New Bern Home Sales

Weekly Update-Home Sales for New Bern-Craven County Market

There are currently 1026 homes for sale in Craven County.

In the past two weeks, 51 homes closed in Craven County. (week ending 10/6)

$12,000.-$100,000=12 sales.   In this price range there are 164 homes for sale!

$100,001-$150,000=12 sales.   In this price range there are 229 homes for sale!

$150,001-$200,000=12 sales.   In this price range there are 257 homes for sale!

$200,001-$250,000=9 sales.     In this price range there are 136 homes for sale!

$250,000-$300,000=3 sales.     In this price range there are 56 homes for sale! 

$300,001-$1,000,000=3 Sales. In this price range there are 177 homes for sale!  

            

Of the sales in the two past weeks, 4 were Waterfront homes. 

Of the 23 sales this past week 5 were  Bank Owned properties. 

There was 0 waterfront lots sold in the past week. 

There were 4 interior lots sold in the past two weeks. Note-3 of these were in Carolina Colours

There were 1 commercial buildings sold in the past two weeks. It sold after being on the market 447 days.

Here is how the sales this week compare to sales for the same 2 weeks in prior years.

2013=51 sales

2012=45 sales

2011=41 sales

2010=48 sales

2009=36 sales

If you have any questions about the real estate market, or if you would like a custom report for your neighborhood, send me an email.

New Home Sales in the New Bern area.

New Construction Home Sales in the New Bern Market

So, how is new home construction faring in Craven County? If you listen to the national media things are looking rosy for new home sales, and I am sure they are in certain areas of the country. However, in Craven County new home sales are still lagging as demonstrated in the numbers below. Take a look, and then we will try to analyse why this might be the case. 

New Home Sales through 10-2.

2013=141

2012=184

2011=179

2010=232

2009=235

2008=269

2007=423

2006=526

2005=491

2004=160

Last week the news reported Fannie Mae officials were saying the recent increase in mortgage rates held new construction home sales back last month. In my opinion this is not the real underlying reason. It is the weak economy, lack of real jobs, and that new home prices have continued to rise while existing home prices have fallen. This has made existing homes more attractive to most buyers.

 Last month, my wife Jana, ran an ad on Craig's List for a Real Estate assistant to help us process paperwork. We had one MBA, and at least 8 recent college grads apply for a job that starts at $24,000. While we are delighted to get such quality applicants, I don't think an MBA will find this a rewarding career. My point, it is still a tough job market in this area and throughout most of the country.

Of the new homes sold this year only 4 have sold for over $250,000. What does this say? Many if not most of the new home sales were to young Marines that are in the $150,000-$200,000 price range. Marine officers that use to buy in the $250,000-$300,000 are opting to rent now instead of buying. The protracted weak economy has caused many folks that have good jobs to stay where they are for fear of losing their jobs.

Also, many of the retires relocating to this area are looking in the $200,000-$250,000 price range whereas they use to be looking in the $250,000-$350,000. They can find an existing newer home in the $200,000-$250,000 with the amenities they want. Because of the increase in regulation and in many instances material cost, builders simply cannot build a new custom home on a .3 acre lot and stay within that price.

When the economy turns there will be a pent up demand for home builders. Until then, my advice to home builders is to reinvent yourself and expand into other areas of construction such as remodeling, insurance restoration, and small commercial contracting.

Home sales in Pamlico County

Good news. Pamlico County home sales are up. Below are home sales in Pamlico County for the past few years. As you can see they are heading in the right direction.

