Let the Final Quarter of 2015 Begin

With three quarters of the year now gone, it is time to draw some conclusions about the nature of the real estate markets this year. 

The national picture has seen real estate prices de-celebrate a bit, but still show about a 5% gain over this time last year.  On September 21st, the National Association of Realtors reported  that sales of existing homes fell 4.8% in the month of August, marking the first decline in four months and also reported a slowdown in pending home sales of 1.4%.  The Case-Shiller Index also reported a slight decline in home prices for the month of July but still showed a 5% year over year increase in the 20 city index.

While the Consumer Confidence Index rose again in September on the perception that jobs have become somewhat easier to find and that the prospect for wage increases in the months ahead are improving, the stock market turned in it's worst month of the year, declining about 7.5% for the month.  After bouncing up and down like a yo-yo, the 10 year Treasury closed out the month of September at 2.03%, the low end of it's range for the month.  In spite of all of the conjecture about the possibility of an interest rate increase in the near future, 30 year mortgage rates remain low at about 4% for a 30 year fixed.

The historical range of home prices is about 3.5 times income.  At the peak of the real estate bubble this ratio expanded to about 4.8 times and fell to about 3 times income at the low point.  This ratio now stands at about 4.4 times earnings.  Any increase in home prices from here will have to be accompanied by an increase in earnings, so it would be unrealistic to expect home prices to shoot up from where they are right now.

With the slowing Chinese economy and the struggling European economy, the meager growth in the US economy looks pretty good.  It is most likely that the weakness abroad is what convinced the Fed to leave interest rates unchanged for the time being.

As we suggested earlier this year, it looks like the local real estate market here in Pamlico County will show an improvement this year over 2014 levels and, as we begin the fourth quarter, that looks to be even more likely. 

Here in Pamlico County, ninety one homes have closed through the end of September this year compared to only 72 homes during the same period last year.  There were 21 homes pending at the end of September, one priced above one million, one in the mid $500,000 range, and three in the $400,000 range.  Ten home sales closed during the month of September, one in the one million dollar range and one in the upper $300,000 range.  We are seeing a bit more activity in the upper end of the home price spectrum than we did last year, but the majority of the activity is still at lower price points.

Sales of vacant lots are also running somewhat ahead of last year's levels.  There were nine lots closed for the month, bring the total of lot sales for the year to 51 compared to 37 for the same period last year.  While lot sales are still lagging behind home sales in both quality and quantity, they, too are well ahead of last year's pace.

You hear it mentioned in the larger markets across the country that there is a lack of inventory.  Well, there really is no lack of inventory here in Pamlico County in quality waterfront homes and lots.  If you cannot find what you want in terms of existing homes, there is an ample supply of quality waterfront lots on which to build your ideal home in one of the nicest waterfront settings on the east coast.

Note:  statistics shown for local real estate activity have been taken from our local MLS service.

count the ways hatch tent

The COUNT THE WAYS HATCH TENT is a simple yet versatile tool designed by boaters, for boaters. A rectangular strip of durable, colorful canvas fitted with loops and grommets, it can easily be transformed into a variety of shapes and configurations to serve a wide range of functions. It is manufactured right here at the WYTC, and retails for $13o. Please contact us (sunbelt*at*coastalnet.com) for details.

Here are a few ways you might consider using your hatch tent:

1. It can be used as a traditional hatch tent to provide cabin ventilation and protection from dampness or sun.
2. You can secure one edge into the wind to funnel air below decks.
3. Open it flat across the space between your bimini and dodger to make for a dryer cockpit on a rainy day.
4. Use the many tie points to create an evening cockpit sun shield as the setting sun sinks below the protection of your bimini.
5. Rig it vertically in the cockpit to easily create a privacy shield for an evening sun shower.

And, perhaps the most valuable use for your COUNT THE WAYS HATCH TENT:

6. When away from your boat for extended periods, you can rig your COUNT THE WAYS HATCH TENT as a companionway cover to prevent driving rain from entering through the companionway sliders. This will allow you to remove your dodger completely, keeping the cabin drier and extending the life of your expensive dodger for years to come.

The Whortonsville Yacht & Tractor Club was extablished at Ensign Harbor Marina back in 1990. The WYTC is located on Brown's Creek in the tiny coastal village of Whortonsville, NC, a short jog off of the Intracoastal Waterway as it passes through the lower Neuse River. While most of our people are sailors, Ensign Harbor welcomes transient boats on their way north or south along the ICW as well as long term wet boat storage.

The WYTC has several items for sale that our manufactured right here at WYTC headquarters. We, of course, have WYTC yacht burgees and tee shirts for sale as well as our new Count the Ways Hatch Tent, and hatch screens. The CTW Hatch tent is a wonderful thing to have on a boat due to its many uses and easy stowage. It can even prolong the useful life of expensive canvas items such as dodgers, while reducing moisture and mildew below. Call us at (252) 249-0823, visit our web site at ensignharbor.com, or view the CTW hatch tent in the marine classified section of towndock.net.