Here is the market report for the Pinehurst area real estate market through August 2011. The sales statistics are for Pinehurst and all of Moore County.
This chart shows the real estate sales for August 2011 were slightly above the gross sales for August 2010. This is mostly due to the fact that a few higher priced homes sold boosting the average price of the homes sold in the Pinehurst area. The real estate sales for August of this year were down from July about 10% though it isn’t unusual to see homes sales in August dip from the July sales.
The average price of homes tends to stay within low $200K to mid $200K price range for Pinehurst area real estate sales. Our inventory currently is at about 1,466 residential homes available with about 664 homes sold to date for 2011. As you can see we still have high real estate inventory levels as compared to the number of homes sold. Another factor which is challenging for the Pinehurst area market is that the average price sold of a home in 2011 is just under $250,000 while the average list price of a home is inching upwards of $350,000.
As the chart shows – real estate sales in the Pinehurst area declined sharply from 2007 to 2009 and since have been leveling off with little signs of a turn around. We will probably see an increase in the gross homes sales as well as pricing when inventory levels of the available real estate declines relative to the number of sales. One very good sign for the real estate market in the Pinehurst area is our relatively low levels of foreclosures and short sales!