The number of homes for sale in the New Bern NC market, as reported by the local Multiple Listing Service has reached a record-breaking 1653 residential properties “For Sale” thus far in April 2010.
Homeowners trying to take advantage of the Spring selling season, which is typically one of the best times to sell a home, have been piling homes on the market as well as builders hoping to capture whatever buyer’s are currently shopping.
I have been following monthly inventories in the New Bern, NC market for over 3 years and do not have records showing inventory levels over 1580 homes “For Sale” at one time.
While “homes sold” track pretty much with 2009 sales year-to-date, the total dollar sales are down about 9 million dollars. The average sales price has slipped from $199,000 to $173,000 thus far in 2010.
Total sales of homes in 2009 was 1207, so we have well over 1 years supply of housing for sale. This large amount of housing for sale coupled with foreclosure rates increasing will continue to put downward pressure on prices.
It’s a tough time for sellers. If you don’t have to sell, sit tight.
The buyer’s market continues! If you want to make some money with real estate, not every piece of property is a deal, but there are some to be had. Get a REALTOR® who knows what’s going on to help you find the deals.
You will not be sorry!
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!”
REALTORS® working in the area of the Neuse River Association of REALTORS® came very close to stopping a 22 month this year vs. same month last year sales slump in September.
September 2009 was the smallest decrease missing September 2008 sales by only 10 houses.
This is very encouraging, along with the fact that homes where sold in every price range in the local Multiple Listing Service, including million dollar homes.
Military home purchases continue to do well as 36% of home purchased in September 2009 where done with Veteran’s Administration financing.
Inventory in some price points is declining as well. For example if you look at Havelock MLS area 14 today, you have only 21 homes priced between $140,000-159,999 to choose from.
If we are not at a turning point in this market we are getting close.
Let’s see what October brings.
Opinion by Homer Ray, Accredited Buyer’s Representative for Havelock, Cherry Point, New Bern NC
The number of homes for sale in the New Bern NC market, as reported by the local Multiple Listing Service has reached a record-breaking 1653 residential properties “For Sale” thus far in April 2010.
