Pinehurst Real Estate – Pinehurst MLS Statistics

The real estate market in Pinehurst and Southern Pines NC is still showing signs of improvement for homes around the median price.  Sales data from Q2 showed marked improvement over Q2 2009 for the market as a whole.  Of course, Q2 2010 saw more home sales that Q1 2010, but the increase was a predictable seasonal increase that occurs virtually without fail as Springtime marks the beginning of prime selling season in Moore County and in many markets nationwide.  The market for higher priced homes remains very sluggish.

Real estate sales in Moore County have not returned to 2005 – 2007 levels; and it remains our opinion that it could take several years before those days return.

Quarterly Data – Q2 2010

In Q2 – 2010, there were 323 home sales in Moore County.  This figure includes single family homes (269), condos (38) and Horse Farms (3).  Land and commercial properties are not included in the sales data.  The total sales volume was $77,872,658, yielding an average home sale price of $241,892.  In Q2 – 2009, there were only 256 sales with an average price of $247,673.   While the number of sales bested Q2 from both 2009 and 2008, the average home price has dropped well below 2006 levels.  This reduction is partially related to lower values across the board, but it is significantly affected by drastic losses in the sale of higher priced homes.

2010 – 2nd Quarter:  323 Home Sales
                                    $241,092 Avg. Price

2009 – 2nd Quarter:   256 Home Sales
                                    $247,673 Avg. Price

2008 – 2nd Quarter:   312 Home Sales
                                    $271,563 Avg. Price

2007 – 2nd Quarter:   474 Home Sales
                                    $262,363 Avg. Price

2006 – 2nd Quarter:   499 Home Sales
                                    $259,095 Avg. Price

View the Raw Data for Q2 – 2010 (including 2006-2009 Q2 Comps)

View Specific Data For Single Family Homes 

Mid Year Data – Q1 + Q2 Combined

It is also very useful to examine mid-year real estate data to get an even more accurate picture of the real estate market in Moore County. 

2010 Mid Year:          525 Home Sales
                                    $250,109 Avg. Price

2009 Mid Year:          404 Home Sales
                                    $243,311 Avg. Price

2008 Mid Year:          561 Home Sales
                                    $266,481 Avg. Price

2007 Mid Year:          816 Home Sales
                                    $260,353 Avg. Price

2006 Mid Year:          862 Home Sales
                                    $253,966 Avg. Price

The Good News

• For 9 Consecutive Months and for 3 Consecutive Quarters, both the number of home sales and overall sales volume has increased compared to the same period(s) in the previous year. 

• For Buyers, good deals do exist in some market segments due to higher than normal inventories.  Pinehurst Real Estate Deals.

• For Sellers, inventories of homes under about $350,000 are beginning to shrink.  New homes that are updated and in move in condition will begin to stabilize in price as a result.  While we may not see huge price increases, the worst is behind us in this market segment.

• The inventory of Condos is very high and we believe there will be very competitive prices in this market segment for at least several Quarters.

The Not So Good News

• As we pointed out in our Q1 2010 Market Report, 2009 numbers were dismal and they represent a very low benchmark, so the 2009 numbers are not hard to beat!

• Inventory levels (homes for sale) are getting better, but still remain above normal.  The Pinehurst Area MLS would normally have an inventory of about 950 of single family homes at this time of year.  As of June 30, 2010, there were around 1,070 single family homes for sale in Moore County.  The inventory level peaked in the Summer of 2009 at around 1,250 homes.  So, while the inventory is still above normal, it is not as high as this time last year.  More Info About Pinehurst Home Inventory Levels.

• Average home prices are down to 2005 levels.

• Banks are still very reluctant to make large loans on higher priced homes.  This combined with other factors has resulted in homes priced above $500,000 piling up on the market.  The inventory for higher priced homes is far above normal and as a result, some sellers are beginning to drop prices drastically.  The price drops will affect values across the board.

SINGLE FAMILY HOME SALES DATA – MOORE COUNTY

Check out detailed info for Single Family Homes, Golf Front Homes and Waterfront Homes here.

Try our Simple Search process to search the entire Pinehurst MLS.

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If you would like to get stats for some other category or time period, please e-mail us [noel.mcdevitt@sothebysrealty.com] and we will be happy to provide customized data for you, or call at 800-788-8814.