2014 BHHS Pinehurst Realty Group 3rd quarter market report

3rd Quarter Market Report

Pinehurst Area – Moore County

North Carolina

PINEHURST OFFICE – VILLAGE COURT BLDG PINEHURST - 910 295 5504

SOUTHERN PINES OFFICE – CORNER ILLINOIS & BROAD - 910 692 2635

W W W . B H H S P R G . C O M

We are growing and Berkshire Hathaway HS is

growing! Since our conversion to Berkshire

Hathaway HS Pinehurst Realty Group, we

have added 5 new associates, staff and a

Commercial Division. Our national partners

now number over 1001 firms…and still

growing!

WORKING WITH BHHS Pinehurst Realty Group

• Recognized for Quality and Superior Service

• No other real estate competitor can match the wealth of resources and marketing

advantages of Berkshire Hathaway HomeServices

Our company proudly offers:

• Worldwide Brand recognition

• Exclusive benefits and tools of Online Seller Advantage®

• Unparalleled expertise and service of a Berkshire Hathaway HomeServices Listing

Specialist

The Brand’s association with premium quality is among its most important assets. This

is why only select companies that meet the most demanding of criteria are invited to

join the Berkshire Hathaway HomeServices Network. Berkshire Hathaway

Pinehurst Realty Group has been affiliated with the Network since April of 2014 and

Prudential Real Estate since 1995. In addition, only sales professionals who meet our

Brand’s exacting professional standards for home marketing and sales experience,

negotiation skills and market knowledge may earn the prestigious Berkshire Hathaway

HomeServices Pinehurst Realty Group Listing Specialist designation.

In today’s real estate market, it is crucial that you work with a proven company that has

professionals you can not only trust, but who are guaranteed to go above and beyond

to deliver you the best possible real estate experience. This is why you should hire

Berkshire Hathaway HomeServices Pinehurst Realty Group

Berkshire Hathaway HS provides us with the

best tools for our customers – this app is just

one of them. Want to know what a house is

selling for? Want to know what a house sold

for? Where the Open Houses are? All at your

fingertips with our FREE Mobile App.

Text to: 87778 and message BHHSNC305.

You will receive a text back with the log on for

your personal MLS resource. Like it on your

phone? You will love it on your tablet, too.

WORLD CLASS SERVICE

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BEST REAL ESTATE APP

MOORE COUNTY RESIDENTIAL SALES BY THE NUMBERS:

JAN – SEPT 2014 & 2013

Moore County Residential Sales Days on Market # of Sales Median Price Average Price Volume

Pinehurst - Single Family

2014 170 272 $239,450 $239,912 $79,400,141

2013 191 282 $252,000 $307,038 $86,584,827

Southern Pines - Single Family

2014 136 156 $260,000 $275,423 $42,966,093

2013 167 166 $278,500 $279,252 $46,355,933

Aberdeen - Single Family

2014 163 127 $199,900 $205,400 $26,085,813

2013 128 94 $194,000 $196,531 $18,473,951

7 Lakes & Foxfire Area - Single Family

2014 176 109 $230,164 $200,000 $25,087,885

2013 200 116 $230,374 $179,000 $26,723,463

Whispering Pines - Single Family

2014 159 95 $257,374 $254,900 $24,450,546

2013 163 115 $260,000 $267,033 $30,708,874

Carthage & Cameron Area Single Family

2014 141 56 $168,135 $192,500 $9,415,910

2013 164 41 $153,485 $162,960 $6,292,923

Residential Sales through 3rd Quarter each year- All Areas 2014 2013 2012

Total Sold 1050 1074 795

Days on Market 169 181 197

Average Sold Price $254,726 $248,656 $250,019

Moore County real estate has had modest starts in sales since the first quarter of 2014, with some significant increases in area markets such as Aberdeen, and the Carthage & Cameron areas due to new construction in those neighborhoods. Overall we have noted that the entry to our housing by young families has contributed to this uptick in sales, many who are part of the growing interest by military families in Moore County. According to our Pinehurst/Southern Pines Area MLS statistical data, sales of new construction in 2013 and 2104 accounted for approximately 17 % of the total Sales in 2014. Mortgage rates are still excellent and we see a larger number of homes financed with VA loans, reinforcing the connection to the military buyer – whether active duty or veteran.

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CHARTING THE TRENDS

The trend lines for the number of listings sold for residential properties shows a normal seasonally adjusted market. This has been a normal pattern for our sales for years. Included in this graph are single family homes and condo/townhomes.

As the Average Days on the Market graph shows, we have made excellent progress in reducing the average days on the market. Pricing a home to sell has always been a critical part of our selling process but is even more so now. Buyers have access to the detailed statistics on the homes they view before buying, these comparisons help them with their base offer and the final negotiations.

