Friday, May 24, 2013

New Bern Home Sales

How are Home sales year to date?

Lets take a quick look

Jan.1-May 23 2013 homes sold=518

Total new homes sold=66
Total Bank Owned Sold=139=27% of total home sales
Average price sold=$156,852
Average days on market=158

Jan.1-May 23 2012 homes sold=452

Total new homes sold=97
Total Bank Owned Sold=87=19% of total home sales
Average price sold=$161,154
Average days on market=171

So, let's sum it up.

Average sales price  price dropped by $4302. 

Average days on market is down, that could be good news. Some of this could be the result of Bank Owned Homes being priced to sell quickly.

Number of Bank Owned homes sold=60% increase. 

New Home sales are down about 32%. Not sure what is going on with this. 

My overall take is that the number of Bank Owned Homes is continuing to negatively affect the market in the New Bern area. I am still waiting to see this number start to decrease, no sign of it yet.

In some parts of the country Bank Owned homes have been  been absorbed into the market resulting in the average sales price increasing. This could be what is driving the  reports you are hearing in the national news about how well the housing market is doing. It seems to me that the markets that  were  hit hardest and earliest are recovering first. 

Still a tough market. If you would like a report of your neighborhood let me know.

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