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 1055 properties. This is an increase of 1 property, or 0%, from 1054 in June. This is typical for this time of year as most sellers put thier homes on the market in early Spring.
Newly listed properties totaled 172. This is a decrease of 49 new listings, or 33%, from 221 last month.
Sold properties totaled 115. This is a decrease of 43, or 28%, from last months total of 158 residential properties sold.
Pending sales totaled 143. This is a decrease of 15, or 10%, from last months total of 158 properties pending settlement.
The Greater Rocky Mount Area currently has a 9.2 month housing supply based on the July 2007 sales rate. This is up from a 6.7 month supply in June 2007.
What does all this mean? The local housing market is still saturated with available housing. The stable inventory numbers for 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 - 4 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/ .
Great Blog! I like the use of charts to support your conclusions.
Greg Z