Today I ran the real estate sales figures for residential properties in the Pinehurst area of NC through June 2011.
As is the normal sales cycle for the Pinehurst area, we saw a rise in sales for June over April and May of this year. What was a bit disappointing was we saw home sales decline from June 2010. This could be due to the fact that the first time home buyer credit offered by the government last year expired in June of 2010. The expiration of the credit could be the cause for boosting sales for that month higher than we might have seen otherwise.
The average price of homes sold did increase a bit over last year during the same period. This is because we closed on a few higher priced homes than we did during 2010. Also, it is not unusual for the Pinehurst area to see average residential real estate prices vary between $230K and $280K from month to month.
Another good sign for sellers is that fewer new homes were listed in June of this year over the same period last year. This will the inventory levels from rising so much and enabling the current homes on the market a better chance of being sold.
One area of improvement that would be encouraging would be to see the difference reduced between the average price of homes sold and the average listing price of homes. Right now the average price of a home for sale is above the $350k price range, so we have homes that are available priced at a much higher level than what homes are actually selling for.
The real estate market in the Pinehurst NC area is still considered advantageous for the buyer as inventory levels are still high and interest rates are still low.