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 1026 properties. This is an increase of 6 properties, or 1%, from 1020 in April. Inventories typically rise this time of year as sellers take advantage of the summer market.
Newly listed properties totaled 222. This is an increase 26 new listings, or 22%, from 196 last month.
Sold properties totaled 95. This is a decrease of 15, or 14%, from last months total of 110 residential properties sold.
Pending sales totaled 111. This is a decrease of 2, or 2%, from last month's total of 113 properties pending settlement.
The Greater Rocky Mount Area currently has a 10.4 month housing supply based on the previous 12 month sales rate. This is a slight increase from the 10.1 month supply in April 2008.
Overall the local real estate market in 2008 is down by 15% for the first 5 months of the year when compared to the same period in 2007.
What does all this mean? The local real estate market is in its second year of decreased sales although the local economy continues to be is stable. Is this decrease in sales a result of the tightening credit standards? Probably, the mortgage industries tightening of credit standards for loan qualification has affected hundreds of potential local buyers.
The local housing market is still saturated with available housing. The increased 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.
David C Recker, Associate Broker, Realtor ® licensed in North Carolina. Reach David at: 252-442-2687
Copyright © 2008 By David C Recker, All Rights Reserved. Rocky Mount, North Carolina Area - Market Statistics for May 2008 Contact David C Recker for all your real estate needs.
Related Articles:
Rocky Mount, North Carolina Area - Market Statistics for April 2008
2007 Annual Rocky Mount Area Real Estate Market Report
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