Pinehurst area real estate has had a year of continued improvement in the number of homes sold and gross home sales. Prices are still under pressure as we have a bit of inventory to go through, but some price ranges and neighborhoods are seeing a lack of or shrinking inventories.
The above chart shows the nice increase in home sales from Feb. 2013 over Feb. 2012. Gross sales is the number of homes sold multiplied by the average price per home.
This next chart shows that the number of homes sold in January and February of this year were the highest for the history of this report. We did not see our very sharp decline in homes sales in the Pinehurst area until the fall of 2008 even though this shows that homes sales were fairly solid for the first part of the year.
As inventory of homes available for sale in the Pinehurst real estate market continue to decline because of increased homes sales – we will begin to see pricing improve and hopefully a recovery for the sellers who have lost value in their homes. This is still a great time to buy as prices haven’t started to rise in most Pinehurst area neighborhoods and mortgage prices are still very low making a home purchase affordable to many.