The sales statistics for Pinehurst area real estate are a bit of a mixed bag through February 2012.
The good news is that the gross sales for February 2012 compared to the same month last year were up about 10%. This is mostly due to higher average price per homes sold. In February 2011 the Pinehurst area saw the lowest average price for homes sold for any month since 2006. This past February saw the average price increase showing an overall increase in residential real estate sales.
However, the bad news is we saw a dip in the number of residential units sold in February 2012 compared to 2011. This is the reverse of what happened in January of this year where we saw a decrease in average home prices, but an increase in the number of homes sold. I think for a real turn around to be apparent in the real estate market we will need to see a consistent increase in the number of homes sold with maybe a slight decrease in the average price as our inventory levels compared with the rate of homes sold is still relatively high compared with historical numbers.
The Pinehurst real estate market is maintaining a fairly steady pace of homes sales in that we are not seeing dramatic changes in either direction. We are selling around $20,000,000 in gross home sales per month on average, so homes are selling. It is still more advantageous to be a buyer for most neighborhoods, though if you are thinking of selling your home – if it is priced right and marketed using today’s top technologies – your home will sell!
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