Active residential listings totaled 1066 properties. This is an increase of 11 properties, or 2%, from 1055 in July. This is typical for this time of year as sales tend to decline as consumers take final vacations and prepare for the new school year.
Newly listed properties totaled 196. This is an increase of 24 new listings, or 9%, from 172 last month.
Sold properties totaled 135. This is an increase of 20, or 15%, from last months total of 115 residential properties sold.
Pending sales totaled 157. This is an increase of 14, or 9%, from last months total of 143 properties pending settlement.
The Greater Rocky Mount Area currently has a 7.9 month housing supply based on the August 2007 sales rate. This is down from a 9.2 month supply in July 2007.
Overall the local market is down by 19% when comparing year over year statistics for the same period in 2006.
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/ .
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