The Pinehurst/Southern Pines NC real estate market continued to rebound in Q1 of 2010 from the lows experienced in late 2008 and 2009. The Quarter was better than Q1 2009 and better than the immediately preceding Quarter (Q4 of 2009). However, sales still have not returned to peak levels in 2005 - 2007. In our opinion based on the raw data that we have reviewed, it will take a several more years for the Moore County Real Estate Market to achieve the record levels that we saw in 2005 through 2007.
View the Raw Data for Q1 – 2010 (including 2006-2009 Q1 Comps)
View Summary Data For Single Family Homes
In Q1 – 2010, there were 199 home sales in Moore County. This figure includes single family homes (173), condos (20) and Horse Farms (6). Land and commercial properties are not included in the 199. The total sales volume was $52,513,645, yielding an average home sale price of $263,888. By contrast, in Q1 – 2009, there were only 148 sales with an average price of just $235,766.
The Good News
• For 6 Consecutive Months and for 2 Consecutive Quarters, both the number of home sales and overall sales volume has increased compared to the same period(s) in the previous year.
• By way of example, more homes sold in December 2009 than in December 2008, more homes sold in the 1st Quarter of 2010 than in the 1st Quarter of 2009, and so on….
• We have experienced 6 months of real growth in the local real estate market.
• There are segments of the market where you can get a good deal. See Pinehurst Real Estate Deals
The Not So Good News
• 2009 numbers were dismal and they represent a very low benchmark.
• We are still a long way from recovering 2006-07 levels.
• Inventory levels (homes for sale) remain above normal. More Info About Pinehurst Home Inventory Levels.
Single Family Homes Sales - 2010 Q1 compared to Q1 Prior Years |
|
Q1 - 2010 |
HIGH |
AVERAGE |
MEDIAN |
# OF SALES |
LIST PRICE: |
$1,649,000 |
$279,214 |
$229,400 |
163 |
SOLD PRICE: |
$1,500,000 |
$264,046 |
$222,500 |
DOM: |
791 |
186 |
149 |
|
|
Q1 - 2009 |
HIGH |
AVERAGE |
MEDIAN |
# OF SALES |
LIST PRICE: |
$918,000 |
$261,530 |
$239,500 |
120 |
SOLD PRICE: |
$890,000 |
$248,864 |
$227,500 |
DOM: |
535 |
151 |
142 |
|
|
Q1 - 2008 |
HIGH |
AVERAGE |
MEDIAN |
# OF SALES |
LIST PRICE: |
$2,695,000 |
$282,285 |
$229,825 |
184 |
SOLD PRICE: |
$2,350,000 |
$269,847 |
$221,000 |
DOM: |
634 |
138 |
105 |
|
|
Q1 - 2007 |
HIGH |
AVERAGE |
MEDIAN |
# OF SALES |
LIST PRICE: |
$1,190,000 |
$279,364 |
$235,250 |
262 |
SOLD PRICE: |
$1,150,000 |
$270,723 |
$227,500 |
DOM: |
553 |
140 |
123 |
|
Golf Front Single Family Homes - Q1 2010 |
|
Q1 - 2010 |
HIGH |
AVERAGE |
# OF SALES |
LIST PRICE: |
$1,649,000 |
$439,944 |
23 |
SOLD PRICE: |
$1,500,000 |
$406,351 |
DOM: |
791 |
236 |
|
|
Q1 - 2009 |
HIGH |
AVERAGE |
# OF SALES |
LIST PRICE: |
$918,000 |
$391,753 |
13 |
SOLD PRICE: |
$890,000 |
$377,240 |
DOM: |
250 |
136 |
|
|
Q1 - 2008 |
HIGH |
AVERAGE |
# OF SALES |
LIST PRICE: |
$1,100,000 |
$423,066 |
17 |
SOLD PRICE: |
$950,000 |
$396,803 |
DOM: |
363 |
135 |
|
|
Q1 - 2007 |
HIGH |
AVERAGE |
# OF SALES |
LIST PRICE: |
$779,000 |
$358,168 |
34 |
SOLD PRICE: |
$779,000 |
$345,391 |
DOM: |
553 |
158 |
|
Waterfront Single Family Homes - Q1 2010 |
|
Q1 - 2010 |
HIGH |
AVERAGE |
# OF SALES |
LIST PRICE: |
$648,000 |
$353,021 |
14 |
SOLD PRICE: |
$610,000 |
$330,214 |
DOM: |
400 |
183 |
|
|
Q1 - 2009 |
HIGH |
AVERAGE |
# OF SALES |
LIST PRICE: |
$749,000 |
$411,758 |
10 |
SOLD PRICE: |
$656,000 |
$377,640 |
DOM: |
283 |
157 |
|
|
Q1 - 2008 |
HIGH |
AVERAGE |
# OF SALES |
LIST PRICE: |
$569,000 |
$411,380 |
5 |
SOLD PRICE: |
$535,000 |
$383,200 |
DOM: |
552 |
246 |
|
|
Q1 - 2007 |
HIGH |
AVERAGE |
# OF SALES |
LIST PRICE: |
$929,000 |
$444,478 |
14 |
SOLD PRICE: |
$925,000 |
$431,035 |
DOM: |
356 |
122 |
|
|
