New Bern Home Sales

Home Sales for the past week in the New Bern-Craven County Market

In the past week, 12 homes closed in Craven County. Of the 12 sales 3 (25%) were bank owned.
$35,000-$100,000=5 sales
$100,001-$150,000=2 sales
$150,001-$200,000=1 sale
$200,001-$250,000=4 sales
The only waterfront home that sold was in Riverbend. It was on the market for 1029 days and sold for $212,000. The tax value on this property was $292,030.

Here is how the 12 sales this week compare to sales for the same week in prior years.
2012=14 sales
2011=30 sales
2010=17 sales
2009=16 sales
There were 0 waterfront lots sold in the past week.
There were 0 commercial lots sold in the past week.

It remains a Buyer's Market in the New Bern area, however each property is unique and sales do occur every day. Great time to buy a home. Give me a call and we will find you a deal.

New Bern Home Sales in July

Home sales are up this month so far. Look how we compare to prior years.

Home Sales July 1-July 17, 2013=72
Home Sales July 1-July 17, 2012=49
Home Sales July 1-July 17, 2011=11
Home Sales July 1-July 17, 2010=57
Home Sales July 1-July 17, 2009=51

Looks like we are tracking in the right direction this month. Lets hope it continues.

4 bedroom homes for sale in New Bern

To see 4 bedroom homes for sale in New Bern click the links below

$50,000-$150,000
http://www.easternncmls.com/new/maildoc/roscoe_1373722020-Jul-13-2013-9_27_00am.html

$150,001-$250,000
http://www.easternncmls.com/new/maildoc/roscoe_1373722235-Jul-13-2013-9_30_35am.html

$250,001-$350,000
http://www.easternncmls.com/new/maildoc/roscoe_1373722355-Jul-13-2013-9_32_35am.html

Over $350,000
http://www.easternncmls.com/new/maildoc/roscoe_1373722446-Jul-13-2013-9_34_06am.html

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,

New Bern Home Sales

The week in review

How were sales this past week?

 Slightly better than this time last year but a little slow overall. During this time of the year buyers are on vacation and it is normal for sales to be off. From Monday to Friday 6/24-6/28 there were 32 homes that closed in Craven, Pamlico, and Jones County. This market has not yet experienced the surge in home sales that are being reported by the national media. Below is a list of sales by price range.
$25,900-$100,000=6 sales
$103,500-$150,000=10 sales
$150,500-$200,000=7 sales
$200,500-$250,000=6 sales
$250,500-$300,000=1 sale
$309,900-1 sale
$385,000-1 sale

Have a great 4th and we will continue to work hard to get your home sold.

Home Sales in the New Bern Market

Home Sales Year to Date in the New Bern Area

Well the year is almost 1/2 over, so how are sales? Well, lets take a look.

Currently there are 1536 residential homes for sale in our MLS. There were 1367 homes sold in the past year so this data would suggest it is still a strong buyers market in New Bern. However, it seems to me that the Real Estate market is firming up and that home prices seem to have bottomed out. I think the worst is behind us.

I work with a lot of clients from other states and many of them are telling me the market is recovering in their area and that it is not unusual to see multiple offers on homes for sale. I hear this mainly from clients coming from larger metropolitan areas such as Raleigh and the DC areas.  The ability of these areas to create high paying jobs and along with jobs, home buyers, far exceeds our ability in rural Eastern NC. With that said, many of the larger metropolitan areas are seeing home prices rising.

To date, there have been 651 home sales in Craven, Jones and Pamlico County. This compares to 584 in 2012, 586 in 2011, 599 in 2010, and 521 in 2009. Looks like we are heading in the right direction for the most part, however, we need to factor in Bank Owned sales.

 Bank Owned sales from January 1-June 23.
2009=38
2010=69
2011=127
2012=108
2013=155

I read in USA today that banks were unloading more homes that were in default because they they believe they can get more for their money now than perhaps they could have 6 months ago and therefore were not so quick to start the foreclosure proceedings on delinquent loans. What ever the reason, these Bank Owned properties are competing with other homes and help keep prices from rising. Until they cycle through the system and we get back to normal number of foreclosures it will be tough for home prices to rise.

To sell your property you need a Top Agent that can give you the competitive advantage. This is not a market to pick your best friends cousin to represent you.

Fantastic buy in New Bern

Help Wanted!!!!! We have a 4 bedroom home listed for $165,000 in Brices Crossing and I need your help selling it. Fantastic home and a great buy. Creekside Elementary School. 15 minutes from Cherry Point and 12 minutes from downtown New Bern.

Interesting Article on Foreclosures

I have noticed an increase in foreclosures in the local paper lately and was wondering what was going on. According to an article in USA Today, foreclosures in North Carolina jumped 60% from April to May. Nationally, during the same time foreclosures were up 11%. According to the article banks were pulling the trigger quicker on the foreclosure process due to, get this, their perception of a shortage of homes on the market and a rise in home prices. I believe this is true in the larger metropolitan areas but not in the smaller cities.

In May, foreclosure starts were up 4% from April but down 33% from a year earlier. Nationwide, home prices were up 12% in April, year over year. This data comes from RealtyTrac, a source that I believe is usually accurate. 

On the local level, home prices seem to be firming up, but not rising. Interest rates are moving up on both 30 year and 15 year mortgages.  A 30 year mortgage on a $300,000 loan that you could have got a few weeks ago would cost you $1347 a month.  At today's rates the same loan amount would run around $1450, a hundred dollar a month increase.

The moral of this story is to buy now to take advantage of the still historically low rates. You can search the entire New Bern MLS at www.TysonGroup.Info 

New Bern Home Sales by the month

Home Sales this 2013 through 5-31-13

January           2013=84                2012=58         2011=84

February        2013=103              2012=85         2011=83

March           2013=112              2012=110        2011=109

April             2013=129              2012=108         2011=119

May             2013=147              2012=116         2011=116

Looks like 2013 is up every month so far. However, the amount of Bank Owned sold so far this year is up by 55 units compared to last year over the same period. While it looks to me that in general home prices are not decreasing, in my opinion Bank Owned sales will need to start decreasing before we start to see home prices rise in our area.

               

New Bern Waterfront homes for sale.

Waterfront sales up 32% year to date over last year.

Waterfront sales are up 83% over the same period in 2011, thru 6-2,  and 32% over last year, same period. That is great news for folks that have been trying to sell for some time. Many of the metropolitan areas around the country are seeing major improvement in their markets, smaller towns with less diversified economies do not seem to be doing as well.

I have been getting more calls this year for waterfront property than I have in some time about 6 years and this makes me very happy. I am starting to see prices firm up, the bottom may have finally arrived.

So, if you are considering buying a waterfront property I encourage you not to wait to long. Give me a call today at 252 514 9157.