Pinehurst MLS Inventory Continuing Steady Decline

Homes for sale in the Pinehurst NC area MLS are still dropping in inventory.  Now there are 1,069 single family homes for sale in the Pinehurst - Southern Pines area.  Sales of more expensive homes are still very sluggish, but there has been more activity lately when it comes to houses priced over $500,000.  We have seen price reductions of higher priced homes, plus banks have now begun to lower their interest rates on jumbo loans.  In the last 30 days, there have been 10 sales over $450,000 in the local MLS.  McDevitt Sotheby's has been the selling firm or the listing firm 3 of those 10 sales (both on one of them); and the buyers in each case got great deals.  The average home/condo sale price in the local MLS in the last 30 days was about $255,000, which is down less than 5% from last year, so it is looking more and more like we will be able to avoid drastic drops in home values.  It has been a tough year for real estate, but it does look like the worst is over!