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 Wilson Area Real Estate Market. These statistics were gathered from data contained in the Wilson MLS system and predominately covers Wilson County in North Carolina.
Active residential listings totaled 819 properties. This is an increase of 39 properties, or 5%, from 780 in August. This increase is due mainly from a slowing in home sales and is typical during the fall and winter months.
Newly listed properties totaled 180. This is an increase of 29 new listings, or 16%, from 151 last month.
Sold properties totaled 80. This is an increase of 8, or 9%, from last months total of 72 residential properties sold.
Pending sales totaled 88. This is an increase of 3, or 3%, from last month's total of 85 properties pending settlement.
The Wilson Area currently has a 10.2 month housing supply based on the October 2007 sales rate. This is down from a 10.8 month supply in September 2007.
Overall the local market is down by 3% 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 allows 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.
About the Author
David C. Recker is a Top Producing Realtor Licensed in North Carolina. Dave works at RE/MAX Point East and serves Edgecombe, Nash, and Wilson counties in North Carolina.
The towns located in these counties are; Bailey, Battleboro, Castalia, Dortches, Middlesex, Nashville, Red Oak, Rocky Mount, Sharpsburg, Spring Hope, Tarboro, Whitakers & Wilson
Dave's website, http://www.ncrealestateweb.com/ , is one of North Carolina's top real estate websites and you can read frequently posted Articles and Blogs by Dave at NCRealEstateWebBlog.
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