The New Bern weekly Real Estate Report

I hope everyone had a really nice 4th of July. There were 18 homes sold from Monday, July 1 to Friday, July 7th. Below is a link to the homes that sold.
http://www.easternncmls.com/new/maildoc/roscoe_1373069707-Jul-05-2013-8_15_07pm.html

It is encouraging to see some higher end homes finally selling. So far in 2013 we have seen 64 homes over $300,000 sell. Lets see how that compares to prior years.

2012-61
2011-56
2010-57
2009-68
2008-112
2007-146
2006-171

Wow. No wonder we have seen it take so long for homes over $300,000 to sell. Looks like we have a severe lack of buyers in that price range. Also adding to the problem is the tendency for professionals to rent instead of buy, particularly if they know they will only be living here a few years. They are scared to get caught owning a home they cannot sell.

Currently there are 338 homes for sale over $300,000. At the current absorption rate it will take 5 years to sell all the homes for sale over $300,000. Of coarse all homes and neighborhoods are different, so it is possible that yours might sale in a few months.

Do you have any questions about the real estate market in New Bern? If so send me an email or check out my website at www.newbern-nc.info

Regards,