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.

For all your Real Estate needs check out our website www.newbern-nc.info 

The Weekly New Bern Real Estate News Report

This week we will look back at homes sales in all of Craven County year to date. We are looking at average sales price, volume of sales, and days on market before closing. first lets look at New Home Sales. 

New Home Sales

New Home Sales  1-1-14 thru 10-24-14=134

Average sales price=$194,116

Highest sales price=$430,000, this was in Carolina Colours.

New Home Sales  1-1-13 thru 10-24-13=155

Average sales price=$188,352

Highest sales price=$510,000, this was in Stillwater Harbour on the water.

Sales volume was down by 13.5%

Average sales price was up by 3%

Even with sales volume down 13.5% from last year there are still to many new homes being built. There are currently 84 new homes listed for sale in the MLS. Thats way to many, especially for this time of year. Most of the new homes are being built are under $200,000 targeted to young Marines.

Home sales under $200,000

Home Sales  1-1-14 thru 10-24-14=551

Average sales price=$122,528
Average days on the market before a sale=138

Home Sales  1-1-13 thru 10-24-13=524

Average sales price=$118,890

Average days on the market before a sale=150

Sales volume was up by 5%

Average sales price was up by 3%

This price home seems to be the best selling price right now. Even so, there are currently 473 homes for sale priced between $50,000 and $200,000.

Home sales $200,000-$300,000

Home Sales  1-1-14 thru 10-24-14=130

Average sales price=$240,591
Average days on the market before a sale=146

Home Sales  1-1-13 thru 10-24-13=141

Average sales price=$$238,794

Average days on the market before a sale=185

Sales volume was down by about 1%

Average sales price was up by less than 1%

Home sales $300,000-$400,000

Home Sales  1-1-14 thru 10-24-14=53

Average sales price=$326,617
Average days on the market before a sale=153

Home Sales  1-1-13 thru 10-24-13=32

Average sales price=$333,231

Average days on the market before a sale=248

Sales volume was up by 65%

Average sales price was down by 2%

Wow, sales volume was up by 65%. And average days on market is down significantly. About the only negative I can see here is that there are currently 79 homes for sale in this price range and that is a lot of inventory. That might be what is keeping average sale price down some. 

Home sales $400,000-$500,000

Home Sales  1-1-14 thru 10-24-14=16

Average sales price=$420,464
Average days on the market before a sale=145

Home Sales  1-1-13 thru 10-24-13=16

Average sales price=$424,267

Average days on the market before a sale=294

Sales volume was up by 0%

Average sales price was down by less than 1%

There are currently 32 homes for sale in this price range. Thats a lot of competition and if you want to sell in this price range you need have a special product and be priced right. Call Steve or Jana if you are in this price range and we will be glad to offer some advice on how to trump the competition.

Home sales over $500,000

Home Sales  1-1-14 thru 10-24-14=15

Average sales price=$610,132
Average days on the market before a sale=226

Home Sales  1-1-13 thru 10-24-13=19

Average sales price=$654,400

Average days on the market before a sale=290

Sales volume was down by 21%

Average sales price was down by 6.7%

Ouch, 57 homes for sale in this price range. There is just a lot of competition. To many homes chasing to few buyers. You better hire a Realtor that will tell you the truth and not what you want to hear if you are selling in this price range.



If you have any questions about any of this data give me a call. Want to know what your home is really worth in todays market? Give us a call at 252 514 9157.

For all your Real Estate needs go to New Bern Real Estate

Thinking of selling your home?

Then please read this article

http://realtytimes.com/consumeradvice/sellersadvice1/item/31279-20141024-your-house-usually-isnt-worth-as-much-as-you-think

The Weekly New Bern Real Estate News Report

New Bern Home Sales-10-15-14 through 10-21-14

Total homes sold=14

Average sales price=$188,775

Average days on market before sale=112

The most expensive home sold during this time period was $526,000

The least expensive home sold during this time period was $69,000

New Bern Home sales-last year, same time frame

Total homes sold=19

Average sales price=$224,568

Average days on market before sale=284

The most expensive home sold during this time period was $535,000

The least expensive home sold during this time period was $474,000

If you know anyone looking to buy or sell Real Estate please ask them to give us a call. And for all of your Real Estate needs go to New Bern Real Estate

The Weekly New Bern Real Estate News Report

New Bern Home sales-10-4-14 through 10-10-14

Total homes sold=18

Average sales price=$173,072

New Bern Homes sales-Last year, same time frame

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.

