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Real Estate Market Update – Aberdeen, NC – Fourth Quarter 2008

Prices and average days on market in Aberdeen, NC are currently holding steady. Sales in Aberdeen are down 86% compared to the fourth quarter of 2007. The current level of inventory compared to units sold in the fourth quarter is creating a higher than normal absorption rate. The high absorption rate signifies that Aberdeen is in a buyer's market.

Note: Absorption rate is used to follow market trends. It is the number of weeks it will take to sell current inventory at the rate of present sales. Absorption rates can change rapidly due to seasonal adjustments.

More than 7 months of inventory signifies a buyer's market.

5 to 7 months is a neutral market.

Less than 5 months is a seller's market.

Linda Breeding

910-690-8368

www.RealEstateInPinehurst.com

Posted by Linda Breeding on 01/10/2009 10:54 AM

Comments (2)

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2 Comments on Real Estate Market Update – Aberdeen, NC – Fourth Quarter 2008

JAN

Hi Linda. Everything in your market looked great to me other than that incredibly long buyers market absorption rate. I guess once they sell they are priced well, but there must be a lot of inventory on the market.

I think this incredibly long absorption rate is coming from the fact that we are a resort area with a large second home and retirement home market. The inventory level is high compared to the number of buyers actually buying. I'm experiencing a lot of buyers waiting for homes to sell in other areas or buyers waiting to see what the market is going to do (low consumer confidence). Of course this absorption rate was for the fourth quarter and I feel it will improve as we move past the Holidays.

The Pinehurst area has always had a five to six month Days on Market even in the "boom years".

OK buyers - The sellers in Pinehurst are ready to move some of this inventory!

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