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 1066 properties. This is a decrease of 32 properties, or 2.9%, from 1098 in October. Inventories typically rise in the fall as the number of buyers dwindle heading into the winter.
Newly listed properties totaled 128. This is a decrease of 36 new listings, or 21.9%, from 164 last month.
Sold properties totaled 60. This is a decrease of 28, or 31.8%, from last month's total of 88 residential properties sold.
Pending sales totaled 62. This is a decrease of 53, or 46%, from last month's total of 115 properties pending settlement.
The Greater Rocky Mount Area currently has a 13.1 month housing supply based on the previous 12 month sales rate. This is a decrease from the 13.5 month supply in October 2008.
Overall the local real estate market in 2008 is down by 24% for the first 11 months of the year when compared to the same period in 2007.
What does all this mean? The last several months have been significantly slower than they should have been. The local real estate market is in its second year of decreased sales and the credit crisis has definitely had a negative impact.
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 November 2008. Contact David C Recker for all your real estate needs.
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