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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It is in no small part through the sacrifice of our military men and women that we have the freedom to enjoy life's simple pleasures.
About the Author
David C. Recker is a Top Producing Realtor licensed in North Carolina. Dave works at RE/MAX Classic Realty and serves Edgecombe, Nash, and Wilson counties in North Carolina.
Dave's website, 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.
The supply of homes available for sale in the Rocky Mount Area MLS has held steady for the last five months.
Total listing of homes for sale increased 1.1 percent in April compared to March, according to figures compiled from the Rocky Mount Area Association of Realtors Multiple Listing service (RMAAR MLS).
When comparing April 2008 to April 2007 you discover a 3.2% decrease in available residential inventory.
Is this the beginning of a local recovery? I don't know. The factors behind these numbers are that new listings are down as sales continue to slow.
Big inventories are persuading sellers to accept less. "Sellers are becoming a little more flexible in negotiating prices," says Dave Recker, Realtor with RE/MAX Classic Realty.
About the Author
David C. Recker is a Top Producing Realtor licensed in North Carolina. Dave works at RE/MAX Classic Realty and serves Edgecombe, Nash, and Wilson counties in North Carolina.
Dave's website, 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.
I wanted to provide an exciting update that I have moved offices. I am now with RE/MAX Classic Realty working out of their office at 163 Nashville Commons Drive, Nashville, North Carolina 27856.
All of my contact information remains the same:
Direct phone: 252-442-2687
I look forward to continuing to provide superior real estate services to Nash, Edgecombe, and Wilson counties.
About the Author
David C. Recker is a Top Producing Realtor licensed in North Carolina. Dave works at RE/MAX Classic Realty 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.
I am an experienced real estate professional that provides expert services to people who are buying and/or selling residential properties. I work hard to exceed the expectations of my clients!
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