The following report is provided as a public service by David C. Recker, Realtor, RE/MAX Point East, Rocky Mount, North Carolina. The following are indicators of the Greater Rocky Mount Area Real Estate Market.These statistics were gathered from data contained in the local MLS system and cover Nash and Edgecombe Counties in North Carolina. Active residential listings totaled 1054 properties. This is a decrease of 26 properties, or 3%, from 1080 in May. This decrease is typical for this time of year as buyers are plentiful and most sellers put thier homes on the market in early Spring.
Newly listed properties totaled 221. This is a decrease of 37 new listings, or 15%, from 258 last month.
Sold properties totaled 158. This is an increase of 37, or 24%, from last months total of 121 residential properties sold.
Pending sales totaled 158. This is a decrease of 9, or 5%, from last months total of 167 properties pending settlement.
The Greater Rocky Mount Area currently has a 6.7 month housing supply. This is down from a 8.9 month supply in May 2007.
What does all this mean? The local housing market is still saturated with available housing. The decreases we see in inventory this month are typical for this time of year. These indicators show that we are still in a strong "Buyers" market and will be for the foreseeable future. What is a Buyers market? This is when conditions exist that allow buyers to obtain concessions from sellers that they would not receive in a balanced market.
What is considered a "Balanced" or "Normal" market? typically this is when houses sell between 3 - 6 months.
If you are looking to buy, this market is for you. In this market buyers typically get more for their money and receive seller concessions regularly.
If you are a seller this is not a bad time to sell. You just need to have a realistic expectation of your homes value and need to work with a Realtor that will provide maximum exposure for your property.
Feel free to contact me with any questions or comments you may have. Also, please visit my website http://www.ncrealestateweb.com/ .
