The following were the home sales for 4 subdivisions in areas close to Cherry Point Marine Air Station
Neuse Harbour
Active homes for sale by price range
Current number of homes on the market=17
Pending sales=0
Active homes for sale by price range
$219,000-$300,000=8
$,301,000-$450,000=7
$1,250,000-$1,475,000=2
There were 5 homes that sold and closed in Neuse Harbour in the last 12 months.
Stately Pines
Current homes on the market=8
Pending sales=2
Active homes for sale by price range
$181,900-$200,000=3
$200,000-$250,000=3
$288,000-$799,000=2
There were 9 homes that sold and closed in Stately Pines in the last 12 months.
Carolina Pines
Current homes on the market=26
Pending sales=3
Active homes for sale by price range
$150,000-$200,000=11
$200,000-$250,000-11
$251,000-$300,000=4
There were 28 homes that sold and closed in Carolina Pines in the last 12 months.
Tucker Creek
Current homes on the market=12
Pending sales=3
Active homes for sale by price range
$129,000-$200,000=6
$201,000-$299,500=6
There were 12 homes that sold and closed in Tucker Creek in the last 12 months.
Wednesday, June 23, 2010
New Bern 4th of July Celebration
New Bern is the place to be on the 4th of July. Among many of the interesting events to be held this day are the chance to observe the world's largest barbecue bun and sandwich.
Known throughout the South as some of the best barbecue in the world, Tommy Moore of Moore's Barbecue will attempt a Guinness World Record by creating a sandwich large enough to feed more than 300 people.
Tommy Moore/ Chef/Pitmaster and his Barbecue Bun team will gather at 1 p.m. to assemble the Barbecue Bun-Largest Open Sandwich at Union Point Park. Don't miss a part of history as we celebrate the founding of our country.
Known throughout the South as some of the best barbecue in the world, Tommy Moore of Moore's Barbecue will attempt a Guinness World Record by creating a sandwich large enough to feed more than 300 people.
Tommy Moore/ Chef/Pitmaster and his Barbecue Bun team will gather at 1 p.m. to assemble the Barbecue Bun-Largest Open Sandwich at Union Point Park. Don't miss a part of history as we celebrate the founding of our country.
Sunday, June 06, 2010
New Bern NC Home sales
Building permits, not inspections, in Craven County are up significantly year over year. I am referring to Craven County permits only and not the city of New Bern or Havelock. I will try to start tracking city permits as well.
For the month of May, 2010, there were 127 homes that closed in our entire MLS. Of these only 13 were over $250,000. This compares to 107 that closed in May of 2009 of which 12 were over $250,000.
There are currently 312 new homes for sale and 36 sold in the month of May. This means we have almost one year of new home inventory on the market. Be careful builders.
Since there were 104 homes that closed in April 2010 and 127 in May 2010 can we conclude that with the ending of the first time homebuyers tax credit, sales have not been negatively affected?
Not yet, because even though the program ended in April, many of the sales that were initiated because of the program did not close until May. You had to be under contract by the end of April but have until the end of June to close.
One concern of mine is the increase of inventory of existing homes we are seeing. I believe many folks who did not sell their home the first go around have put their home on the market at this time thinking that late spring, summer is the time to sell. This has resulted in somewhat of an excess of inventory(almost 17 months worth at the current absortion rate) and will put pressure on folks to reduce their price in order to sell. If I did not have to sell my house I would not put it on the market at this time.
For the month of May, 2010, there were 127 homes that closed in our entire MLS. Of these only 13 were over $250,000. This compares to 107 that closed in May of 2009 of which 12 were over $250,000.
There are currently 312 new homes for sale and 36 sold in the month of May. This means we have almost one year of new home inventory on the market. Be careful builders.
Since there were 104 homes that closed in April 2010 and 127 in May 2010 can we conclude that with the ending of the first time homebuyers tax credit, sales have not been negatively affected?
Not yet, because even though the program ended in April, many of the sales that were initiated because of the program did not close until May. You had to be under contract by the end of April but have until the end of June to close.
One concern of mine is the increase of inventory of existing homes we are seeing. I believe many folks who did not sell their home the first go around have put their home on the market at this time thinking that late spring, summer is the time to sell. This has resulted in somewhat of an excess of inventory(almost 17 months worth at the current absortion rate) and will put pressure on folks to reduce their price in order to sell. If I did not have to sell my house I would not put it on the market at this time.
Saturday, May 22, 2010
New Home Sales
County building inspections were up as of the end of April 10% when compared to last year. Nothing to jump up and down about but at least it is going in the right direction.
Total home sales to date in craven County are 416 as compared to 384 in 2009. Again we are moving in the right direction but it will be a while before we are able to see how much of this was the result of the tax credit.
Of the homes 416 homes sold, 108 were new construction as compared to 113 in 2009.
