Friday, October 10, 2014

The Weekly New Bern Real Estate News Report

Total homes sold=18

Average sales price=$173,072

Total homes sold=28

Average sales price=$150,630.00

As you can see, sales volume is down 44% from last year, bad news. Good news, average sales price is up 15%. 

This has kind of been the trend all year. For the year sales volume is down about 1.2%, however average sales price is up almost $6000. Whats going on? Well, bank owned sales are down this year 25% and that is the primary reason sales volume is down and average sales price is up.

While it is certainly good news that bank owned sales are down, there are still plenty of challenges in the real estate market right now. The biggest challenge, in my opinion, is quite simply the weak ecomony throughout much of the nation. When we climb out of the great recession we will see a robust housing recovery in New Bern.

Until next week.

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