I am asked this question a lot by those who may be considering placing their home up for sale. The picture is not as pretty as we might like, but perhaps it will help you understand what is, and has been happening. The graph shown is for homes only, lots and commercial properties are not included. This graph shows the number of homes sold in Pamlico County each quarter since January 1, 2008.
As you can see, during the past year there have been a total of 67 homes sold in all of Pamlico County, or an average of about 5.58 homes sold per month. Currently there are 213 homes actively listed for sale in the area.
When there is a 6 month supply of homes, it is considered to be a normal, balanced market. Less than a 6 month supply is a Sellers' market, and more than a 6 month supply is a Buyers' market.
Using the figures above, you will see that Pamlico County has more than a 38 month supply of homes on the market at the present time. This puts us very deeply into a buyers' market, meaning that there are more homes available than there are buyers to absorb the excess in a timely manner.
Having such a large supply of homes is an indication that prices for many of the homes are too high. If you are thinking of purchasing a home in the area, be sure to select an agent who will prepare a current Comparative Market Analysis for you on any home you select.
Yes, homes are being sold and buyers are naturally picking the best values for their dollars. This means that any home being placed on the market should be immaculately clean, in good repair, and priced about 5% below its current market value. Otherwise, that home could be on the market for a very long time.
If you should have any questions, please feel free to contact me by e-mail at: Joe@JoeBrant.com.
Joe Brant, ABR, GRI, e-PRO
Keller Williams Realty