The economic numbers for the Outer Banks for 2014 are starting to roll in and they are looking good. Through November occupancy is up almost 5%, land transfer collections are up 23% at year’s end and building permit values are up 18.2% through November. Overall it’s a picture of a growing, robust economy although all of this comes with some cautionary notes and disclaimers.
First of all, these figures are for Dare County only. Currituck County is much slower in reporting out their numbers, and there may be some variation between the two counties. Also, building permit figures are really only part of the story—by themselves they do not tell if a permit is for a house, a remodel, a shopping center or garage.
Finally, occupancy numbers are really raw data and do not indicate how many weeks or how often properties were occupied. The figures we’ve seen seem to indicate the northern beaches are holding their own quite well and that rental homes continue to be the strongest part of the Outer Banks market, but it is a very competitive market.
And that competitive market is going to get more competitive. The strong land transfer collections and building permits are indicative of strong real estate demand and a quick visual reference shows a lot of new vacation home construction.
Property owners, it is more important than ever that your investment will shine when guest look at it. Give us a call at(877) 642-3224 or online Brindley Beach Vacations and let’s work together to make the summer of 2015 the best any of us have had.