New Bern Home Sales for 2013

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

2013=102 sold

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.

2012=72 sold

The average sales price was $296,341 and days on the market was 224.

2011=53 sold

The average sales price was $277,977 and days on the market was 210.

2010=71 sold

The average sales price was $258,054 and days on the market was 224.

2009=54 sold

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

2013=77 sold

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.

2012=65 sold

The average sales price was $239,448 and days on the market was 235.

2011=55 sold

The average sales price was $262,142 and days on the market was 275.

2010=59 sold

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.

2013=151 sold

 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.

2012=98 sold

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!

2012=242 sold.

2011=260 sold.

2010=215 sold.

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!