New Bern Home Sales 2009 vs 2010

I’m asked everyday “Homer, how’s the market doing?” and I reply “I think we are starting to see some activity”  But sellers beware,this certainly is not 2005 or 2006!  Our market values are declining.

I looked at the Real Estate Trends Indicator from the local Multiple Listing Service this morning for residential sales and compared January 1, 2009-thru March 20, 2009  to January 1, 2010-thru March 19,2010.

Here’s the scoop:

Sales this year vs last  down 2 homes, no biggie there but in terms of dollar sales we are off over 5 million this year vs. last.  5 million dollars on the same number of homes!

Days on the market  averaged 209 in 2009 vs. 210 in 2010. Nothing earth shattering here either.

The dollar amount of 2 and 3 bedroom homes remains fairly similar, however the dollar amount of larger 4 bedroom + homes is off  about 5 million dollars.

So there you have it, smaller homes are holding their own for the most part but the larger homes are “white elephants” in this market.

As far as inventory for sale we have had somewhere around 1500 homes for sale for THREE years. Today we have 1550, in a market that only sold 1200 last year.  That’s over a years supply of inventory. We will not see any price increases until our sales numbers go up and our inventory is cut in half.

If you don’t need to sell right now don’t…but if you want to make some money on real estate..buy now.

If you like to learn more about why this is the time to buy, contact me at homerray@c21zr.com and let me show you why “Now is the time to buy!”