Tuesday, July 08, 2014

New Bern NC Home Sales

Home Sales in New Bern for the first 6 months of 2014

Are home sales improving in the New Bern Market? I get asked that question often. Let's take a look at the data and see what is happening.

Home sales for 2014

Total sales through 6-30-2014=513

Average sales price=$163,042
Average days on market before a sale=147
Bank owned sales=90

Home sales for 2013

Total sales through 6-30-2013=534
Average sales price=$160,964
Average days on market before a sale=160
Bank owned sales=108

Here is my take on the Data

Overall, home sales are down 4% over the same time last year. That does not concern me so much. Why? Last year we saw a lot of distressed homes that were great buys and sales of those homes affected an increase in the total sold. Many of those homes were bought by investors and were not indicative of a normal sales market. Recently I spoke to a Real Estate Agent who specializes in listing Bank Owned Propertiesand he said there may be a shadow inventory of potential foreclosures lurking out there. Let's hope that is not the case as foreclosures and bank owned properties depress all home values.

Click here to see bank-owned homes


Average sales price is up slightly this year, about 1%. We are finally moving in the right direction after seeing prices fall for 6 years in a row. I am watching this number very carefully. Looks like the average sales price is about where it was in 2003 so we still have a long way to go to get to 2007 when the average sales price was $197,000.

Days on the market has decreased vs. last year. This is really good news. The faster that homes sell, the less inventory on the market. The less inventory, the more upward price pressure on homes.

We are excited to launch our Mobile App and it is a fantastic tool. If you have a smart phone and drive up to a home listed for sale, you can open the app and it will bring up the property data, including a slide show of interior and exterior photos.

Download our Mobile App by scanning the QR Code Below 
or by Texting KW2HMCM8Q to 87778.
For some of you older guys and gals (like me) that need instructions for doing this, you put the 87778 in the "To" area which is the same place you would put someone's phone number and the KW2HMCM8Q is typed into the "message" area. When you download the App it may ask for an agent code or validation number and if it does use KW2HMCM8Q

With the tough sales market, many owners are opting to rent rather than sell at today;s market values. Keep in mind that Jana and I manage rental properties as well as sell real estate.If you know someone that wants to rent their home out, tell them to give us a call. We can definitely help them.Our rental manager Penny can be reached at 252-639-0200. Reach us online at www.RivertowneRentals.Info

Looks like right now we are moving in the right direction. Let's keep our fingers crossed, but for now we are looking better that we have in 7 years.

To Buy or Sell real estate, we would love to assist you and your friends. Search homes for sale by clicking here www.TysonGroup.Info

Have a great Summer,

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