New Construction 2010 Sold
Under $150,000=24
$150001-$200,000=60
$200,001-$250,000=18
Over $250,000=6
New Construction 2009 sold
Under $150,000=26
$150,001-$200,000=37
$200,001-$250,000=25
Over $250,000=25 Note some of these over $250,000 were deeply discounted.
Total home sales to date in craven County are 416 as compared to 384 in 2009. Again we are moving in the right direction but it will be a while before we are able to see how much of this was the result of the tax credit.
Of the homes 416 homes sold, 108 were new construction as compared to 113 in 2009.
New Construction 2010 Sold
Under $150,000=24
$150001-$200,000=60
$200,001-$250,000=18
Over $250,000=6
New Construction 2009 sold
Under $150,000=26
$150,001-$200,000=37
$200,001-$250,000=25
Over $250,000=25 Note some of these over $250,000 were deeply discounted.
Tuesday, May 18, 2010
New Bern Air show
MCAS Cherry Point Air Show announces satellite shuttle parking plans
Attendees for the Carolina's largest air show, the “MCAS Cherry Point Air Show”, scheduled for May 21-23, once again have the option of avoiding long lines at the gate by taking advantage of satellite shuttle parking service.
This year, the premiere act will feature the world's top military jet team, the “US Navy Blue Angels”.
Satellite parking will be available only on Saturday and Sunday, May 22nd and 23rd. Two shuttle services will be available for spectators'
convenience. For those coming in on Hwy 70 from the New Bern area, the shuttle lot will be located at Tucker Creek Middle School on Sermons Blvd (near Wells Wayside Furniture). For those coming in on Hwy 70 from the Morehead City area, the parking lot will be located at Craven Community College on Cunningham Boulevard (bear right at the Havelock City Hall).
Both sites will run buses from the parking lots directly to the air show's flight line. Buses are scheduled to run as soon as they are full, or every half hour, whichever occurs first. Satellite parking areas will begin transporting at 9 a.m. and will stop running from the flight line at 5:30 p.m. or as crowds dictate.
Dates for the Carolina's largest air show are May 21-23 with a "Night Show" on Friday evening, May 21 and two full "Day Shows" on Saturday and Sunday, May 22 and 23. Admission and parking are free. Premium seating upgrades are available for purchase via the website.
For more information on the air show, experience the show's website at www.cherrypointairshow.comor call toll free 866-WINGS-NC.
Attendees for the Carolina's largest air show, the “MCAS Cherry Point Air Show”, scheduled for May 21-23, once again have the option of avoiding long lines at the gate by taking advantage of satellite shuttle parking service.
This year, the premiere act will feature the world's top military jet team, the “US Navy Blue Angels”.
Satellite parking will be available only on Saturday and Sunday, May 22nd and 23rd. Two shuttle services will be available for spectators'
convenience. For those coming in on Hwy 70 from the New Bern area, the shuttle lot will be located at Tucker Creek Middle School on Sermons Blvd (near Wells Wayside Furniture). For those coming in on Hwy 70 from the Morehead City area, the parking lot will be located at Craven Community College on Cunningham Boulevard (bear right at the Havelock City Hall).
Both sites will run buses from the parking lots directly to the air show's flight line. Buses are scheduled to run as soon as they are full, or every half hour, whichever occurs first. Satellite parking areas will begin transporting at 9 a.m. and will stop running from the flight line at 5:30 p.m. or as crowds dictate.
Dates for the Carolina's largest air show are May 21-23 with a "Night Show" on Friday evening, May 21 and two full "Day Shows" on Saturday and Sunday, May 22 and 23. Admission and parking are free. Premium seating upgrades are available for purchase via the website.
For more information on the air show, experience the show's website at www.cherrypointairshow.com
Tuesday, May 04, 2010
Good News- New Bern Home Sales
Good news, at least for the month of April. Of course we do not know how much effect the tax credit had on sales. But I don’t know about you but I will take any good news.
For all of Craven County, April home sales
April 2009=58
April 2010=74
New Home sales
April 2009=19
April 2010=32
For the first quarter year over year sales seem to indicate we might have hit the bottom and maybe we are on a slow rebound up. Hang in there.
For all of Craven County, April home sales
April 2009=58
April 2010=74
New Home sales
April 2009=19
April 2010=32
For the first quarter year over year sales seem to indicate we might have hit the bottom and maybe we are on a slow rebound up. Hang in there.
Wednesday, April 07, 2010
New Bern Home Sales
Home Sales in various years. Have we bottomed out? I think we might be close.
01/01/2007-04/07/2007=515
01/01/2008-04/07/2008=367
01/01/2009-04/07/2009=261
01/01/2010-04/07/2010=254
01/01/2007-04/07/2007=515
01/01/2008-04/07/2008=367
01/01/2009-04/07/2009=261
01/01/2010-04/07/2010=254
Saturday, March 27, 2010
New Bern Home sales 2010
Through March 27, 2010 there have been 218 home sales in the New Bern, Havelock, Oriental, areas. This compares to 232 sold in the same time frame as 2009. This represents about a 6% dip in sales thus far this year.
