As busy as most real estate agents were in March – the Pinehurst area residential sales for April were not reflective of sales resulting it that activity. However – with the lengthy time is takes to close these days we may very well see this activity reflected in May.
One of the unusual aspects of this chart is the drop in April sales from March of this year. As long as I have been tracking sales in the Pinehurst/Moore County area there has never been a drop from March to April. I am not an economist so I can’t provide an explanation for this. I am guessing that we are at the bottom of the market and waiting for overall economic conditions to improve. It could be possible that the rise in gas prices have effected buyers willingness to get back in the real estate market.
Whatever the reason for the drop in sales both from last month and the same time a year ago – conditions are still very favorable for buyers. Prices have and still are coming down and interest rates are still below 5%.
Though prices for real estate may continue to go down in the Pinehurst/Moore County area – there are still great buying opportunities now with low interest rates and high inventory.