9-27-12 through 9-26-13=112 homes sold

9-27-11 through 9-26-12=93 homes sold

9-27-10 through 9-26-11=86 homes sold

9-27-09 through 9-26-10=74 homes sold

9-27-08 through 9-26-09=66 homes sold

Not really sure why sales are up. However I will speculate that because Pamlico was hit harder than Craven in the housing bubble, perhaps their rebound is a little more lively than ours. Whatever the reason, sales are rising.

www.newbern-nc.info

New Bern Home Sales

Neuse Harbour Active homes for sale by price range=9 Pending sales=2 Active homes for sale by price range $200,000-$234,000=2 $309,000-$369,000=2 $550,000-$699,000=2 $,799,000-$979,000=3 There were 5 home that sold and closed in Neuse Harbour in the last 12 months. The most expensive house sold was $383,150.	Stately Pines Current homes on the market=5 Pending sales=5 Active homes for sale by price range $140,000-$200,000=4 $635,000=1 There were 5 homes that sold and closed in Stately Pines in the last 5 months. The most expensive house sold was $601,000.
Carolina Pines Current homes on the market=21 Pending sales=5 Active homes for sale by price range $100,000-$150,000=5 $159,000-$200,000=7 $207,000-$240,000=9 There were 16 homes that sold and closed in Carolina Pines in the last 12 months. The highest priced home sold was $290,000.	Tucker Creek Current homes on the market=10 Pending sales=6 Active homes for sale by price range $154,000-$200,000=5 $220,000-$260,000=5 There were 10 homes that sold and closed in Tucker Creek in the last 12 months. The highest priced home sold was $224,000.

Home Sales to date by year.

Total homes sold January 1-Sept 22- 2010=924

Total homes sold January 1- Sept 22- 2011=915

Total homes sold January 1- Sept 22-2012=953

Total homes sold January 1- Sept 22-2013=1103

Note, of the 1103 homes sold this year, 241 of them were Bank Owned.

There are currently 1505 homes listed for sale in our multiple listing service. We are selling homes at a rate of about 122 a month. A buyers market is defined as more than 6 months of home inventory. It remains a buyer’s market as we currently have about 12 months worth of inventory. With that said, each neighborhood and price range is unique and your could be better or worse than the overall market.

    www.NewBern-NC.Info

Some Good News for the Real Estate Industry

Realty Trac is a private company that tracks foreclosures across the country. I have been following them for years and trust their data. They recently announced that foreclosure filings in August hit its lowest level in eight years. Also, according to Realty Trac underwater mortgages, those who owe more on their mortgage loans than their homes are worth, is declining. This is certainly a positive sign for the housing industry. 

August's initial foreclosure filings fell 44% to 55,575, just below the 56,063 that were recorded in October 2005. The foreclosure crunch began in summer 2006, at about the same time that housing prices hit their peak. We are still seeing quite a few foreclosures in the New Bern market although I believe the number may be decreasing. 

Nationally, the peak in foreclosures was September, 2010. However, even though the number of foreclosure filings is falling, we will continue to see high levels of bank owned homes for sale for several years. The reason. There can be a 1 to 2 year lag between when foreclosure filings occur and when the bank actually takes back ownership.

The state with the highest rate of foreclosure filings was Nevada, with one for every 359 homes. 

In Florida, one of every 383 homes had some kind of filing, the second highest rate among states. Ohio, Delaware and Maryland filled out the top five.

If you have any questions give me a call.

New Bern Real Estate News

12 years later.

We will never forget.

New Bern Weekly Home Sales Report

Weekly Update-Home Sales for New Bern-Craven County Market

There are currently 1056 homes for sale in Craven County.

In the past week, 15 homes closed in Craven County. (week ending 9/8/13)

$24,000.00-$100,000=5 sales.   In this price range there are 160 homes for sale!

$100,001-$150,000=2 sales.   In this price range there are 229 homes for sale!

$150,001-$200,000=3 sales.   In this price range there are 256 homes for sale!

$200,001-$250,000=5 sale.   In this price range there are 149 homes for sale!

            

Of the sales in the past week, 1 was a waterfront home. It closed for $185,000. 

Of the 23 sales this past week 1 was a Bank Owned property. There are currently 45 Bank Owned properties for sale in Craven County.

