Deciding on a topic for this month's article was a choice between sharing signs that we are seeing of a recovery in the real estate market and summarizing several important current event items. So, I took the easy way out and decided to do both.
When we look back on the first five months of 2016, real estate results are encouraging. Selling prices are up. The total dollar value of sales is higher than it was for the same period last year, and the number of properties under contract to be sold has risen steadily since January.
Among these indicators, I am most impressed with the growth in the number of residential properties that are under contract to be sold. Properties under contract are an indicator of future closed sales. The following chart shows the monthly improvement in the number of under contracts this year.
In my opinion, the real estate market on Hatteras Island is in the early stages of recovery from a prolonged buyer's market.
Turning to current event updates:
- The long-awaited preliminary Flood Insurance Rate Maps were released on June 30th. Flood Insurance Rate Maps show the flood zones within which properties fall. Flood zones, in turn, affect the price that homeowners pay for flood insurance. Early evaluations of the maps suggest that base flood elevations throughout Dare County are going down in most areas.
- Details concerning the Rodanthe Bridge project were presented at a public meeting on June 20th. The proposed bridge, informally called the "jug handle bridge," will be about 2.3 miles long. Its total length including roadways at the north and south ends of the bridge will be 2.8 miles. The northern approach to the bridge will begin 1.8 miles north of the houses in Rodanthe, cross a short segment of land in the Pea Island Wildlife Refuge, go out over the Pamlico Sound, and reconnect with Highway 12 in the vicinity of the small collection of shops north of the Liberty gas station. Once the project is completed, the paved roadway will be removed between the northern end of Rodanthe and the approach to the bridge. The distance from the bridge to the shoreline will vary, but it will average about a quarter of a mile.
- Shoaling in Hatteras Inlet has become a critical safety issue with adverse impacts on the charter fishing boat fleet, commercial fishing, and recreational fishing. Dredging of the connecting channel between Hatteras Village and Hatteras Inlet is under way. It is anticipated that it may take three to four weeks for the dredging of this shorter route to the ocean to be completed.
With the real estate market improving, it may be an opportune time to consider marketing your cottage or a lot that you own. The Outer Beaches Sales Team of experienced professional brokers is available to assist you with all of your real estate needs. The Sales Team may be reached toll free by phone at 866.627.6627 or by e-mail at [email protected].