MOORE COUNTY RESIDENTIAL MARKET

Absorption Rate – to determine the absorption rate, we calculate the number of homes sold within a period of time, those results indicate the number of months it takes to sell the inventory. A six month rate is the sign of a healthy market. We are moving in the right direction.

Sold Price vs. Listings Sold – this graph shows the median and average prices for the homes sold in Moore County from Jan – Sept 2014. A slight drop in the prices and the number of listings is a normal seasonal movement in the residential market.

CHARTING THE TRENDS IN LUXURY HOME SALES

The Average Days on the Market graph indicates we have made some progress in reducing the average days on the market in the luxury homes sales niche. The Active inventory is still staying on the high side with over 200 days noted on the chart. Many of these properties come off the market and return. Lenders continue to have good “jumbo” rates for qualified buyers.

The trend lines for the number of listings sold for luxury residential properties show how few sales we have in this range each month. The spikes in activity indicate a higher than normal number of closings. This graph and the other in the luxury division includes all homes, horse farms and condo/townhomes. above the $500,000 price.

MOORE COUNTY RESIDENTIAL: $500,000 AND UP

Absorption Rate – to determine the absorption rate we calculate the number of homes sold within a period of time, those results indicate the number of months it takes to sell the inventory. For homes offered above $500,000 the Absorption Rate continues to be high but has improved since the start of 2014.

Sold Price vs. Listings Sold – this graph shows the median and average prices for luxury homes sold in Moore County from Jan – Sept 2014. Comparing this chart to the overall residential sales points to the need for more buyer activity in the higher price ranges.

MOORE COUNTY DATA

The statistics presented in this report are compiled based on figures and data generated by the PSP-MLS. Due to possible reporting

inconsistencies, Days on Market (DOM) should be used to analyze trends only. Property and statistical data is derived from the PSP-MLS and is

solely for your personal, non-commercial use in buying or selling a property and is deemed reliable but not guaranteed and should be verified.

All representations and warranties regarding the information are disclaimed. Reproduction or any other use is prohibited.

Price Range 2014 2013

1 - 100,000 92 88

101 -200 342 381

201 - 300 360 325

301 - 400 154 169

401 - 500 55 53

501 - 600 15 26

601 - 700 12 19

701 - 800 4 4

801 - 900 6 2

901 - 1,000 7 2

1,001 - 1.5 ml 2 2

1.5 mil + 3 1

Number of Units Sold by Price Range (January - Sept) 2014, 2013

Days on Market Comparisons by Price Range (January - Sept) 2014. 2013

Price Range 2014 2013

1 - 100,000 177 182

101 -200 184 170

201 - 300 163 162

301 - 400 173 204

401 - 500 250 181

501 - 600 363 245

601 - 700 122 238

701 - 800 319 271

801 - 900 271 911

901 - 1,000 271 75

1,001 - 1.5 ml 154 815

1.5 mil + 412 457

FIND IT ON OUR

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WWW.BHHSPRG.COM

Consumers want to see home

values and local market trends.

Berkshire Hathaway HomeServices

Pinehurst Realty Group is introducing

several new solutions providing the most

relevant property details available for

real estate in Moore County.

FREE Home Value Estimates –

Enter an address and click to see a home

value estimate and value range plus other

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comparable properties and market trends.

Our estimates are powered by Collateral

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For an online visit to the lifestyles

in Moore County - try out the new

website Moore Alive developed for

visitors and those who wish to

relocate to our area. Once you hear

the stories of why people love

living, working and visiting

here...you won't want to leave!

©2014 BHH Affiliates, LLC. Real Estate Brokerage Services are offered through the network member franchisees of BHH Affiliates, LLC. Most franchisees are independently owned and operated.

Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of HomeServices of America, Inc.® Information not verified or guaranteed.

If your property is currently listed with a broker, this is not intended as a solicitation. Equal Housing Opportunity.

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e. Southern Pines, NC 28387 Estate Brokerage Services are offered through the network member franchisees of BHH Affiliates, LLC. Most franchisees are independently red service marks of HomeServices of America, Inc.® Information not verified or guaranteed. If your property is currently listed with a Broker, th

Let’s face it – you haven’t

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And that’s ok. Our agents arm

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Berkshire Hathaway HomeServices Pinehurst Realty Group – 910.692.2635 ~ 910.295.5504 ©2014BHH Affiliates, LLC, An independently owned and operated franchisee of BHHS Affiliates, LLC. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of HomeServices of America, Inc.® Equal Housing Opportunity.