There are currently 215 new homes for sale. During the last 6 months 98 new homes were sold, equating to about a 13 month inventory of new homes for sale. Some price points are selling pretty good, others not so good so it is important for builders to do their homework before building a spec house.
There are currently 215 new homes for sale. During the last 6 months 98 new homes were sold, equating to about a 13 month inventory of new homes for sale. Some price points are selling pretty good, others not so good so it is important for builders to do their homework before building a spec house.
Thursday, March 04, 2010
Latest info on absortion rates in New Bern
Good news on latest info regarding absorption rates in the New bern area. Things are looking a little better. The inventory in just about every area has gone down. Lets hope it continues.
Wednesday, February 17, 2010
Interest Rates
Rates remain very attractive, but for how long?
"IT AIN'T OVER TIL IT'S OVER." Yogi Berra. And whether you find those words deeply wise or simply puzzling...The Fed has told us repeatedly that their massive purchasing program of Mortgage Backed Securities is just about over - and this translates to home loan rates rising in the near future.
As you can see in the chart below, the amounts of Mortgage Backed Securities the Fed is purchasing are slowly dwindling, as the program is set to wrap up by March 31st, and are clearly trying to ration out the remaining portion. Last week, the Fed purchased $11 Billion in Mortgage Backed Securities, which leaves them with $66 Billion to spend out of their original $1.25 Trillion allotment. So about 95% of the total has already been spent and has purchased about 3 out of every 4 home loans during the past year. When such a large buyer leaves the market, it is very likely that prices will worsen.
This is very important because as the Fed has less money to last through the remaining months of the program, their ability to keep home loan rates low via their purchasing power will wane. And those who can take advantage of currently low home loan rates do not wait, as the clock on these historically low rates is ticking.
Also last week, Fed Chairman Ben Bernanke provided a speech on a number of topics, perhaps the most important of these being switching the Fed's benchmark from the commonly watched and monitored Fed Funds Rate, to a new benchmark of "interest paid on excess reserves". Banks are required to keep money on reserve with the Fed and may, from time to time, have an excess in those reserves, which the Fed can pay interest on. Since the Fed Funds Rate is only a "target rate", banks can still lend money to other bank overnight at their own negotiated rate. Sometimes near the end of the trading day, banks have been lending their excess reserves out overnight for a rate that differs from the Fed Funds Rate, but is higher than interest on those reserves from The Fed. This undermines the Fed's ability to set a reliable benchmark.
The Fed wants to fix this by using the amount of interest they pay as the new benchmark, since the Fed has total control of this rate, which should be right at or just under the Fed Funds Rate.
There is one major take-away from this discussion - it appears that the Fed is getting their ducks in a row as they prepare to push interest rates higher. And when they do increase rates, the Fed does not want any obstacles that may undermine their plan.
"IT AIN'T OVER TIL IT'S OVER." Yogi Berra. And whether you find those words deeply wise or simply puzzling...The Fed has told us repeatedly that their massive purchasing program of Mortgage Backed Securities is just about over - and this translates to home loan rates rising in the near future.
As you can see in the chart below, the amounts of Mortgage Backed Securities the Fed is purchasing are slowly dwindling, as the program is set to wrap up by March 31st, and are clearly trying to ration out the remaining portion. Last week, the Fed purchased $11 Billion in Mortgage Backed Securities, which leaves them with $66 Billion to spend out of their original $1.25 Trillion allotment. So about 95% of the total has already been spent and has purchased about 3 out of every 4 home loans during the past year. When such a large buyer leaves the market, it is very likely that prices will worsen.
This is very important because as the Fed has less money to last through the remaining months of the program, their ability to keep home loan rates low via their purchasing power will wane. And those who can take advantage of currently low home loan rates do not wait, as the clock on these historically low rates is ticking.
Also last week, Fed Chairman Ben Bernanke provided a speech on a number of topics, perhaps the most important of these being switching the Fed's benchmark from the commonly watched and monitored Fed Funds Rate, to a new benchmark of "interest paid on excess reserves". Banks are required to keep money on reserve with the Fed and may, from time to time, have an excess in those reserves, which the Fed can pay interest on. Since the Fed Funds Rate is only a "target rate", banks can still lend money to other bank overnight at their own negotiated rate. Sometimes near the end of the trading day, banks have been lending their excess reserves out overnight for a rate that differs from the Fed Funds Rate, but is higher than interest on those reserves from The Fed. This undermines the Fed's ability to set a reliable benchmark.
The Fed wants to fix this by using the amount of interest they pay as the new benchmark, since the Fed has total control of this rate, which should be right at or just under the Fed Funds Rate.
There is one major take-away from this discussion - it appears that the Fed is getting their ducks in a row as they prepare to push interest rates higher. And when they do increase rates, the Fed does not want any obstacles that may undermine their plan.
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