For all your real estate needs go to www.newbern-nc.info

New Bern Real Estate News

Today is October 2nd, 2014

Here is the Latest New Bern Real Estate News

It has been a hectic week for us, and I mean that in a good way. We had a closing on Monday, two closings on Wednesday, and a closing on Thursday. It has been hard work and we are doing really well this year. OK, I know what you are thinking.

What people do care about is the housing market. It is a huge part of our economy and for most of us, a huge part of our personal net worth. So let's look at the data and see how the overall real estate market is doing in the greater New Bern area.

Homes sold in the last year=1152
Average days on market before sold=152
Average sales price=$172,052

Now lets look at the year before.
Homes sold the year before=1098
Average days on market before sold=161
Average sales price=$164,293

According to this data, we are moving in the right direction. This housing recovery has been, and will likely, continue to be timid. If you are buying, there are still good deals out there, but not quite as many as a year ago. Also, interest rates remain low. I closed a VA loan this week at 3.84%.

If you are selling, get your home in really good shape. There is a lot of competition out there and if you want to be in the game you must be priced right and the home must show well.

Have a great weekend, and for all of your real estate needs go to www.newbern-nc.info

Home sales year to date-Craven-Pamlico Counties

Includes all of New Bern and Oriental

Lets take  look at  a few sales charts and see how sales are doing year to date by price range

As you can see from the chart the under $200,000 accounts for 69% of sales. So if you re wondering what is taking your home so long to sell, this chart might help. It is still  buyers market and if you do not have the ability to be price competitive might not be the time for you to sell. 

For all your real estate needs, go to www.newbern-nc.info or give me  call at 252 514 9157

New Bern-Certified Retirement Community

New Bern-Certified Retirement Community?

I think we need to get New Bern designted as a Certified Retirement Community. Certainly we can beat out the cities listed below. We are missing out on opportunities such as the one listed below. What do you think?

RetireNC promoted at the Ideal Living expo in N.J.


The Division’s Andre Nabors (lf)
and Fearrington Village’s Nathalie
Condoret (center) listen intently
to attendees
Tourism Development Manager André Nabors and Division representative Ashlee Kirk promoted North Carolina as a retirement destination at the Ideal Living Resort & Retirement Expo in Whippany, N.J., this past weekend. The Expo drew approximately 800 potential retirees from the region interested in exploring opportunities and conversing with exhibitors from across the Southeast. Attendees talked with experts from towns and community developers to gain insights and get answers to help plan, design and enjoy their retirement. North Carolina has consistently been one of the most requested states by the attendees. The Division attended the Expo, along with community partners from Fearrington Village Real Estate, to continue its efforts to promote the N.C. Certified Retirement Community Program, which consists of Asheboro, Eden, Edenton, Lumberton, Marion, Mount Airy, Pittsboro, Sanford, and Tarboro. For more information about the Certified Retirement Community Program or the Division's marketing initiatives for retirement relocation, contact Andre Nabors at (919) 733-7502.

Searching for a Townhome or Condo in New Bern?

Search no more. Just click the link below and begin your search.

New Bern Townhomes and Condos

Let us know if you have any questions.

Waterfront Home Sales in New Bern

Waterfront Home Sales in New Bern and Craven County

Today we are going to take a look at waterfront home sales in both the New Bern market and the Oriental market.

Waterfront sales in New Bern and Craven County Through 8-28-2014

Total units sold=38

By price range

$100,000-$200000=9. Down 35% over last year

$200,000-$300,000=10. Down 1% over last year

$300,000-$400,000=8. Up 33% over last year

$400,000-$500,000=5. Up 400% over last year

$500,000-$600,000=3. Down  25% over last year

Over $600,000=3. Down 40% over last year

How does this stack up with past years? Lets take a look.

