2017 Spring Newsletter
“2016 Market Overview”
In 2016 the single family housing market in Pinehurst saw a 12% increase in the total number of homes sold. More importantly we broke the 500 threshold of homes sold in one year since the peak years of 2005/2006 whereas 565 were sold in each of those two years. There were 510 homes sold and closed in 2016 versus 457 for the year 2015. The average selling price of $303,954 was actually down a little from 2015. The vast majority of homes sold and closed in 2016 (417 houses or 82%) sold from $75,000 to $400,000. In the $400,000-$500,000 range 48 homes were sold, in the $500,000-$800,000 range 39 were sold and in the $800,000 and up range 6 homes were sold. Overall the upper end market ($400,000 and up) increased by 15% (93 sold in 2016 versus 81 sold in 2015). For the second straight year the townhouse/condo market saw a tremendous increase as well. There were 132 sold in 2016 versus 97 sold in 2015 or an increase of 36% in 2016.
The biggest surprise of all was that as of January 1st, 2017, there were 262 houses in our local MLS currently showing up “FOR SALE” here in the Pinehurst/Pinehurst Area. This figure of 262 houses on the market represents the lowest number of homes on the market in over 20 years. Even during the best home sale years of the late 1990’s thru and including 2006 there were on average about 375 homes on the market at any given time so the current 262 is a very significant change. Hopefully this lower number will be the impetus of house prices starting to rise.
If the stock market surge we have seen over the past number of months is any indication of what’s to come 2017 should be a very good year for home sales. With this in mind and if you have been sitting on the sidelines, for whatever reasons, about making a decision to buy or sell now just might be the best time to get off the sidelines and make your move whether buying or selling.
Village Properties has earned the confidence of many home buyers and sellers over the past 42+ years by having the reputation of offering the best professional real estate services available. Please feel free to give us a call or stop by the office to see what we can do for you. We look forward to hearing from you soon.