Home Sales
in New Bern and all of Craven County for 2013
Let start with Waterfront Home Sales
Waterfront Home Sales in the New Bern Market
The average sales price was $311,000 and days on the market
was 248.
This is a 41% increase over last year, and average sales
price was up almost 5%.
Let’s
compare this year to past years.
The average sales price was $296,341 and days on the market
was 224.
The average sales price was $277,977 and days on the market
was 210.
The average sales price was $258,054 and days on the market
was 224.
The average sales price was $388,978 and days on the market
was 263.
Here is my take on waterfront home sales. There are a limited
amount of waterfront homes in Craven County. The number of people wanting to
live on the water is increasing, however not by enough to see big jumps
in prices.
If
you were waiting for waterfront prices to bottom out before buying, that
happened in 2013. Prices and interest rates were down to levels not likely to
be seen again.
My prediction for 2014 is that the unit volume of waterfront
sales may decrease, but average sales prices will increase by at least 5%. The
reason for this prediction is because many of the waterfront sales in 2013 were
distressed sales/foreclosures and that type of inventory is diminishing.
Bottom line is there will always be a demand for waterfront
and a limited supply. One thing that is
for certain is that higher end waterfront sales are making a rebound. Quality
waterfront will always be marketable.
Steve
& Jana J. Tyson are the Local
Waterfront Experts and if you have questions about buying or selling waterfront
in this market-give us a call
252-675-9595
or log-on to www.TysonGroup.Info
New Bern Retirement
Communities
I have included Taberna, Greenbrier, and Carolina Colours in this
data. These are the 3 of the most popular retirement-type communities in New
Bern
The average sales price was $259,000 and days on the market was 224.
This is an 11% increase in sales over last year and average
sales price is up almost 18% over last year.
Let’s
compare this year to past years.
The average sales price was $239,448 and days on the market
was 235.
The average sales price was $262,142 and days on the market
was 275.
The average sales price was $280,000 and days on the market
was 221.
Looks like the bottom of the market was in 2012. I am
thinking that these areas are now stable and will see modest gains in average sales
price next year.
Fairfield
Harbour and Riverbend
Both of
these areas are retirement-type communities that offer both golf and
waterfront. They are older communities and many of the homes there were built
in the 1970’s 80’s, and 90’s.
The average sales
price was $148,036 and days on the market was 215.
This is a 55% increase in sales over last year, but average
sales price is down.
The average sales price was $174,432 and days on the market was
247.
I think what
we saw in FFh and RB in 2013 was more aggressive pricing which resulted in the
large increase in sales. Many of the sellers had a lot of equity in their homes
and were able to turn and burn when they became motivated to sell. Many of the
highly motivated sellers have sold and so next year I think sales units will
decrease however average sales price will increase slightly.
Now let’s
look at new home construction.
2013=183
sold. The average sales price was $185,000.
Let’s
compare this year to past years.
2012=223
sold. The average sales price was $186,302
2011=223
sold. The average sales price was $178,000.
2010=293
sold. The average sales price was $178,228.
2009=296
sold. The average sales price was $190,653.
2008=326 sold. The average sales price was $230,000.
2007=345 sold. The average sales price was $183,000.
So, New Home sales are down 18% over the last year. Why is
that? Here are my thoughts.
In the last 4 years
probably 75% of new homes sold were to young Marines or folks that work at
Cherry Point. Marines are currently more
hesitant to buy a house knowing that the
home may not appreciate in value in the 2 or 3 years they are living in this
area, and resale will be difficult. Also, the number of Marines, and civilian
employees at Cherry Point are down.
New home sales in the $250,000-$500,000 accounted for just 3%
of new home sales. In 2009 this number was 10%.
Unfortunately, I do not see a big change in this number in
2014. I am predicting 170-185 new homes sold this year.
Bank Owned-Foreclosures-Short
Sales
2013=341.
This is a 40% increase in bank owned sales over last year, ouch!
Bank owned
sales accounted for 30% of the total market in 2013. Not good.
What’s going on? I think what you are
seeing are a lot of folks that were hanging on to their homes by the skin of
their teeth and finally having to throw in the towel. The sustained weak
economy has cut their income to the point that they no longer are able to make
their house payments.
I believe the number of bank owned properties will start decreasing
in the spring of 2014 and continue to decrease. Most of the folks that cannot afford their
homes have worked their way through the foreclosure process.
The Overall
Market-including all types of sales
2013=1136
Sold. The average sales price was $168,343.
Days on market=164
2012=976 Sold. The
average sales price was $168,247. Days on market=161
2011=958 Sold. The
average sales price was $164,888. Days on market=160
2010=994 Sold. The
average sales price was $175,822. Days on market=152
2009=1036 Sold. The average sales price was $179,080. Days on
market=153
Wow, unit sales are up 16% over last year. Average sales
price is up a small amount as well. But wait, if you take out the increase in
bank owned sales; it reduces the increase in overall sales by 10%. I’ll take a
6 percent increase and believe this is still good news.
**
It is important to note that these statistics are based on averages and
individual homes, price-ranges and neighborhoods may vary greatly. For an
expert opinion of your property’s value and estimated days on market, call The
Tyson Group at Keller Williams Realty. Steve and Jana J. Tyson
In total I would say 2013 was a positive year for the Real
Estate Market in New Bern. I have been
saying for the past 8 months that we were at the bottom of the market and that
we are seeing some bounce up. This data would seem to support that statement.
If you or someone you know, has been
considering buying a home, please ask them to give us a call at 252 675-9595 or
log on to our website at www.newbern-nc.info for FREE MLS access.
Steve & Jana J. Tyson
The Tyson Group at Keller Williams Realty
We hope you
have a prosperous 2014!
