What's Good in Moore County Real Estate

Things are brisk in our market this spring, and one can feel a momentum that hopefully is not all about the home buyer tax credits. Pinehurst area residential real estate is selling at a stronger pace than last year, in some market segments MUCH stronger. Each month of 2010 has seen stronger sales numbers than the same month of 2009, and with 41 homes already closed this month and 206 properties currently under contract in MLS, April is sure to exceed 2009's number of 78. Our office alone has enough April closings scheduled to get us past 78! I suppose we should note that in April of 2006, 156 homes sold in Moore County, so while the current market seems brisk compared to last year, it still has a ways to go to catch up with the 2006 figures.

Where the action is: As you no doubt can imagine, the greatest activity is happening between $100,000 and $300,000, with 72% of the 82 homes sold falling in that range. That leaves 23 homes in the sales below $100,000 and above $300,000. It remains to be seen what happens when buyers aren't under contract by April 30, as that tax credit deadline passes.

The military extension of the home buyer tax credit should help to sustain our momentum. Active military who have been served any period of extended duty outside of the United States for at least 90 days during the period beginning after December 31, 2008 and ending before May 1, 2010 qualify for the extension, which gives until April 30, 2011 to get a home under contract and until June 30, 2011 to close.

The action in higher price points seems to have heated up during April--we will watch for the stats to bear this out in the next couple of months.