Waterfront sales in New Bern and Craven County through  8-28-2013

Total units sold=41

By price range

$100,000-$200000=14

$200,000-$300,000=11

$300,000-$400,000=6

$400,000-$500,000=1

$500,000-$600,000=4

Over $600,000=5 

Waterfront sales in New Bern and Craven County through 8-28-2012

Total units sold=31

By price range

$100,000-$200000=7

$200,000-$300,000=10

$300,000-$400,000=8

$400,000-$500,000=3

$500,000-$600,000=2

Over $600,000=1

So what is going on with Waterfront Sales?

First the good news. Average sales price is up a little over .5%. Not much, however it is heading in the right direction for the first time in years. The above $500,000 price range is still tough. Just not as many buyers in that price range and plenty of inventory, 30 to be exact. If you are selling in that price range you will need to be patient.

Waterfront Home Sales in Oriental and Pamlico County

Waterfront sales in Oriental and Pamlico County Through 8-28-2014

Total units sold=22

By price range

$100,000-$200000=5. Down 50% over last year

$200,000-$300,000=4. Down 33% over last year

$300,000-$400,000=7. Up 75%over last year

$400,000-$500,000=6. Down 14% over last year

$500,000-$600,000=0. Down 100% over last year

Over $600,000=0. Down 100% over last year

This seems a little strange to me as I would have thought the market in Pamlico County was up this year. The numbers do not lie. Still a tough buyers market in Pamlico.

Waterfront sales in Oriental and Pamlico County through  8-28-2013

Total units sold=31

By price range

$100,000-$200000=10

$200,000-$300,000=6

$300,000-$400,000=4

$400,000-$500,000=7

$500,000-$600,000=2

Over $600,000=2

Waterfront sales in Oriental and Pamlico County through 8-28-2012

Total units sold=20

By price range

$100,000-$200000=10

$200,000-$300,000=3

$300,000-$400,000=5

$400,000-$500,000=1

$500,000-$600,000=1

Over $600,000=0

The old adage that time heals all wounds will ultimately prove true with waterfront home sales. Unless we have another meltdown in the economy  waterfront home sales should continue to improve. The rate of improvement for high end waterfront will be very slow. Seems like waterfront buyers have downsized their price points. That said, Eastern NC is really starting to become a destination for retirees, and they ain't making anymore waterfront. 

If  we can be of assistance in anyway at this time give me a call. For all your Real estate needs please visit New Bern and Oriental Real Estate

 Home Sales in New Bern Year-to-Date August 2014

How are home sales so far this year? Let's take a look at closed homes through 8-9-14 in Craven County and
compare to the past 2 years.

2014

$0-$100,000=150 sold There are currently 242 homes for sale in this price-range. This is about 12 months of inventory.

$100,001-$200,000=331 sold There are currently 477 homes for sale in this price-range. This is about 10 months of inventory.

$200,001-$300,000=125  sold There are currently 203 homes for sale in this price-range. This=12 months of inventory.

$300,001-$500,000=45 sold There are currently 119 homes for sale in this price-range. This is about 19 months of inventory.

Over $500,000=9 sold There are currently 61 homes for sale in this price-range. This is about 52 months of inventory. 

2013

$0-$100,000=184 vs 150 for 2014

100,001-$200,000=321  vs 331

$200,001-$300,000=127 vs 125

$300,001-$500000=39  vs 45

Over $500,000=12 vs 9

2012

$0-$100,000=112 vs 150

$100,001-$200,000=327 vs 331

$200,001-$300,000=117 vs 125

$300,001-$500000=45 vs 45

Over $500,000=8 vs 9

The under $100,000 sales are down but I have been expecting that as bank owned sales and foreclosures are down. Many of the sales in this range were and still are forelosures.

$100,000-$200000 sales are up by a small amount, not enough to affect prices at this time, but better than nothing.

$200000-$300000 sales are down by just about flat, I would rather see it up, but nothing earth shattering.

$300000-$500000 sales up, not by a big margin and still good news.

$500000 and over sales are down by 25%. What I believe is going on here is that buyers in this range are hesitant to buy.  High end home values were hit the hardest in the housing recession. Some buyrs are opting to rent or buy in a lower price ranges. 

