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In an effort to keep you informed on the current real estate market we have included some statistics which support an improving and upward trend in sales locally. And we are understanding that the same is true , throughout the majority of the US noted by the National Association of Realtors. Home buyers are taking advantage of historically low mortgage rates and falling home prices.
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| Regional Market Information |
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Lawrence Yun, NAR-(National Association of Realtors) chief economist, says first-time buyers continue to influence the market but there also is a seasonal rise of repeat buyers.
"Most of the sales are taking place in lower price ranges and activity is beginning to pickup in the mid-price ranges, but high-end home sales remain sluggish," he says. "The Federal Reserve needs to help restore liquidity for the jumbo mortgage market by buying these loans under the TALF program.
By Region
NAR reported the following with existing-home sales across the country:
· Northeast: jumped 11.6 percent to an annual pace of 770,000 in April, but are 10.5 percent below April 2008. Median price: $237,400, which is 9.6 percent lower than a year ago.
· Midwest: slipped 2 percent in April to a level of 1.00 million and are 9.9 percent lower than a year ago. Median price: $138,800, down 11.7 percent from April 2008.
· South: increased 1.8 percent to an annual pace of 1.74 million in April but are 8.9 percent lower than April 2008. Median price: $148,000, which is 12.8 percent below a year ago.
· West: rose 3.5 percent to an annual rate of 1.17 million in April and are 19.4 percent higher than a year ago. Median price: $222,600, down 21.8 percent from April 2008.
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| Residential & Land Properties Sold 2007 - 2009 |
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Residential Properties Sold Locally - Pinehurst/Southern Pines
2007 - April 1st - May 27th $100k - $250k - 127 Sold $250k - $500k - 81 Sold $500k & $1M - 14 Sold $1M - Up - 5 SoldTotal -227 Properties Sold
Total Sold Jan 1st - May 27th 2007 = 540 Sold
2008 - January 1st - March 31st
$100k - $250k - 167 Sold
$250k - $500k - 86 Sold
$500k & Up - 3 Sold
Total - 256 Properties Sold
2008 - April 1st - May 27th
$100k - $250k - 96 Sold
$250 - $500 - 63 Sold $500 - $1M - 12 Sold
$1M - Up - 2 Sold
Total - 173 Properties Sold
Total Sold Jan 1st - May 27th 2008 = 429 Sold
2009 - January 1st - March 31st
$100k - $250k - 115 Sold
$250k - $500k - 74 Sold
$500 & Up - 8 Sold
Total - 197 Properties Sold
2009 - April 1st - May 27th
$100k - $250k - 116 Sold
$250k - $500k - 41 Sold
$500 & Up - 5 Sold
$1M - Up - 2 Sold
Total - 164 Properties Sold
Total Sold YTD 2009 = 361 Sold
Land - Horse Country (5 to 25 acre tracts)
2007 - 14 tracts sold ranging from $250,000 to $640,270.
2008 - 6 tracts sold ranging from $269,500 to $889,680.
2009 - 1 tract sold to date for $625,000.
The Absorption Rate for LAND in "Horse Country" is currently 3.5 years. This means if no other land tracts come onto the market in this range it will take 3.5 years to sell all the currently listed land tracts available.
The Absorption Rate for Horse Farms in "Horse Country" between $500,000 and $5M cannot be calculated because there have not been any farms sold this year to date. Currently we have 22 horse farms on the market. |
 In Honor of Flag Day |
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| Flag Day was first celebrated throughout the country in 1877 to mark the centennial of the birth of our national symbol. After three decades of State and local celebrations, President Woodrow Wilson officially established Flag Day by proclamation in 1916.
During the darkest hours of World War II, Americans looked to the purity, hardiness, valor, vigilance, perseverance, and justice represented by the flag as ideals worthy of the ultimate sacrifice in order to defeat tyranny. In celebration of the flag's powerful meaning to Americans and its place in our culture and history, Flag Day became a national observance by Act of Congress in 1949 and was signed into law by President Harry Truman.
To commemorate the adoption of our flag, the Congress, by joint resolution approved August 3, 1949 (63 Stat. 492), designated June 14 of each year as "Flag Day" and requested the President to issue an annual proclamation calling for a national observance and for the display of the flag of the United States on all Federal Government buildings. In a second joint resolution approved June 9, 1966 (80 Stat. 194), the Congress requested the President to also issue annually a proclamation designating the week during which June 14 falls as "National Flag Week" and called upon all citizens of the United States to display the flag during that week.
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| Jo-an DeSell & Teresa Bruni
(910) 690-6126 ~ (910) 988-8111
DeSell & Co.
Hagan and Hagan GMAC RE
510 NW Broad Street
Southern Pines, NC 28338
Office: (910) 692-0707
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