As has been typical for the past few years, the monthly Pinehurst area Real Estate Market report is not clear as to how to predict when the market will turn around.
The chart does show that the Pinehurst real estate market peaked in July, 2007 and hit its lowest point in January, 2009. And we can see that February has been the slowest month annually for the past two years which is more typical of our markets before the real estate slow down. Maybe this is some indication that the markets are starting to react in a more normal fashion.
Another sign of the market healing is the inventory levels. In Pinehurst and all of Moore County we reached inventory of almost 1500 residential properties during the past 3 years. We are now down to approximately 1360 single family homes and condos available for sale. The reduction in inventory is due to some homes coming off the market due to not selling, and a slight reduction in new home listings coming on the market. The number of homes sold per month has remained fairly steady year over year since 2010. That number is around 85 for the month of March.
Pinehurst area real estate sales are still below what we experienced in 2005-2007, and the rate of home sales may never reach those levels again for many years. Prices are still falling, but only slightly and as inventories continue to decline, we should see some price improvement in the coming years.
Of course, each individual neighborhood in the Pinehurst area must be analyzed and considered as a micro real estate market when determining the listing price to sell a home, and the realistic offer price to purchase a home.