WHAT DOES THIS MEAN, FOR THE HIGHER END PRICE-RANGES? IT IS A STRONG BUYER'S MARKET. IF YOU OR ANYONE YOU KNOW IS LOOKING FOR A HOME OVER 500K, TELL THEM TO CALL ME TODAY. THERE ARE A LOT OF MOTIVATED SELLERS IN THIS RANGE AND I KNOW WHICH HOMES ARE EXCEPTIONAL DEALS! CALL 252-675-9595 OR 252-514-9157

TO SEE HOMES FROM 500k-750k

If you know anyone that owns a high-end home they need to sell, we are uniquely qualified to help them. Not all agents are the same. Sellers frequently make the costly mistake of choosing their agent because the agent is a friend, neighbor, or fellow church member. And, sometimes they select their agent because their children 

are friends with the agent's children. 

If you were ill, would select a doctor based on that criteria?

Buying and Selling real estate is a MAJOR BUSINESS DECISION.Buyers and sellers need honest, informed, and experienced agents.
They need an agent that will tell them the truth,
even if it is not what they want to hear.

WHEN YOU HIRE THE TYSON GROUP

Steve and Jana J.

YOU GET THE FACTS-GOOD, BAD OR UGLY!

MAYBE SELLING IS NOT THE BEST OPTION.

RIVERTOWNE  RENTALS offers focused management for all price ranges and Specializes in Upscale Home Property Management.

If you know someone that does not want to sell for today's prices, have them give us a call.  They might be surprised at how much income we can get them! We manage several properties with rental proceeds over $2000 monthly and even a few over $3000 monthly. Call Us!

RIVERTOWNERENTALS.INFO OR 252-638-6868

For all your real estate needs go to New Bern Real Estate. If you have any questions about the market in the New Bern area give us a call. 

WE DEFINITELY BELIEVE YOU WILL ENJOY THIS HANDY APP. 

DOWNLOAD IT ON YOUR SMART PHONE, ACCEPT THE TERMS OF USE.

 ANYTIME YOU WANT PHOTOS AND INFO ABOUT AREA HOMES, OPEN THE APP AND CLICK "NEARBY HOMES". THE APP RECOGNIZES YOUR LOCATION, SO IF YOU ARE SITTING IN FRONT OF A HOME THAT IS FOR SALE OR RENT,  YOU HAVE THE DATA  IN THE PALM OF YOUR HANDS.

CLICK TO DOWNLOAD THE TYSON GROUP APP

Homes for sale in Hardee Farms

Hardee Farms is New Bern's newest and most exciting community. With a very appealing location and a wide assortment of home plans this community has a lot ti offer to young families and retirees. 

For folks with young children Hardee Farms is less than a mile from Creekside Elementary School, the highest rated elementary school in the county. How convenient is that?

As an added bonus Hardee Farms is about a mile from the largest county park. Did you know in Creekside Park you can fish and launch a canoe in Brices Creek?

Hardee Farms is about 12 minutes from historic downtown New Bern

And 20 minutes from Cherry Point. Hardee Farms has a selection of new homes starting in the low $160,000's. The first phase is almost sold out. Don't wait, call Steve Tyson today at 252 514 9157 and lets look at some houses.

For a list of Homes for sale in Hardee Farms, click the link below.

Hardee Farms homes for sale

To search all homes for sale go to www.newbern-nc.info

How is the Rental Market in New Bern?

How are Rentals doing in the New Bern area?

Pretty good according to property managers that I speak to. I spoke to the manager of Rivertowne Rentals recently and she told me that of the 150 rentals that they have only a few were not leased. She said she gets calls all the time from folks looking to rent but right now they have limited inventory. Other property managers say they are busy as well. 

If you are trying to sell you home and are not having any success then  perhaps you should consider renting. Especially if you have moved and are no longer living in the home. The expense of a vacant home can really add up. Light bill, insurance, yard maintenance, water and sewer bills, really get old after a while. Even if you rent the home at a loss it is usually better than than the house being vacant. Below is an example of the expenses you will have to carry a vacant home.

1. House payment=$1300.00
2. Light bill, if home is empty=$175.00
3. Water and sewer bill, if house is empty, $30.00
4. Yard work=$100.00
5. Total =$1605

Lets say you get $1200 a month rent with an average occupancy rate of 90% and a Management fee of 10%.

$1200x.90x.90=$972. On paper you are losing $328 a month or $3936 a year. This is about the amount it will cost you if the house is vacant to carry it 2.5 months. 

Here are my thoughts. If you are upside down on your home, and millions of Americans are, here are your options if you need to sale your home.

