We hope 2020 is turning out to be a great year for you and yours thus far. We are optimistic about real estate along the Outer Banks this year! Inventory continues to be low in most townships and the year has started out with strong buyer interest and very low mortgage rates. Mild temperatures are encouraging visitors to come and explore homes in the area and momentum is picking up.  Every property and every town varies so we are breaking down the numbers for you. If you have any questions about your property values please let us know. New assessments often raise questions and we'd love to help!
 
Corolla:
265 homes are currently on the market for sale
26 homes are currently under contract
21 homes sold during the month of January
The average sale price was $549,440 bringing an average of 93% of the asking price
 
Duck:
65 homes are currently on the market for sale
21 homes are currently under contract
10 homes sold during the month of January
The average sale price was $776,499 bringing an average of 92% of the asking price
 
Southern Shores:
44 homes are currently on the market for sale
11 homes are currently under contract
11 homes sold during the month of January
The average sale price was $477,909 bringing an average of 92% of the asking price
 
Martin's Point:
12 homes are currently on the market for sale
3 homes are currently under contract
No homes sold during the month of January
 
Kitty Hawk:
37 homes are currently on the market for sale
11 homes are currently under contract
4 homes sold during the month of January
The average sale price was $371,900 bringing an average of 97% of the asking price
 
Kill Devil Hills:
97 homes are currently on the market for sale
39 homes are currently under contract
18 homes sold during the month of January
The average sale price was $309,583 bringing an average of 95% of the asking price
 
Nags Head:
123 homes are currently on the market for sale
34 homes are currently under contract
14 homes sold during the month of January
The average sale price was $454,700 bringing an average of 96% of the asking price
 
Mortgage update
Daniel Evans - Movement Mortgage:
 
The coronavirus has officially made its mark in the United States with the Centers for Disease Control reporting its first case of human-to-human transmission. So what does that have to do with your mortgage rates? 
 
The news from the CDC caused the Dow to drop by about 200 points as investors got a little shaky about stability. When investors retreat to the relative safety of purchasing government bonds, mortgage rates tend to fall.
 
We are seeing the 10-year Treasury note yield drop back to levels similar to August and September of last year, when rates dropped dramatically. Just a week ago the yield was trading at 1.762% at its high, and was trading early Friday morning at 1.553%.
 
The Federal Reserve Open Market Committee again decided to maintain the current overnight lending rate of 1.5%-1.75%. The main concern held by FOMC members is that if they don’t push for inflation, there will be little room to cut should the economy experience a downturn moving forward. 
 
The Mortgage Bankers Association weekly report on mortgage applications has already seen activity tick upwards quickly, with January’s data hitting an 11-year mid-month high. Mortgage rates dropped again this week as the Treasury note yields dropped. The Freddie Mac 30-year fixed-rate mortgage average went down to 3.51% this week, the second-lowest in three years. 
 
Liz Pritchard |  Jr. Loan Officer
NMLS 1767063
(252) 564-5023
2400 N. Croatan Hwy Suite B
Kill Devil Hills, NC 27948