3rd Quarter Market Report Pinehurst Area – Moore County North Carolina PINEHURST OFFICE – VILLAGE COURT BLDG PINEHURST - 910 295 5504 SOUTHERN PINES OFFICE – CORNER ILLINOIS & BROAD - 910 692 2635 WWW.BHHSPRG.COM
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MOORE COUNTY RESIDENTIAL SALES BY THE NUMBERS: JAN – SEPT 2014 & 2013
Moore County Residential Sales
Days on Market # of Sales Median Price Average Price
Pinehurst - Single Family 2014 2013 Southern Pines - Single Family 2014 2013 Aberdeen - Single Family 2014 2013 7 Lakes & Foxfire Area - Single Family 2014 2013 Whispering Pines - Single Family 2014 2013 Carthage & Cameron Area Single Family 2014 2013
Volume
170 191
272 282
$239,450 $252,000
$239,912 $307,038
$79,400,141 $86,584,827
136 167
156 166
$260,000 $278,500
$275,423 $279,252
$42,966,093 $46,355,933
163 128
127 94
$199,900 $194,000
$205,400 $196,531
$26,085,813 $18,473,951
176 200
109 116
$230,164 $230,374
$200,000 $179,000
$25,087,885 $26,723,463
159 163
95 115
$257,374 $260,000
$254,900 $267,033
$24,450,546 $30,708,874
141 164
56 41
$168,135 $153,485
$192,500 $162,960
$9,415,910 $6,292,923
Moore County real estate has had modest starts in sales since the first quarter of 2014, with some significant increases in area markets such as Aberdeen, and the Carthage & Cameron areas due to new construction in those neighborhoods. Overall we have noted that the entry to our housing by young families has contributed to this uptick in sales, many who are part of the growing interest by military families in Moore County. According to our Pinehurst/Southern Pines Area MLS statistical data, sales of new construction in 2013 and 2104 accounted for approximately 17 % of the total Sales in 2014. Mortgage rates are still excellent and we see a larger number of homes financed with VA loans, reinforcing the connection to the military buyer – whether active duty or veteran.
Residential Sales through 3rd Quarter each year- All Areas Total Sold
2014 1050
2013 1074
2012 795
Days on Market
169
181
197
$254,726
$248,656
$250,019
Average Sold Price
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CHARTING THE TRENDS
The trend lines for the number of listings sold for residential properties shows a normal seasonally adjusted market. This has been a normal pattern for our sales for years. Included in this graph are single family homes and condo/townhomes.
As the Average Days on the Market graph shows, we have made excellent progress in reducing the average days on the market. Pricing a home to sell has always been a critical part of our selling process but is even more so now. Buyers have access to the detailed statistics on the homes they view before buying, these comparisons help them with their base offer and the final negotiations.
MOORE COUNTY RESIDENTIAL MARKET
Absorption Rate – to determine the absorption rate, we calculate the number of homes sold within a period of time, those results indicate the number of months it takes to sell the inventory. A six month rate is the sign of a healthy market. We are moving in the right direction.
Sold Price vs. Listings Sold – this graph shows the median and average prices for the homes sold in Moore County from Jan – Sept 2014.
A slight drop in the prices and the number of listings is a normal seasonal movement in the residential market.
CHARTING THE TRENDS IN LUXURY HOME SALES
The trend lines for the number of listings sold for luxury residential properties show how few sales we have in this range each month. The spikes in activity indicate a higher than normal number of closings. This graph and the other in the luxury division includes all homes, horse farms and condo/townhomes. above the $500,000 price.
The Average Days on the Market graph indicates we have made some progress in reducing the average days on the market in the luxury homes sales niche. The Active inventory is still staying on the high side with over 200 days noted on the chart. Many of these properties come off the market and return. Lenders continue to have good “jumbo� rates for qualified buyers.
MOORE COUNTY RESIDENTIAL: $500,000 AND UP
Absorption Rate – to determine the absorption rate we calculate the number of homes sold within a period of time, those results indicate the number of months it takes to sell the inventory. For homes offered above $500,000 the Absorption Rate continues to be high but has improved since the start of 2014.
Sold Price vs. Listings Sold – this graph shows the median and average prices for luxury homes sold in Moore County from Jan – Sept 2014. Comparing this chart to the overall residential sales points to the need for more buyer activity in the higher price ranges.
MOORE COUNTY DATA
FIND IT ON OUR FRONT PAGE at WWW.BHHSPRG.COM For an online visit to the lifestyles in Moore County - try out the new website Moore Alive developed for visitors and those who wish to relocate to our area. Once you hear the stories of why people love living, working and visiting here...you won't want to leave!
Number of Units Sold by Price Range (January - Sept) 2014, 2013 Price Range 1 - 100,000 101 -200 201 - 300 301 - 400 401 - 500 501 - 600 601 - 700 701 - 800 801 - 900 901 - 1,000 1,001 - 1.5 ml 1.5 mil +
2014 92 342 360 154 55 15 12 4 6 7 2 3
2013 88 381 325 169 53 26 19 4 2 2 2 1
Days on Market Comparisons by Price Range (January - Sept) 2014. 2013 Price Range
2014
2013
1 - 100,000
177
182
101 -200
184
170
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201 - 300
163
162
301 - 400
173
204
401 - 500
250
181
501 - 600
363
245
FREE Home Value Estimates –
601 - 700
122
238
Enter an address and click to see a home value estimate and value range plus other tax record details such as last sale price, comparable properties and market trends. Our estimates are powered by Collateral Analytics which is rated the most accurate by the lending industry
701 - 800
319
271
801 - 900
271
911
901 - 1,000
271
75
1,001 - 1.5 ml
154
815
1.5 mil +
412
457
Consumers want to see home values and local market trends.
The statistics presented in this report are compiled based on figures and data generated by the PSP-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 PSP-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.
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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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