Craven County’s residential real estate data for February continues to show a strong market with rising sales, including listings and sales prices.
John Vesco, RE / MAX Homestead Havelock Realtor / Owner and Retired Marine, has been in real estate for 21 years. Homes in the Havelock area have sold very well and the low mortgage rates remain. He said that low inventory levels have resulted in building materials for new buildings nearly doubling. A seller’s market goes on.
“It’s a hot market for affordable homes under $ 200,000, you can’t keep them in the market,” said Vesco.
However, according to Vesco, more expensive homes are not as easy to move as fewer people are eligible for a loan. He added that cheaper homes – if they are in good shape – won’t stay around for long.
When asked if he thought there might be a bubble that could potentially burst locally if prices continue to rise, he stated that many people in the area have qualified for VA loans, which means that prices do not rise too high.
“I’m not too worried about the Havelock market as most (people) have a VA loan. Even if they (the seller) get an offer for the property at any price, the appraiser will close them anyway so they can no longer sell it. If the government tells you how much to sell for your house, you can never raise your price, ”he said.
Michael Raines, owner / broker of CENTURY 21 / Zaytoun-Raines in New Bern, said the rapid rise in listing and selling costs was due to the rise in new properties.
“There have been a lot of new homes launched every month, and I think this could be a lot of what you see when it comes to cost increases,” said Raines.
Craven County Real Estate by Numbers
In January, the median list price for a home was $ 292,287. Just a month later, that would change to $ 309,166, an increase of nearly 8%. The average sales price in January was $ 219,718, increasing to $ 241,281, an increase of 9.8%. The median sales price for a home at this point last year was $ 213,703. What a difference a year makes, especially after the COVID-19 pandemic.
The average 2020 home sales price for a Craven County home was $ 189,650 year-to-date. This year, that number has increased by $ 41,463 – a remarkable jump of 21.8% in dollars.
The sold offers for January 2021 in the price range of 200,000 to 249,999 US dollars were 35 compared to just 14 in the previous year. This corresponds to a growth of 150%.