Edith Rowe is a “shining star” when it comes to OBX real estate! Born and raised on the Outer Banks she has seen many changes around here since childhood and has been a practicing NC Real Estate Broker since 2000. Even in today’s challenging world of Real Estate, Edith continues to be one of the Outer Banks Top Producers.
We hope you and your family are well. Spring has sprung along the Outer Banks. The weather is beautiful and we are excited to see our property owners returning to Dare County this week. We welcomed our Currituck property owners back last week. Visitors will be allowed reentry starting next Friday. Things seem to be getting back to normal here, albeit a new normal. Restaurants in North Carolina must remained closed to dine-in customers at least until May 22nd but most all restaurants in the area are offering take out and delivery options. We are optimistic that we will have a good turnout of summer visitors along the Outer Banks. We do anticipate social distancing and face coverings in public to be part of life for the foreseeable future.
In real estate news, we have stayed consistently busy. The market remains strong and it is a great time to advantage of stellar interest rates. Some sellers are more motivated but inventory remains low and demand is high. Over the past 30 days Outer Banks brokers have closed 98 properties! We have listed 84 new units and placed 77 under contract. Our team alone has listed 6 properties for sale, placed 4 units under contract, and closed 7 transactions.
As always each sector of the market is different. We are breaking it down by town for you:
Corolla:
Active listings: 296
under contract 30
year to date sold 80
Average Days On The Market 127
Average sale price compared to listing price: 93%
Average sale price $678,882
Duck:
Active listings: 86
under contract 14
year to date sold 46
Average Days On The Market 103
Average sale price compared to listing price: 92%
Average sale price $569,789
Southern Shores:
Active listings: 43
under contract 14
year to date sold 32
Average Days On The Market 75
Average sale price compared to listing price: 95%
Average sale price $537,839
Martins Point:
Active listings: 12
under contract 5
year to date sold 4
Average Days On The Market 135
Average sale price compared to listing price: 92%
Average sale price $658,750
Kitty Hawk:
Active listings: 24
under contract 16
year to date sold 27
Average Days On The Market 51
Average sale price compared to listing price: 95%
Average sale price $368,298
Kill Devil Hills:
Active listings: 86
under contract 34
year to date sold 87
Average Days On The Market 63
Average sale price compared to listing price: 96%
Average sale price $335,997
Nags Head:
Active listings: 106
under contract 15
year to date sold 67
Average Days On The Market 87
Average sale price compared to listing price: 95%
Average sale price $516,225
If you have any questions about buying or selling on the Outer Banks, please be in touch! We would love to help!
OBX Real Estate Resource Website
Mortgage update
Daniel Evans – Movement Mortgage:
Freddie Mac rate average hits all-time low:
The average for a 30-year fixed-rate mortgage hit an all-time low this week for Freddie Mac. Sitting at 3.23%, this is the lowest the Freddie Mac average has been since the entity started keep track of rates in 1971. While that is good news for current homeowners who might be able to benefit from a refinance, it’s not terribly helpful for folks who are out of work and cannot get a mortgage loan without a job.
The latest data from the Mortgage Bankers Association shows that, despite the millions of Americans without a job, purchases went up last week by 12% compared to the week before. As expected, the year-over-year number is down for purchases but that weekly increase is a big positive as we move into phased reopenings of state economies.
The MBA’s Vice President of Industry and Economic Forecasting, Joel Kan, was upbeat in his remarks. “The ten largest states had increases in purchase activity, which is potentially a sign of the start of an upturn in the pandemic-delayed spring homebuying season, as coronavirus lockdown restrictions slowly ease in various markets,” said Kan.
“California and Washington continued to show increases in purchase activity, with New York seeing a significant gain after declines in five of the last six weeks.”
Kan went on, saying, “Contributing to the uptick in purchase applications was that mortgage rates fell to another record low in MBA’s survey, with the 30-year fixed rate decreasing to 3.43%. However, refinance activity declined 7%, as rates for refinances likely remained higher than those for purchase loans. Lenders are still working through pipelines at capacity, and observed changes in credit availability for refinance loans have also in turn impacted rates.”
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
www.movement.com/lo/liz-pritchard/
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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