As busy as most real estate agents were in March - the Pinehurst area residential sales for April were not reflective of sales resulting it that activity. However - with the lengthy time is takes to close these days we may very well see this activity reflected in May. Whatever the reason for the drop in sales both from last month and the same time a year ago - conditions are still very favorable for buyers. Prices have and still are coming down and interest rates are still below 5%. Though prices for real estate may continue to go down in the Pinehurst/Moore County area - there are still great buying opportunities now with low interest rates and high inventory.
One of the unusual aspects of this chart is the drop in April sales from March of this year. As long as I have been tracking sales in the Pinehurst/Moore County area there has never been a drop from March to April. I am not an economist so I can't provide an explanation for this. I am guessing that we are at the bottom of the market and waiting for overall economic conditions to improve. It could be possible that the rise in gas prices have effected buyers willingness to get back in the real estate market.
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Dawn, March and April are usually my busiest months - but not this year. Things are just now starting to pop out here.
May 11, 2011 05:06 AM
Dawn Crawley Realty - Pinehurst, NC
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Hi Joni, I agree it is weird, I didn't say it in my blog, but I'm wondering if this could be a sign of the double dip they are talking about.
Hi Belinda, I was busier in March and April this year more than ever before. Hopefully this is a sign that things are about to change.
May 11, 2011 06:33 AM
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