Wishing you a safe and happy holiday season! 2020 has been a remarkable year for all of us, to say the least, and the housing market was no exception. Over the past 11 months, we’ve experienced an increase in sales volume in our area, as well as an increase in the average sales price. In the Outer Banks, the overall volume increased by 62% and the average sales price increased 14% to $466,952. Wow!
So why the large increases? We all remember when officials closed the Outer Banks in March as the virus spread, but when the areas reopened in May we saw people flock to the area from all over the country. Employees working from home were able to work from wherever they wanted, so many moved from higher tax and traffic areas to our region. Families moved away from larger cities and into more suburban and rural areas, like the Outer Banks. Plus, interest rates hit historic lows last year, which allowed buyers to push their budgets further.
This resulted in record-breaking sales for our area. By the end of October, homes and lot sales from Corolla to Ocracoke reached $1.18 billion, the most since the all-time record of $1.5 billion set in 2005.
As we look back at the year, we are also excitedly looking ahead at what the new year will bring. It’s my goal to help even more borrowers understand what they can afford and choose the loan program that fits their needs. At TowneBank Mortgage, we are proud to offer a wide range of options for those looking to purchase a new home, investment property, vacation property or build their dream home, including fixed or adjustable-rate options for conventional and jumbo loans on primary, secondary, or investment properties.
When you partner with me, you can rest easy knowing that you have a team of trusted, local professionals on your side. With over 20 years of experience as a loan officer, I’m available to help walk you through the loan process from start to finish. Even if you just need advice, I’m here to help.
Kaye Jones, Senior Loan Office