Real estate home sales in the Pinehurst NC area did show some signs of improvement in April.
It is very hard to determine the exact bottom or top of a real estate market. Hindsight is 20/20 when looking back and seeing that the Pinehurst market topped out in the summer of 2007 and it appears to have bottomed in January of 2006. The difference is that after the top we saw a consistent decline in the market until this year.
What appears to be happening in our local real estate market is that we are staying almost flat with year over year unit sales. This chart shows the gross sales in total dollars for each month. As you can see the gross sales for April of this year were comfortably above the same month in 2011. What this chart doesn’t show is that the unit sales for April were only 4 more homes from this time last year. What bumped the gross home sales was the increase in average price for each property sold.
The reason for the average price of homes sales increased in the Pinehurst area for April was not that home prices are increasing, but that we sold more homes in the higher price ranges than has been typical of the past few years. This is good news and bad news. It is nice to see some of the higher priced homes selling – though they are selling at significantly lower prices than prior to 2007.
Agents, including myself, are seeing increased activity in home buyers coming to the Pinehurst area looking to relocate as well as some local home owners trying to sell and move up to a larger home. Real estate is selling and with current low interest rates along with lower home prices has created a great environment for home buyers in the Pinehurst area.