Whether you are a prospective purchaser or current homeowner in Pinehurst NC, you’re probably wondering how are market has been faring so far in 2009.  The numbers below give you monthly comparisons for single family units inside Pinehurst for November ’09 and ’08, as well as YTD through November 30th. 

Not surprisingly, the YTD average sales price shows a decline of about 6%.  Sales volume so far in ’09 is down about 11%, and average days on market has risen to 160 from 138.  Many regions throughout the U.S. are experiencing similar or even more severe price and volume declines. 

Interestingly, when comparing November ’09 to November ’08, we saw a fairly big jump in number of units sold this year.  The big question is…..will that monthly uptick continue in the coming months?  We shall see…..

Though the overall economic climate is not great by any stretch, there are some positive signs/influencers that should assist the housing market’s recovery.  Mortgage rates recently fell to all time lows.  The pending home sales index just hit an all time high for annual growth.  And of course the recently expanded home buyer tax credits available through April of ’10.       

                                                     Nov ‘09          Nov ’08               YTD ’09          YTD ’08

Pinehurst Single Family

# Units Sold                                     21                   10                       200                  225

Average Price                              $335,497        $293,390            $300,876        $320,881

Avg. Days on Market                       156                   120                     160                  138

Source:  Pinehurst-Southern Pines MLS as of 12/7/09.

Sales volume continues to be lower vs. 2007 for both monthy and year to date figures.  YTD figures show just a slight average price sole decline for single family units in Pinehurst.  Condo average sale prices continue to be higher due to the increased sales of new higher end units versus ’07.  Of course sales volume (# of units sold) continues to be lower than ’07; about 33% lower year to date for single family units and 27% lower for condos.  

Despite the volume declines, prices seem to be holding their own.  Pinehurst continues to reap the benefits of a fairly steady flow of retirees from the north in search of a top notch golf community in a moderate climate.    

                                             June ‘08          June ’07           YTD ’08        Same ‘07

Pinehurst Single Family

# Units Sold                                25               35                    126               189

Average Price                          $281,576       $325,814          $321,757      $329,531

Avg. Days on Market                   119             110                    132                135

Pinehurst Condos

# Units Sold                                10                13                    46                  60

Average Price                          $198,088      $164,461          $217,739       $158,805

Avg. Days on Market                   218              101                   248               136

Information provided by Broker/REALTOR® Todd Kenthack, owner of The Pines Realty.  Contact Todd at (910) 603-9050 or by email at Todd@GolfHomesInPinehurst.com . 

Source:  Pinehurst-Southern Pines MLS as of 6/30/08.

If you’re a serious buyer researching homes in Pinehurst, you will be interested in the statistics below.  The Pinehurst real estate market has truly become a buyer’s market, whether you are searching for a home or land.  Although homes in Pinehurst are continuing to appreciate, there is a much larger inventory and a declining trend in sales.  That said, real estate in Pinehurst is still faring much better versus many other markets across the country. 

Pinehurst Area Real Estate Statistics (annual stats. through August 25^th of each yr. taken from Pinehurst-Southern Pines MLS)

Moore County Home Sales 

Year                 Listed               Sold                 Avg. Sale Price

’05                   1,190               1,166                  $232,066                          

’06                   1,322               1,193                  $253,000                          

’07                   2,054               1,092                  $262,150                          

Year                 Listed               Sold                 Avg. Sale Price

’05                   615                  610                      $75,618                           

’06                   683                  576                      $71,712

’07                   878                  381                      $80,602