By just about anyone’s account, 2009 has been a challenging year for our local real estate market.   Prices have dipped a bit in our Moore County market, and many sellers (particularly w/ homes listed above $250,000) are a bit frustrated about the length of time their homes have been listed.   Many have reduced their list price to spur activity. 

The good news is that year to date sales volume for single family homes is about the same as it was last year; 908 units through 11/09 compared to 905 units through 11/08.   Interestingly, the count for the month of November is quite a bit higher vs. November of ’08; 75 versus 50.   Hopefully we will see this trend continue in the coming months!  

Of course, average sold prices show a decline of about 7% in the last year.  Also worth noting is the increasing list price to sales price gap, from about 4% YTD through November ’08 to about 4.7% YTD in ’09.  So we may see average sales prices decline a bit more before beginning to rise again.   But these recent monthly trends are a good sign for the Moore County real estate market.   For now, it’s a buyers market.  With mortgage rates still at low levels, tax credits available to many purchasers, now is a great time to buy!

Data Source:  Pinehurst-Southern Pines MLS as of 11/30/09

Below you will find some sales statistics for Moore County NC with breakdowns for single family homes and condos, as well as period comparisons for the month of June and YTD for 2007 and 2008.  Yes, YTD sales volume is certainly down: about 32% YTD for single family units and 15% YTD for condos.  Average sold prices remain strong in both categories.  

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

 Moore County Single Family

# Units Sold                                 92                   144                     444                  650

Average Price                          $264,452        $266,255            $275,262         $271,922

Avg. Days on Market                133                  123                     141                  137

Moore County Condos

# Units Sold                                19                    28                       106                125            

Average Price                       $227,678          $167,271            $205,035        $170,216

Avg. Days on Market               183                  122                       169                135

Source: Pinehurst-Southern Pines MLS as of 6/30/08; data includes all properties listed in Pinehurst-Southern Pines MLS including some located outside of Moore County.