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 | November 2008 |
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With Thanksgiving Day just around the corner, I wanted to take this time to highlight the three most important "Thanksgiving Traditions" in America: Eating, Football, and the Giving of Thanks (hopefully, those are listed in the wrong order!). Please check out our November 2008 Insert where you'll find:
All of this just in time for the Thanksgiving Holiday! Enjoy!
Real Estate News: I have some exciting news to announce. FrontGate Properties has merged with Realty World Pinnock to become "FrontGate-Pinnock Properties."
This mega-merger has made us the largest real estate company in Moore County with over 50 agents! We are number 1 in agents, number of listings, and number of transactions. Stay tuned for another change as our application to become a Keller-Williams franchise has been submitted. Keller-Williams is the fastest-growing franchise in the country and provides a wealth of information and training for their agents. We are all really excited -- even in the face of a market slowdown!
Each November, I send you a table comparing residential real estate SOLD through October for years 2005 to present. Below is the updated chart for 2008: [Note: "DOM" stands for "days on the market."]
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SOLD |
2005 |
2006 |
2007 |
2008 |
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No. of Listings |
1448 |
1462 |
1343 |
1066 |
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Average DOM |
131 |
127 |
134 |
145 |
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Average Price |
$231,134 |
$252,004 |
$260,209 |
$252,493 |
In comparing 2008 to 2007: the number of units sold is down 21%; days on the market has increased 8%; and the average sales price has dropped 3% (back to the 2006 level). This slowdown means there are bargains out there and a lot of inventory from which buyers can choose. On the other hand, sellers need to keep their homes in great shape and be realistic in this sluggish market.
I am writing this letter on Election Day, and I have no idea what the outcome will be. All I know is that I voted, and I hope you did, too.
Wishing you and yours a blessed Thanksgiving . . . and a thankful heart.
Sincerely,
John Cox
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Pinehurst NC Homes & Real Estate For Sale
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