average sale vs. list price: 84%Average days on the market: 157 Corolla:Currently for sale: 154 (up by 3)Currently pending: 26 (up by 2)Sold year to date: 22Average sale price: $802,365Average sale vs. list price: 93%Average days on the market: 107 Duck:Currently for sale: 31 (up by 3)Currently pending: 8 (down by 1)Sold year to date: 8Average sale price: $1,405,300Average sale vs. list price: 93%Average days on the market: 69 Southern Shores:Currently for sale: 31 (up by 3)Currently pending: 13 (up by 1)Sold year to date: 11Average sale price: $879,909Average sale vs. list price: 96%Average days on the market: 31 Martins Point:Currently for sale: 3Currently pending: noneSold year to date: 3Average sale price: $1,534,166Average sale vs. list price: 94%Average days on the market: 16 Kitty Hawk:Currently for sale: 24 (up by 1)Currently pending: 12 (same)Sold year to date: 13Average sale price: $845,250Average sale vs. list price: 94%Average days on the market: 68 Kill Devil Hills:Currently for sale: 86 (up by 1)Currently pending: 31 (down by 2)Sold year to date: 41Average sale price: $710,048Average sale vs. list price: 97%Average days on the market: 42 Nags Head:Currently for sale: 48 (no change)Currently pending: 25 (up by 3)Sold year to date: 23Average sale price: $1,030,472Average sale vs. list price: 94%Average days on the market: 56 Hatteras Island:Currently for sale: 163 (up by 11)Currently pending: 38 (up by 16)Sold year to date: 32Average sale price: $647,353Average sale vs. list price: 92%Average days on the market: 90 Manteo:Currently for sale: 32 (up by 5)Currently pending: 13 (up by 9)Sold year to date: 11Average sale price: $484,090Average sale vs. list price: 89%Average days on the market: 82 Colington Island:Currently for sale: 23 (down by 2)Currently pending: 12 (up by 2)Sold year to date: 15Average sale price: $529,800Average sale vs. list price: 95%Average days on the market: 71If you have any questions about the current market and how it impacts your investment, please don’t hesitate to ask! OBX Real Estate Resource Website COASTAL VILLAS Lots for sale Welcome to Coastal Villas, the Outer Banks’ newest premier community. Each homesite offers nearly a half acre for your new Outer Banks dream home! Your homesite is cleared, filled, and ready to build on with plans (subject to approval by the architectural review board). Located just south of Jockey’s Ridge, you can expect a beautiful view of the dunes and potential ocean views. Select vegetation such as live oaks, cypresses, and small pines are scattered for privacy and natural beauty. Coastal Villas is the ideal charming neighborhood located near some of the most beautiful beaches the Outer Banks has to offer. You will also appreciate the location for easy access to some of the best dining, shopping, and sites available. The neighborhood connects to the bike path if you prefer to walk or bike! CLICK BELOW FOR ALL OF THE OUTER BANKS EVENTS HAPPENING THIS WINTER SEASON: Mortgage Update Shane Cook – Guaranteed Rate: Mortgage Market:The major headline this week would be the decline in mortgage rates. In fact, mortgage rates are now at 4-week lows with the national average on a 30-year fixed loan coming in at 6.79% on Mortgage News Daily and 6.76% with Freddie Mac. 30-year fixed rates in the high 5s are possibly available, after paying some level of discount points. If you have a listing that is sitting, you could have the seller offer to pay 1 discount point at closing, which could possibly open up some mortgage options in the 5% ranges to prospective buyers. This would especially apply on primary residence conventional and FHA and VA loans. Another exciting development is the re-emergence of attractive adjustable-rate mortgage rates (ARMs). This is something we haven’t seen since 2022 due to the inverted yield curve. An inverted yield curve is when short-term rates (ARMs) are higher than long-term rates (30 year fixed loans.) The yield curve is no longer inverted, opening up some better options on short-term loans like Adjustable Rate Mortgages. Don’t hesitate to reach out if I may be of assistance. ~Always available 252-207-2665 Shane CookProducing Branch Manager(252) 207-2665  Outer Banks Real Estate ResourceEdith RoweAssociate Broker, REALTOR ®Brindley Beach Vacations and Sales1213-C Duck Rd., Duck, NC 27949Edith Direct 252-202-6165edithroweobx@gmail.com   OBX Real Estate Resource | 252-202-6165 |
