Saturday, November 22, 2014

The Weekly New Bern Real Estate News Report

This week we will look at new home sales year to date. Once again it is turning out to be a challenging year for home builders this year as the graph below would indicate.

Even though sales are down quite a bit, average sales price is up a little and absorption rates are down. Actually, absorption rates for new homes is much less than the overall market and indicates that we are close to a balanced market with new construction. So if builders will keep this level of construction up things may be ok. 

Builders, if you are thinking about gearing up and building more homes, you better be in tune with changes that will be happening at Cherry Point. From what I understand Cherry Point will be losing up to 1500 Marines over the next 3 years. Much of that loss will be replaced when the F-35's start to backfill the retirement of the Harriers and Prowlers.

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