There was 0 waterfront lots sold in the past week. 

There were 3 interior lots sold last week. They were all in Fairfield Harbour and the highest priced was $2,500.00. 

There were 0 commercial,buildings or lots, sales in the past week. 

Here is how the sales this week compare to sales for the same week in prior years.

2013=15 sales

2012=14 sales

2011=20 sales

2010=17 sales

2009=23 sales

Another feather in New Bern's Cap

Below is an awesome article that I saw about New Bern.  Check it out.

http://www.frontdoor.com/places/what-its-like-to-live-in-new-bern-nc

Learn About the recent changes to Flood Insurance

There have been some changes to the Federal flood Insurance Program that may affect you if you live in or are considering buying a home in a Flood Zone. Click the link below and continue scrolling down toward the bottom of the page to learn more.

Click Here to learn about changes to Federal Flood Insurance.

New Bern Home Sales-Aug.12-Aug.18

Weekly Update-Home Sales for New Bern-Craven County Market

There are currently 1099 homes for sale in Craven County.

In the past week, 16 homes closed in Craven County. (week ending 8/18/13)

$65,000.00-$100,000=4 sales.   In this price range there are 172 homes for sale!

$100,001-$150,000=5 sales.   In this price range there are 235 homes for sale!

$150,001-$200,000=3 sales.   In this price range there are 260 homes for sale!

$200,001-$250,000=3 sale.   In this price range there are 160 homes for sale!

$250,000-$300,000=1 Sales.   In this price range there are 69 homes for sale! 

$300,001-$1,000,000=0 Sales. In this price range there are 203 homes for sale!  

             

Of the sales in the past week, 3 were waterfront homes. They were all low end townhomes. They sold for $85,000. $88,500, $122,000.

Of the 16 sales this past week 1 was a Bank Owned properties. 

There were no waterfront lots sold in the past week.

There were 1 interior lot sold last week.

There were 0 commercial buildings or lots sold in the past week. 

Here is how the sales this week compare to sales for the same week in prior years.

2013=16 sales

2012=23 sales

2011=22 sales

2010=18 sales

2009=21 sales

As you can see from these numbers, sales in 2013 during the past week were less than any of the previous 4 years. I am not sure why this is the case, but  I will speculate that it is because the economy is still weak in many parts of the country and unemployment remains high.

New Bern-Craven County Home Sales Year to Date

So, how are home sales in New Bern and Craven County year to date? Let's take a look and see. 

Jan. 1- Aug.14 2013=683. Of these 132 were Bank Owned sales.

Jan. 1- Aug.14 2012=615. Of these 71 were Bank Owned sales.

Jan. 1- Aug.14 2011=612. Of these 94 were Bank Owned sales.

Jan. 1- Aug.14 2010=651. Of these 63 were Bank Owned sales.

Jan. 1- Aug.14 2009=622. Of these 94 were Bank Owned sales.

Although the total number of home sales are up this year, they are up by almost the same number as the increase in foreclosures.

The national media reports of big increases in home sales is true in certain markets. These market are by and large areas such as Raleigh, Dallas, Austin, Denver, and some cities on the west coast. Florida, Nevada, CA., and Arizona are showing improvements but you have to remember, they had no where to go but up. Also, some of these markets were declining 1-2 years before the New Bern Market.

As I have been saying for some time, I feel like in New Bern we are at or near the bottom of the market. Don't get your real estate info from the national news, get it from my blog where I will keep you up to date with accurate local real estate news.

If you have any questions about this info or would like more info on home sales in the New Bern area visit my website  www.newbern-nc.info

Best regards,

New Bern Home Sales-8-5-8-11

Weekly Update-Home Sales for New Bern-Craven County Market

There are currently 1094 homes for sale in Craven County.

In the past week, 11 homes closed in Craven County. (week ending 8/11/13)

$8000.00-$100,000=3 sales.   In this price range there are 167 homes for sale!