1. Sell it for current market value and bring money to the closing.
2. Try to sale a home for more than it is worth in today's market. Hint, this never works.
3. Rent the house and let a tenant make most of the payment for you. 

Option 3 may be the best option for many folks. Here is why. The market seems to have bottomed out and hopefully will start moving upwards. It will take a while to get back to the values of 2006-2007. But they will come back. In the meantime you are paying down the loan.

If you would like to have a free consultation to discuss renting your home, give us a call. We look forward to helping you with your real estate needs.

Luxury Homes for sale in New Bern NC

What is a luxury home? Good question, and I am not sure if there is an accurate definition. But for now, I am going to say homes priced over $500,000. 

Currently there are 98 homes for sale in Craven County, New Bern, and Pamlico County, Oriental. Wow, that is a lot of homes for sale. In the last year 32 homes in this price range sold. That is a 3 year absorption Rate. Great news for buyers. Lots of homes to choose from. Not so good news for sellers. 

If you are in this price range and are thinking about selling your house, you better hire a top agent who is not afraid to tell you the truth about the value of your home and how long to expect it will take to sell it. 

For a list of the current homes for sale priced over $500,000, click the link below.

New Bern Luxury Homes for sales

To search all homes for sale in the New Bern area go to 

New Bern Real Estate

Thanks and have a great day,

New home sales in the New Bern area

New Home sales in New Bern

So, how are new home sales in the New Bern area? Not so great according to the latest data. Lets take a look at the last 3 years.

2014= 92 new units sold

2013=106 new units sold 

2012=144 new units sold 

Below is a list of new homes for sale. 

New Homes for sale in New Bern

Still a tough market for new homes, but it in line with my prediction back in January. The demand for new homes is just not there right now. And it likely will not come back in the immediate future. For now, there are plenty of newer homes for sale priced reasonably. And many buyers are opting to buy these in lieu of buying or building a new home. 

There is some potential good news in the wake of all this. Several high end builders I have spoken with lately have told me they are talking to folks that bought lots some years ago and are now ready to build. I certainly welcome that news, building employs a lot of of workers, many that have been under employed for years.

To search all homes for sale and learn about the latest in real estate go to

New Bern Homes for sale 

Waterfront Homes for sale in the New Bern area

Waterfront Homes for sale in the New Bern area

Everyone wants to live on the water. And why not? You can still find affordable waterfront property i the New Bern area. I live on the water and love it. That's me in the photo above proving that senior citizens can still enjoy skiing. Of coarse it took me a week to recuperate, but that ok.

Below I have listed some waterfront properties for sale under $350,000 that I feel are good buys. 

Best Waterfront Buys

To search all waterfront homes for sale click the link below.

New Bern Waterfront Homes

Let us know if you have any questions about any of these homes. To search all homes for sale in the New Bern area click the link below. 

New Bern Homes for sale

It is still a buyers market in New Bern but waterfront home sales have picked up and great deals are harder to find. Call Steve or Jana today at 252 514 9157, and let them help you find a great deal.

Bank Owned Homes for sale in New Bern

Bank Owned homes for sale in New Bern

Click the link below to view bank owned homes for sale in the New Bern area.

Bank Owned Homes for Sale in New Bern

Sometimes you can get a nice bank owned home that is priced well. on a bank owned home, other times they are in such bad condition that unless you are a professional contractor it is not a idea to consider buying. 

Realtor Steve Tyson is a licensed General Contractor with over 30 years experience in building and remodeling homes in the New Bern area. He will gladly help you assess if a bank owned home works for you.

To search all homes for sale go to 

www.newbern-nc.info

Homes for sale in New Bern $150,000-$200,000

Homes for sale in New Bern $150,000-$200,000

Click the link below to view existing homes for sale in New Bern priced $150,000-$200,000

$150-$200

Click the link below to view New homes for sale in New Bern priced $150,000-$200,000

New Homes for Sale

In the past year there were 285 homes sold in this price range.

To search all homes for sale in the New Bern area click the link below

New Bern Homes for Sale

If you have questions, or want any more information, on any of these homes for sale give us a call at 252 675 9595. We are ready to help you 24/7

How much will my closing cost run? Click the link below for more information.

Closing Costs in the New Bern area

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,