June 2008 will go down as a bad month in Real Estate for our local area. I hope this is just a bump and not the beginning of a new downward trend.
Why was it such a bad month? Historically we sold much less than we should have. In fact we sold 49% less in June 2008 then we did in June 2007. That’s half of what we sold last year. Not good.
When comparing Year-to-Date information with the same period last year our local real estate market is down 22%.
Total homes listed for sale increased 4 percent in June compared to May, according to figures compiled from the Rocky Mount Area Association of Realtors Multiple Listing service (RMAAR MLS).
The Rocky Mount Area now an 11.4 month housing supply up from a 10.4 month supply at the end of May 2008.
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.
This is not a gloom and doom article as I am still selling plenty of homes. In fact, June was my best month since moving my real estate business to the Rocky Mount area.
David C Recker, Associate Broker, Realtor ® licensed in North Carolina. Reach David at: 252-442-2687
Copyright © 2008 By David C Recker, Real Estate Now Blog, NC Real Estate Now Blog, North Carolina real Estate Now Blog, All Rights Reserved.. *Dramatic Drop in Sales*
Visit David C Reckers website, www.NCRealEstateWeb.com, and Blog, NC Real Estate Now Blog, for more information about Dave’s Professional Services, Service Areas, Homes for Sale, and local information.
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