2015 Market Report Moore County North Carolina PINEHURST OFFICE – VILLAGE COURT BLDG PINEHURST - 910 295 5504 SOUTHERN PINES OFFICE – CORNER ILLINOIS & BROAD - 910 692 2635 BHHSPRG.COM
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Dear Friends, The first quarter of 2016 has come to a close with a good growth in real estate sales during this period. In the first quarter, real estate market sales activity continued to hold steady with an 11% increase in sales but a 5% drop in the average sold price and an 8 % drop in the volume sold. This decline is attributed to a number of variables but it is also a factor of pricing. Buyers remain unwilling to pay over market value for properties that are priced outside a reasonable appreciation rate. Sellers who price to the market are seeing great interest in their properties and generally speaking will receive a higher final sales price versus those who want to “test” the market and ultimately end up sitting for long periods of time. Our brokers are intimately familiar with the market and the nuances of pricing – their goal is always to maximize your sale price and in the best time for your personal situation. April of 2016 marks our 2nd anniversary with Berkshire Hathaway HomeServices. We couldn’t be happier or prouder with this association. 2016 also marks our 45th anniversary as a real estate company serving Moore County. Our talented team of exceptional brokers and support staff have helped
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our organization become one of the top companies in the county and in the Berkshire Hathaway HomeServices network. Thank you for your continue loyalty throughout the year as we continue to establish ourselves as one of the premier real estate companies in our area. As spring moves into summer we will enjoy the beauty of this unique part of North Carolina. This is what we call “family and friends” time. They love to visit us and, we hope, want to stay. They deserve to call this place “home”, too.
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2015 - 2016 MOORE COUNTY RESIDENTIAL SALES TRENDS THROUGH 1ST QUARTER
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1ST QUARTER 2016 MOORE COUNTY RESIDENTIAL & LAND SALES TRENDS BY CITY
1ST QUARTER 2016 MOORE COUNTY RESIDENTIAL TRENDS BY PRICE RANGE
1ST QUARTER 2016 MOORE COUNTY RESIDENTIAL SALES TRENDS BY PROPERTY TYPE
• These sales trends and reports are general snapshots of the Moore County market for these property types. • Each individual property has unique characteristics that may weigh heavily on the valuation you receive. • Please ask us for a report that is specific to your home or land with comparisons to your immediate neighborhood and property type. • Data is taken from the Mid Carolina MLS and is deemed accurate but not guaranteed.
1ST QUARTER 2016 MOORE COUNTY DATA
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The statistics presented in this report are compiled based on figures and data generated by the Mid Carolina -MLS. Due to possible reporting inconsistencies, Days on Market (DOM) should be used to analyze trends only. Property and statistical data is derived from the Mid Carolina -MLS and is solely for your personal, non-commercial use in buying or selling a property and is deemed reliable but not guaranteed and should be verified. All representations and warranties regarding the information are disclaimed. Reproduction or any other use is prohibited.
1ST QUARTER 2016 MOORE COUNTY DATA
WHO ARE WE SELLING TO? • • •
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We continue to support the newly retired who are looking for quality of life, excellent and convenient health care, an affordable but nice home and recreation that is not exclusive to golf but also includes entertainment and cultural offerings. Our proximity to Fort Bragg, our schools and quality of life are a strong draw for military families. We also have new construction and resales that appeal to their housing needs. A new element has been added to our residential buyers that is comprised of those who can choose to live where they wish because they are not tied to a location to do their business. We call these folks - the geographically mobile. They can work from home or maintain an office in one of our towns and enjoy the easy commute to an office and a pleasant work experience apart from the bustle of a metropolitan area. Technology is the key to this growth. Finally, we are selling to friends and families who are already living in Moore County. This has been a strong factor for our growth in real estate in many years and it will continue to be. Moore County is a very welcoming community.
Mortgage Financing: We have some significant evidence that the demographics of Moore County are changing to a younger buyer by reviewing the financing data for residential sales. The use of government insured loans has risen in the last 2 – 3 years, and this is directly tied to the increase in Younger or military families moving to Moore County. See the chart to the right. New Construction: Moore County continues to be very successful in new construction developments and sales over the last couple years. Sales for the 1 st quarter of 2016 are noted with 67 units and an average price of $280,500 with a median price of $279,000. 1 st quarter of 2015 was slightly ahead with 73 units but a lower average price of $275,924 and a median price of $268,000. This is another area that is popular with our military families. Rental Data: Residential rental activity continues to be strong but has decreased 17% from the 1st Quarter of 2015 per the Mid Carolina MLS. The average listed rental for this quarter 2016 was $1,377 vs $2,612 in 2015. The median in 2016 is $1,400 vs $1,250 in 2015. We show less than 3 months inventory in rentals this year and the same for 1 st quarter 2015. This market has also been strong for military families assigned to Fort Bragg.
Land Sales: Our land sales decreased in 2016 by 13% with 67 units sold. The average sale price in 2016 was $67,055 compared to $82,712 in 2016 for the 1 st Quarter. Land sales are a mix of residential parcels and tracts of land. The median price for land stayed flat over the year and the days on the market are in excess of 270 days to 300. Commercial Sales: For the first Quarter of 2016 we show active listings over 220 units, with 64 new units listed during this period. 10 commercial units were sold for an average price of $417,368 with 331 Days on the Market. It is difficult to track all of the commercial activity because much of it happens outside the data that is supplied to our multiple listing service. One only has to drive through some of the major traffic corridors in Moore County to see that we are in a commercial construction growth. Retail, restaurant, apartment and entertainment construction is well underway.
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e. Southern Pines, NC 28387 Estate Brokerage Services are offered through the network member franchisees of BHH Affiliates, LLC. Most franchisees are independently red service marks of HomeServices of America, Inc.® Information not verified or guaranteed. If your property is currently listed with a Broker, th
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