As a real estate agent one of the most asked questions I get is “how is the market”. Here in the Pinehurst area of NC we have had a difficult real estate market since 2008.
As you can see from this graph that January of 2009 was the lowest gross real estate sales in the past 6 years or more. Since 2008 we have only had one month that exceeded $30,000,000 for real estate sales and that was June of 2010 when the government credit for first time home buyers ended.
This all looks like very bad news, but it isn’t entirely. Total home sales in the Pinehurst area real estate market are still around the $20,000,000 amount each month, so homes are selling. Also, even though the gross sales for December 2011 were about the same as December 2010, the number of homes that were sold increased as prices were still declining. I think that is a trend that if it continues will show that we have hit the bottom and we can slowly start to see prices increase again.
If you are thinking of selling your home and want to wait until prices rebound, remember, if your home price increases, so will others on the market that you may want to purchase. And if you will be using a mortgage to purchase your next home, the rates are so low now that chances are when the price of homes increase, the mortgage rates will probably rise as well.
So even though the Pinehurst/Moore county real estate market has seen some tough times, homes are still selling and it could be a very good time to buy!