Real estate sales for the 1st quarter in 2014 in the Pinehurst area were a bit disappointing as compared to the 1st quarter in 2013.
Many reasons could be contributing facto but the most likely one was the colder than average winter we had. I still think the market has hit a bottom and we are beginning to rebound. Why? Because when working with buyers in the Pinehurst area we are finding less available homes in the price range in which many clients are looking. Even though we sold fewer homes in the 1st quarter of this year, the average price was slightly higher and the median price was almost 10% higher.
Of course when analyzing the market price of an individual home in the Pinehurst area one must take into consideration that each neighborhood is different and each neighborhood must be looked at carefully for buyers and sellers when determining a fair price. Keep in mind that the higher end homes still have quite a lot of inventory to work through, and it is still clearly a buyers market when looking at homes over the $500,000 price range. However, homes priced under $250,000 are becoming harder to find in this real estate market. Especially the newer homes in the more desired parts of the area.
Right now I would say that the market is improving for sellers but there are still great opportunities for buyers as the interest rates are still very reasonable, and there is still many choices for real estate in Pinehurst, Southern Pines, Seven Lakes and the surrounding areas.