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 999 properties. This is a decrease of 59 properties, or 6%, from 1058 in November. Inventories typically fall during the winter months because the number of new listings also slows.
Newly listed properties totaled 100. This is a decrease of 25 new listings, or 20%, from 125 last month.
Sold properties totaled 70. This is an increase of 5, or 7%, from last months total of 65 residential properties sold.
Pending sales totaled 82. This is a decrease of 32, or 28%, from last month's total of 114 properties pending settlement.
The Greater Rocky Mount Area currently has a 9.5 month housing supply based on the previous 12 month absorption rate. This is a slight decrease from the 9.8 month supply in November 2007.
Overall the local real estate market is down by 11% in 2007 when compared to the same period in 2006.
What does all this mean? December was a slow month for sales in the Rocky Mount area. Is this decrease in sales a result of the tightening credit standards? Perhaps, but we will need to watch the numbers over the next few months to see if this is a trend or just a slower than normal Winter market.
The local housing market is still saturated with available housing. The reduced 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.
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 NCRealEstateWeblog.
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