Last year at this time, I reported that we had joined FrontGate Properties which later became Keller Williams Realty, Pinehurst.  We are the number one company in Moore County in terms of Volume with $19.4 million in closed sales and in units sold with 104 units sold.   We have approximately 10% of the market and each month it grows.  We have 38 units scheduled to close in June which represents about 40% of all closings scheduled for June.

Through May 31, 2009, residential sales in Moore County totaled 288 with 1534 homes on the market.  This gives us 27 months of inventory.  The median price is $213,500.  The same period in 2008 shows 448 homes sold with a median price of $227,150.  Sales are down 36% and the price is down 6%.   In 2007, homes sold in Moore County were 622, giving us a 54% decrease over the last two years.

Homes under $300,000 are still moving.  217 of the 288 homes sold were under $300,000.  43 more were from $300,000-400,000 and 25 between $400,000 and $700,000.  Only 3 have sold greater than $700,000.

Given all the gloomy statistics, rates are still good and will remain so until the economy turns around.  Here are seven reasons why it is a good time to be buying now:

1. Homes are more affordable
2. Interest rates are low

3. Large inventory from which to choose 

4.  First time buyer could get $8000 tax credit

5.  Mortgages could cost more in the future 

6. If you're preapproved, act now

7. Homeowners have more long term financial stability

See attached chart for Freddie Mac Mortgage Rates by week since the start of the year.  Note the upturn at the beginning of May.  I've also included a chart showing Moore County Homes Sold by price range and months inventory by price range through the first 5 months of 2009.  It supports that sales are in the lower price ranges as expected.

Don't forget Fathers Day on June 21. 

Sincerely,

John Cox