One of the most often questions I get as a Pinehurst real estate agent “is how is the market”? I’m sure agents in all areas get this questions as well. This can be a difficult question because market conditions in one neighborhood in the Pinehurst market can be different from another. That being said, I can give an opinion on the overall market conditions based on historical sales in Pinehurst from 2006-2007.
This chart represents the number of homes including condos sold in Pinehurst from 2006 through 2011. The chart clearly shows a decline in the number of homes sold each year, however, the rate of decline began to slow considerably after 2009.
What I also find very interesting comparing these two charts is that as the number of home sales was declining – the price of homes was increasing until 2009. This is an indicator that the market was beginning to show stress, but buyers where unaware as homes prices were still increasing.
It is hard to predict what the future holds. But using these charts as guides, it would be my opinion that as the number of sales is still declining, though not significantly, we can expect prices to continue to decline. The real estate prices for homes in Pinehurst are also effected by the number of homes on the market. We have approximately 2 years of inventory based on the past years homes sales as compared with available residential homes for sale in Pinehurst.