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 1086 properties. This is an increase of 30 properties, or 2.7%, from 1056 in May. Inventories typically fall this time of year as buyers take advantage of large inventories and the summer moving season. However, this did not happen.
Newly listed properties totaled 178. This is a decrease of 16 new listings, or 8.2%, from 194 last month.
Sold properties totaled 81. This is a decrease of 7, or 8.6%, from last month's total of 74 residential properties sold.
Pending sales totaled 114. This is an increase of 19, or 16.6%, from last month's total of 95 properties pending settlement.
The Greater Rocky Mount Area currently has a 12.1 month housing supply based on the previous 12 month sales rate. This is an increase from the 11.4 month supply in June 2008.
Overall the local real estate market in 2008 is down by 23% for the first 7 months of the year when compared to the same period in 2007.
What does all this mean? July was much slower than it should have been. Add that on top of a terrible June and this summer has not been good for residential sales. The local real estate market is in its second year of decreased sales.
The local housing market is very saturated with available housing. Therefore, 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, licensed in North Carolina. David works at RE/MAX Classic Realty and can be reached at: 252-442-2687
Copyright © 2008 By David C Recker, All Rights Reserved. Rocky Mount, North Carolina Area - Market Statistics for July 2008. Contact David C Recker for all your real estate needs.