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! 

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

Fax (252) 562-0642

2400 N. Croatan Hwy

Unit B & C 

Kill Devils Hills, NC 27948

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