Home Sales in New Bern

The Week in Review

24=Total Sales in the last week. 5 of  the 24 homes sold were over $200,000 and the most expensive home sold was $395,000. 7 of the 24 homes sold were Bank Owned. Ouch, that is not good. When will all the foreclosures end? Good question, and we will explore that more at later date.

23=Total Sales in the last year, same date. 7 of the 23 sold were over $200,000 and the most expensive home sold was $695,500. 4 of the 23 sold were Bank Owned.

Have a great Weekend,

New Homes for Sale in New Bern

Is a new home in your future?

There is quite a nice selection of new homes for sale in New Bern. And the prices are very competitive with existing homes for sale. Combine that with the fact that interests rates have never been lower and it all adds up to a great time to buy a new house. 

Perhaps your family is growing and you need more space. Or, you are empty nesters and are looking to downsize. What ever the reason, we are ready to help you find the right new home for you. 

For a list of new homes currently on the market click the link below. If you have any questions about any of these homes give me a call at 252 514 9157.

http://www.easternncmls.com/new/maildoc/tysojs_1368653761-May-15-2013-5_36_01pm.html

Bank Owned Homes in New Bern

Current list of Bank Owned Homes for sale in New Bern

Click the link below, or copy and paste into your browser, to view a current list of Bank Owned Homes for sale in New Bern. Many times Bank Owned Homes are in need ofs that will be necessary to make the house livable. Often it just makes more sense to purchase a well valued non distressed home.

If you have any questions on these or any other homes for sale give me a call.

http://www.easternncmls.com/new/maildoc/tysojs_1368550065-May-14-2013-12_47_45pm.html

New Bern Home sales in May

How are home sales  May 1-9 2013

Here is how they compare to to years past.

2013=21

2012=25

2011=30

2010=23

I told my wife the other day things seemed to be slowing down a little and according to this data I may be right. We will continue tracking the market and see how May finishes up.

This chart shows the Home absorption rate by in various neighborhoods and areas. The lower the number the better. Rule of thumb is that anything more than 6 months is a buyers market. The bottom line is that we are still in a tough real estate market.

If you would like a custom absorption chart for your neighborhood let me know.

Ever wonder how much a boat slip cost? The link below will show you all the boat slips in the area that are for sale. All but one are in Pamlico County.

http://www.easternncmls.com/new/maildoc/roscoe_1367582970-May-03-2013-8_09_30am.html

Only two have sold in the last two years so it is a buyers market for sure. If you are a serious sailor and are in need of a place to park your boat, give me a call.

We also have some reasonably priced deep water lots on protected water for sale. Great time to buy waterfront as the supply is limited.

April Home Sales

How are Home sales in April so far? Lets take a look

April 1-April 27 2013=102  of these 31 were Bank Owned

April 1-April 27 2012=99    of these 17 were Bank Owned

April 1-April 27 2011=92    of these 28 were Bank Owned

April 1-April 27 2012=72    of these 4  were Bank Owned

The key number to watch is the Bank Owned sales. When that number starts to decline Home prices should start to firm up.

New Bern Real Estate-Home Sales 2013

Home sales in New Bern and Havelock through April 20-2013

Total homes sold January 1-April 20 , 2010=301

Total homes sold January 1-April 20.  2011=348

Total homes sold January 1-April 20.  2012=329

Total homes sold January 1-April 20.  2013=375

There are currently 1430 homes listed for sale in our multiple listing service. We are selling homes at a rate of about 140 a month.. A buyers market is defined as more than 6 months of home inventory. It is definitely a buyer’s market as we currently have about 10 months worth of inventory. With that said each neighborhood and price range is unique

Home sales in each neighborhood can vary greatly. Feel free to call or email me if you would like to have a customized absorption rate or a Comparable Market Analysis for your property. 

Home sales in the New Bern-Havelock market are up over last year. However, all of the increase is attributable to Bank Owned homes sold. We are still working through distressed properties in New Bern and I hope by the end of the year the worst will be behind us. Right now, about .07% of the listings on the MLS are Bank Owned. However, 33% of Home Sales through April 20 have been Bank Owned. This number has to, and I believe will, go down. 

SteveTyson55@gmail.com  

 www.NewBern-NC.Info

New Bern Home Sales

Year to date home sales through March 31, 2013

So far we have had 221 home sales in Craven County. 58 of these sales were $100,000 and under. 112 of these sales were between $100,001 and $200,000. 20 were between $200,001 and $250,000. 16 were between $250,001 and $300,000. 7 were between $300,001 and $400,000. 6 were sold over $400,000. Of these Jana and I sold 3. The most expensive sold has been $943,500. My wife Jana sold that one. 

Last year during the same time we had sold 201 homes. Only 3 were sold over $400,000 and the most expensive home sold was $450,000. 

So all in all the numbers look better but Bank Owned sales are up this year by 18. This accounts for almost all of the increase in sales this year, but I am still somewhat optimistic because of the increase in higher end sales. 

New Bern Home Sales.

For the first time in 6 years I am feeling more optimistic about the national Real Estate Market and to a lesser degree the New Bern market. While I am inclined to be suspicious about reports by the main stream media about the improvement of home sales, in select markets, the recent reports about an improving housing markets have some validity.

Jana and I recently attended a national Keller Williams convention in Dallas where we received recognition for sales in excess of 16 Million Dollars. While at the convention I spoke to agents from California, Washington, Arizona, Colorado, Nevada, and Florida. As you know these states were among the hardest hit by the housing recession. All the agents I spoke to in California, Washington, Texas and Colorado said the biggest problem they had right now was lack of inventory. It was a sellers market and they were getting multiple offers on homes. The agents in Nevada, Florida, Arizona, said their markets were heading in the right direction and they were in recovery. 

The million dollar question is what is driving the recovery in these areas.  Remember that these markets started to tank several years before our market did. They had tons on foreclosures coming on the market 2-3 years before we started experiencing any increase here. Recently investment companies have bought large quantities of bank owned properties in these areas, often at 50-60 cents on the dollar. Some of the investors are renting the homes which reduces the supply of homes for sale. Combine this  with an increasing population, and  new home construction at a virtual standstill, results in a shortage of inventory in some areas of the country. Another point of interest is that nationally, foreclosures are at the lowest level since 2007. Not true here, bank owned still increasing. 

In Craven County, sales are up 16%,  year to date. That is good news, however bank owned sales are also up 78% year to date. Hopefully we are flushing out many of distressed properties. Until they are out of the system prices for non bank owned will continue to be negatively affected.  I believe we are at the bottom of the market and while it remains a challenging time to sell, there has never been a better time to buy a home that right now.

If you have any questions about the market in any specific areas send me an email and we will give you a custom report of your area.