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 Rocky Mount MLS system and predominately cover Nash and Edgecombe Counties in North Carolina.
Active residential listings totaled 1053 properties. This is an increase of 12 properties, or 2%, from 1041 in September. Inventories can rise during the fall and winter months because of slower sales.
Newly listed properties totaled 195. This is an increase of 1 new listings, or 1%, from 194 last month.
Sold properties totaled 103. This is an increase of 2, or 2%, from last months total of 101 residential properties sold.
Pending sales totaled 107. This is a decrease of 4, or 4%, from last month's total of 111 properties pending settlement.
The Greater Rocky Mount Area currently has a 10.2 month housing supply based on the October 2007 sales rate. This is a slight decrease from a 10.3 month supply in September 2007.
Overall the local market is down by 4.8% 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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