Considering that Hatteras Island has experienced two major storm events this year, the island’s economy is doing quite well.
Meal tax receipts, which reflect the results of food service businesses on the island, showed an increase of nearly 8 percent through July when compared to the same period last year.
Occupancy tax receipts, which provide insight into how well rental companies, campgrounds, motels, and B&Bs are doing, rose almost 5 percent over the first seven months in 2017.
2017 was a strong year for the island’s residential real estate market with the median sale price of homes rising 12.5 percent. Residential real estate indicators through August of this year reported positive results in almost all categories including the median sale price of homes which rose 5.2 percent over the January to August time frame last year.
|Homes for Sale||294||301||+2.4%|
|Residential Avg. Sale Price||$367,335||$363,725||-1.0%|
|Residential Median Sale Price||$290,000||$305,000||+5.2%|
|Residential Sales Volume||$66,487,774||$69,107,856||+3.9%|
|Residential under contract||46||44||-4.3%|
The median sale price of undeveloped lots through August registered a whopping 26.9 percent increase, reflecting renewed buyer interest in this market segment as well as a declining supply of available lower cost building sites.
We were very fortunate to have avoided widespread major damage from Hurricane Florence. While ocean overwash occurred in a number of places on the island, the major impact was deep sand on the road which caused N.C. Highway 12 to be closed for several days. However, there was no significant soundside flooding or extensive property damage.
It is difficult to gauge the impact that new bridge construction is having on the island’s economy, but the general consensus is that the visible progress that is taking place is bolstering consumer confidence. The concrete bridge over the Pea Island Inlet, now called the Captain Richard Etheridge Bridge, was completed last year. Construction of the new bridge over Oregon Inlet is reported to be over 90 percent complete, and it is anticipated that the bridge may be open to traffic as early as this December. In addition, initial work has begun on the 2.4 mile “Jug Handle” bridge that will bypass the perennial ocean overwash hot spot at the S-Curves north of Rodanthe. This bridge is expected to be completed in late 2020.
Whether you are a buyer or a seller, this is a very opportune time to evaluate the current state of the Hatteras Island economy in relation to your personal real estate plans.