$100,001-$150,000=4 sales.   In this price range there are 231 homes for sale!

$150,001-$200,000=3 sales.   In this price range there are 269 homes for sale!

$200,001-$250,000=1 sale.   In this price range there are 163 homes for sale!

$250,000-$300,000=0 Sales.   In this price range there are 65 homes for sale! 

$300,001-$1,000,000=0 Sales. In this price range there are 193 homes for sale!               

Of the sales in the past week none were waterfront homes. 

Of the 11 sales this past week none were Bank Owned properties. This was a refreshing change.

There were no waterfront lots sold in the past week.

There were 0 interior lot sold last week.

There were 0 commercial,buildings or lots, sales in the past week. 

Here is how the sales this week compare to sales for the same week in prior years.

2013=13 sales

2012=19 sales

2011=16 sales

2010=13 sales

2009=13 sales

As you can see from these numbers, there are more sellers than buyers and this drives up the days on the market.

New Bern Home Sales

Weekly Update-Home Sales for New Bern-Craven County Market

There are currently 1073 homes for sale in Craven County.

In the past week, 28 homes closed in Craven County. (week ending 8/4/13)

$8000.00-$100,000=8 sales.   In this price range there are205 homes for sale!

$100,001-$150,000=2 sales.   In this price range there are221 homes for sale!

$150,001-$200,000=7 sales.   In this price range there are264 homes for sale!

$200,001-$255,000=3 sales.   In this price range there are 160 homes for sale!

$250,000-$300,000=2 Sales.   In this price range there are 83 homes for sale! 

$300,001-$600,000=6 Sales.   In this price range there are 153 homes for sale!               

Three of the sales in the past week were waterfront homes. Keller Williams sold 2 of the 3. One was in the Historic District.

3 of the 28 sales this week were Bank Owned properties. 

There were no waterfront lots sold in the past week.

There was 1 interior lot sold last week in Carolina Colours.

There were no commercial sales in the past week.

Here is how the sales this week compare to sales for the same week in prior years.

2012=31 sales

2011=22 sales

2010=17 sales

2009=44 sales

Although it remains a buyers market this past week was certainly encouraging when you compared it to the past few weeks. 

Steve Tyson’s Real Estate Update for 4 neighborhoods.

Neuse Harbour  Active homes for sale by price range Current number of homes on the market=10 Pending sales=2 Active homes for sale by price range $234,000=1 $309,000-$379,000=2 $595,000-$680,000=4 $,799,000-$979,000=3 There were 9 home that sold and closed in Neuse Harbour in the last 12 months. The most expensive house sold was $295,000.	Stately Pines Current homes on the market=6 Pending sales=1 Active homes for sale by price range $140,000-$200,000=5 $635,000=2 There were 5 homes that sold and closed in Stately Pines in the last 12 months. The most expensive house sold was $251,000.
Carolina Pines Current homes on the market=25 Pending sales=2 Active homes for sale by price range $89,000-$150,000=5 $159,000-$200,000=8 $207,000-$258,000=12 There were 17 homes that sold and closed in Carolina Pines in the last 12 months. The highest priced home sold was $279,000.	Tucker Creek Current homes on the market=10 Pending sales=3 Active homes for sale by price range $100,000-$200,000=7 $220,000-$260,000=6 There were 8 homes that sold and closed in Tucker Creek in the last 12 months. The highest priced home sold was $224,000.

Total homes sold January 1-July-29  2010=755

Total homes sold January 1- July-29  . 2011=745

Total homes sold January 1- July-29  2012=743

Total homes sold January 1- July-29  2013=838-

Note, of the 838 homes sold 188 of them were Bank Owned.

There are currently 1538 homes listed for sale in our multiple listing service. We are selling homes at a rate of about 122 a month. A buyers market is defined as more than 6 months of home inventory. It is definitely a buyer’s market as we currently have about 12 months worth of inventory. With that said each neighborhood and price range is unique

Feel free to call or email me if you would like to have a customized absorption rate or a Comparable Market Analysis for your property. Home sales in each neighborhood can vary greatly.

