Outer Banks Spring Real Estate News

Outer Banks Spring Real Estate News

OBX Real Estate Spring News
OBX Real Estate Updates:
 
 
Duck pedestrian Trail | Bonner Bridge completion | Colington Road Project
 
 
Along the Outer Banks, everyone is busy preparing for another busy tourist season. The winter has been a mild one for us with no snow and very few days at or below the freezing mark.  
 
In real estate news, 2019 has been off to a bit of a slow start. Sales were down by 12% the first part of the year but are slowly picking up again as evidenced by the increase in the number of properties placed under contract. Under Contract properties increased by 6% over the past couple of weeks. The average sale price has also increased but inventory is up by 9% compared to this time last year. Some sectors of the market are seeing a decrease in inventory however. Primary residence inventory is still very low. Each town and each property type is different. If you'd like specifics on your property or your area please let us know. We'd love to help answer your questions!  
 
The West side bike path addition is nearly complete in Duck! It is certainly a welcome addition to Duck as so many visitors opt to walk or bike and park their cars while visiting.  
 
The new Oregon Inlet Bridge, newly renamed as the Basnight Bridge, is finally open to traffic! A dedication is planned for April 2nd to commemorate the long awaited bridge. After 30 years of planning it took only 2 years to complete the 2.8 mile bridge. The bridge cost 252 million, it soars 90 feet high, and was constructed with 8 feet shoulders. Stainless, reinforced steel was used that will allow for a long 100 year life span.  
 
At long last, a new gas station and store are in the works for the old service station that sits on the corner of Highway 158 and The Woods Road. The 35,000 square foot lot is located on the right just as you arrive on the Outer Banks and has always been an eyesore. We are excited for a replacement that will welcome visitors with a more appropriate greeting. The Kitty Hawk Planning Board has signed off on the project and the request for a conditional use permit will go before the Town Council next month. Stay tuned for more details as we have them.  
 
NCDOT anticipates the Colington road project to begin this year. The N.C. Department of Transportation’s (NCDOT) over $17M project intends to resurface, raise and straighten some stretches of Colington Rd to improve flooding and safety issues as well as add 10 ft shoulders on both sides of Colington Rd to include 7 ft wide asphalt bike lanes from Colington Dr to Baum Bay Dr. The project is expected to be awarded this June and construction should begin this year. NCDOT is still waiting on 56 of the 140 right of way acquisitions before beginning. This project will surely increase property values as Colington will be become more accessible to those wanting to visit and those living in Colington that want to venture out on bike or foot!
 
If you have any questions about buying or selling on the Outer Banks, please be in touch! We would love to help! 
 
 
 
 
Outer Banks Upcoming Events:
 
 
March 17th - the 29th Annual Kelly's Saint Patricks Day Parade. This parade starts at 1pm on Virginia Dare Trail and will go from Bladen Street to Driftwood Street. 
 
March 28th-31st Outer Banks Taste of the Beach. Enjoy four days of fun filled and tasty events! Go to obxtasteofthebeach.com for details and tickets. 
 
Sunday, April 14th Outer Banks Flying Pirate Half Marathon & First Flight 5k. Visit Outer Banks Sport Events website for more details at obxse.com 
 
April 20th-28th 17th annual Outer Banks Bike Week. Sponsored by Outer Banks Harley Davidson. 
 
April 28th 12-3pm OBX Taco Cook-Off. This tasty event will take place at Ortega'z in Manteo.
 
May 3rd 9:30-12:30 12th annual KidsFest 2019 will be held at Roanoke Island Festival Park. This is Free event that focuses on preschool aged children. It is lots of fun for kids and their families. 
 
June 2nd 11am till 5pm and again on September 8th, The Outer Banks Food Truck Showdown. This delicious event is taking place at the Soundside Event site in Nags Head mile post 16.5.
 
June 8th and 9th, Outer Banks Tiny Home Festival. Also taking place at the Soundside Event Site in Nags Head from 10-6 both days.  
 
June 18th and 19th, Under The Oaks Art Festival to be held at the Whalehead Club in Corolla. The event will be open from 10am until 5pm both days.  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
Mortgage Update
Liz Pritchard - Movement Mortgage:
RATES REMAIN LOW,
WILL HOUSING MARKET REBOUND?
 
With rates remaining low and stable, housing inventory increasing and home prices growing at their slowest pace in nearly four years, there is potential for 2019 to be a boom for the housing market.
 
Fed Chair Jerome Powell continues to reiterate his stance of patience with regard to the Fed’s approach on rate hikes. It’s expected that if there is a rate hike this year, it will be singular.
 
That stability is translating to a spike in mortgage applications as we get into the spring buying season. According to the Mortgage Bankers Association, mortgage applications were up 5.3 percent week-to-week and were 0.4 percent higher than a year ago at this time.
 
Home prices are still historically high right now but are also continuing their lean toward the favor of the homebuyer. According to the S&P Case-Shiller index, home prices are growing at their slowest rate since August of 2015 (4.7 percent in December 2018 down from 5.1 percent in November 2018).
 
The interesting part of that is, despite rates going down and home price growth slowing, that was not enough to offset the fact that homes are still not affordable for most Americans. Wage gains simply aren’t on the same level.
 
December’s housing start numbers were rough, down to their lowest level in two years. According to the Commerce Department’s numbers, new home construction is at its slowest pace since September of 2016. The data shows new home starts were down 11.2 percent from November. Permits to build housing were up slightly, just 0.3 percent in December.
 
Another thing that might help the spring buying season is a positive with regard to tax returns. Initial reports were showing frustrated people who were getting less in their return or having to pay out instead of getting a rebate. Now, after a four weeks of filing data, people are reporting better tax returns than previous years with the average tax return up 1.3 percent from a year ago according to IRS data.
 
 
Liz Pritchard |  Loan Officer
NMLS 1767063
 Office (252) 564-5023
2400 N. Croatan Hwy
Unit B & C 
Kill Devils Hills, NC 27948
 
 
We have the perfect house for you!
Click on our links for more information.
 
 
 
Edith Rowe & Catherine Brown Strachan
Associate Brokers, REALTORS
Brindley Beach Vacations and Sales
1213-C Duck Rd, Duck, NC 27949
Edith Direct 252-202-6165
Catherine Direct 252-489-9540

 

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