2019 Recap of Real Estate in Pittsboro NC

Pittsboro NC Real Estate Agent Eric Andrews goes over what we saw in 2019 and what to expect in 2020 when it comes to residential real estate.

Speaker 1:           Do you have a recap of 2019?

Speaker 2:           I do have a recap. The State of the Union real estate in Chatham County is good. Now 2019 was a great year. Truthfully, it was very close to 2018. I feel as though we had to work harder to get the same numbers, but there’s a lot, lot happening. I mean, there’s more competition as far as real estate agents, there’s more inventory, there’s more new subdivisions, there’s certainly more commercial that’s available. There’ve been more land listings, but 2018 was a phenomenal year, and 2019 we matched that. We matched that as a firm, we matched that volume wise, we matched that commission wise. My numbers personally were the same, or a little bit better in 2019 and 2018. Because of the business that I did in 2019, and I do a lot of large land transactions and I’ve done some commercial deals or whatever, I can already tell in the books that 2020 is going to be phenomenal.

I mean, I’m way ahead of what’s under contract for 2020 as compared to 2018, going into 2019. 2019 going into 2020 is already much, much better. My January’s going to be my fifth best month ever. And January’s not historically one of the better months, so we’re expecting big, big things. When we look at Chatham County as a whole, some of the nice things were obviously crazy appreciation in the area between Pittsboro and Chapel Hill, and the area around Jordan Lake has done phenomenally well. Of course, Pittsboro has hit some, some new markers that we’ve never thought that we would hit. Homes are selling at $200 a foot in Pittsboro. There’s prospects and new construction that’s going to be close to $300 per foot in 2020. And so, for the longest time in Pittsboro, we were at $75 to $100 a foot, and then a $100 to $125 a foot and we had some leveling off, but now prices in the Pittsboro area are going up.

And Siler City is finally making a rebound. For a long time you could find homes and properties in Siler City, less than $100,000. Very difficult to find anything less than $100,000 in Pittsboro, I mean in Siler City, right now. $120,000, $140,000, $150,000 is more of the going rate in some modest homes in Siler City.

Siler City has been pulled up due to, I think Pittsboro and the Greensboro area going up. One of the things I saw in Siler City that was very, very rare is we’re seeing a lot of Greensboro buyers in the Siler City market, which is good. We’re so bullish on Siler City that we opened up a new office in Siler City. So we’re going to have an office in Pittsboro, we’re going to have an office in North Chatham, the Chapel Ridge subdivision, and we’re going to have… We have the office in Siler City now. But we expect big, big things in Siler City.

One of the things that is unfortunate that we are finding, Goldston, Bear Creek [inaudible] Bennett, has continued to be a little bit soft. But I’m optimistic in 2020, because for people that want land or large tracks of land, or if they want homes with acreage, that south west corridor of Chatham, it’s going to be the only place that you can get homes with acreage.So I think that’ll be very, very strong.

I think Silk Hope has gone up a bunch. Silk Hope, almost a bedroom community of Pittsboro, Siler City, and Chapel Hill, it’s kind of triangulated by those three areas. Siler City, beautiful land. I mean, excuse me, Silk Hope, beautiful land. But homes with acreage is possible in the Silk Hope area. And then when we look at commercial properties, I think they’ve done very well in Pittsboro this year. I’ve had my best commercial year ever in the Pittsboro market, so 2019 overall was a very good year and we’re very optimistic about 2020.