Bath/Belhaven Area Sales

Bath/Belhaven area sales boomed in 2005 and through the first few months of 2006. Demand for waterfront property, both homes and lots, outstripped supply and prices increased rapidly. By the second half of 2006, the local market started to experience a trickle-down effect from the slowdown in the real estate markets in Florida and the Northeast, as well as the typical seasonal slowdown. Unit sales slowed dramatically during the last quarter of 2006, but the average sales price of homes and lots continued on an upward trend through the end of 2006, but declined in 2007. The average sales price of an existing home was $209,091 in 2007 compared to an average sale price of $226,563 in 2006.

The average sales price for an existing home increased 25% in 2006 compared to 2005 ($226,563 vs. $181,326), although the number of homes sold dropped 20%. In 2007, sales of existing homes dropped again in both units and average sales price, mirroring national trends. Sales of waterfront homes were very slow, with only 21 homes closing in 2007 at an average sale price of $343,378 compared to 33 waterfront homes closing in 2006 at an average price of $369,200. The first quarter of 2008 continued on a downward slope, with only 5 existing homes selling, for an average sales price of $238,378.

Sales of lots increased in the 1st quarter of 2007 as lots closed in the new subdivisions. The majority of these were water access and the average selling price was $91,247 for all lots and farms. The number of lots sold declined in the remaining months of 2007. Land prices declined in 2007 compared to 2006, after a rapid increase in 2006, driven by the demand for waterfront lots. Unit sales dropped again in the first quarter of 2008, but the average sale price increased slightly.

As of April 8, 2008, there were 116 homes for sale with an average listing price of $337,611 and DOM of 220. Of those, 55 were waterfront homes with an average price of $513,335 and DOM of 200. There were 286 lots or farms for sale at an average price of $148,614 and DOM of 2269. Of these, 140 were waterfront properties with an average price of $235,499 and DOM of 269. Five large waterfront properties suitable for development are also for sale at this time.

The large increases in prices for homes and lots that occurred in 2005 and 2006 ended in 2007. Prices for existing homes declined 8% in 2007 compared to 2006. However, prices appear to have bottomed out even though unit sales are still down. With low interest rates and many homes and lots to choose from, this is a great time to buy before the market swings up again.

Residential Activity as of:

	January 20, 2007		June 7, 2007		January 18 2008		April 8 2008
Active Listings	Total	Waterfront	Total	Waterfront	Total	Waterfront	Total	Waterfront
# of homes	116	66	109	51	107	45	116	55
Avg Listing Price	$366,237	$509,632	$373,501	$574,404	$306,570	$490,811	$337,611	$513,335
Avg DOM	226	243	180	164	213	213	220	200

Pending Sales	Total	Waterfront	Total	Waterfront	Total	Waterfront	Total	Waterfront
# of homes	15	8	7	2	6	3	8	2
Avg Listing Price	$277,673	$400,488	$217,647	$375,000	$262,283	$408,300	$218,363	$392,000
Avg DOM	243	231	212	336	271	88	222	186

Land Activity as of:

	January 20, 2007		June 7, 2007		January 18, 2008		April 8 2008
Active Listings	Total	Waterfront	Total	Waterfront	Total	Waterfront	Total	Waterfront
# of farms/lots	268	155	296	171	295	140	286	140
Avg Listing Price	$188,763	$277,106	$176,685	$251,215	$153,013	$243,015	$148,614	$235,499
Avg DOM	167	169	175	169	217	240	246	269

Pending Sales	Total	Waterfront	Total	Waterfront	Total	Waterfront	Total	Waterfront
# of farms/lots	61	28	48	28	34	21	2	1
Avg Listing Price	$170,589	$265,629	$197,702	$285,489	$244,035	318,224	$184,900	$375,000
Avg DOM	346	354	315	306	429	469	326	520

Source: Navica Three Rivers MLS (Washington/Beaufort County NC)

103 S. Main Street, Bath, NC 27808

tel: 252-923-1600

fax: 252-923-1700

email: info@bathcreekrealty.com