SteveTyson55@gmail.com  

 www.NewBern-NC.Info

                                       

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

There are currently 1097 homes for sale in Craven County.

In the past week, 19 homes closed in Craven County. 

$39,000-$100,000=4 sales.     In this price range there are 158 homes for sale!

$100,001-$150,000=6 sales.   In this price range there are 231 homes for sale!

$150,001-$200,000=6 sales.     In this price range there are 266 homes for sale!

$200,001-$255,000=2 sales.   In this price range there are 164 homes for sale!

$286,000=1                            Over $286,000 there are 225 homes for sale!

None of the sales in the past week were waterfront homes.

3 of the 19 sales this week were Bank Owned properties.

There were 0 waterfront lots sold in the past week. There was 1 interior lot sold.

There were 0 commercial lots sold in the past week.

Here is how the sales this week compare to sales for the same week in prior years.

2012=25 sales

2011=15 sales

2010=19 sales

2009=15 sales

It remains a buyers market in New Bern but prices seem to be Stabilizing. I believe it is a good time to buy a home as it is a buyers market. If you have any questions about the New Bern Real Estate Market send me an email. Have a great week.

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.

The beginning

4 years ago, I wrote about Proposition 8 was being upheld by the California Supreme Court. Gay Marriage: It isn't what they say it is The last thing I wrote was the following. This is just the beginning folks. It is the beginning of a brand era. Supreme Court Bolsters Gay Marriage With Two Major Rulings

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.

  

New Bern is named one of the top 10 Waterfront Towns in the US.

As a native of New Bern and a boater for all my life, this is not a surprise to me. I love the Neuse and Trent River as well as all the creeks that flow into them. The Neuse River is the widest River in the United States and is popular for sailors as well as motor yachts. 

Click Here to view article

Congratulations New Bern

Bank Owned-New Bern

The latest numbers for Bank Owned Homes

Click, or copy and paste into your browser, the link below to see the latest list of bank owned homes for sale. 

http://www.easternncmls.com/new/maildoc/roscoe_1369593711-May-26-2013-2_41_51pm.html

In addition to being a Realtor, I also invest in real estate and have bought 10 bank owned properties in the last few years. Occasionally you can find a good deal, however often bank owned properties are in rough shape and will require a cash offer.

Let me know if you have any questions on these, or any other properties you might find.

New Bern Home Sales

How are Home sales year to date?

Lets take a quick look

Jan.1-May 23 2013 homes sold=518

0-$100,000=167

$100,001-$200,000=237

$200,001-$300,000=76

Total new homes sold=66

Total Bank Owned Sold=139=27% of total home sales

Average price sold=$156,852

Average days on market=158

Jan.1-May 23 2012 homes sold=452

0-$100,000=103

$100,001-$200,000=231

$200,001-$300,000=85

Total new homes sold=97

Total Bank Owned Sold=87=19% of total home sales

Average price sold=$161,154

Average days on market=171

So, let's sum it up.

Average sales price  price dropped by $4302. 

Average days on market is down, that could be good news. Some of this could be the result of Bank Owned Homes being priced to sell quickly.

Number of Bank Owned homes sold=60% increase. 

New Home sales are down about 32%. Not sure what is going on with this. 

My overall take is that the number of Bank Owned Homes is continuing to negatively affect the market in the New Bern area. I am still waiting to see this number start to decrease, no sign of it yet.

In some parts of the country Bank Owned homes have been  been absorbed into the market resulting in the average sales price increasing. This could be what is driving the  reports you are hearing in the national news about how well the housing market is doing. It seems to me that the markets that  were  hit hardest and earliest are recovering first. 

Still a tough market. If you would like a report of your neighborhood let me know.