Everyone in the real estate market has been waiting and hoping for some good news; well today we got it. Activity and tone of the Moore County (Pinehurst/Southern Pines) market has been very good over the past six weeks. Today I received the results from May, things are up dramatically!
The month of May represented the best month in real estate since May 2008. Year to date sales volume is up 13.6% over 2011. Units sold is up 8.9% and the average sales price is up 5.2%. Even more dramatic is the growth in new home sales, up 36% over 2011 with an increase in units of 45%. Average sales price is down by 13.6% as builders are choosing to build more modest homes.
The improved market was seen across all price points as unit sales between $300-$400,000 more than doubled and homes from $400-$500,000 increased by 60%.
I have a full complement of the supporting statistics and would be happy to share these with anyone with an interest, give me call of drop me an email.
I can't help myself "I told you so!" The signs of improvement have been evident since the fall of 2011; May is just the first month of significant improvement with more to come through the end of 2012.
Bob Barmore
Broker & Chief Economist
Weichert, Realtors-Larose & Company
Southern Pines, NC
