Rocky Mount, NC Area Real Estate Market Report for January 2007

The following report is provided as a public service by David C. Recker, Realtor, RE/MAX Point East, Rocky Mount, North Carolina. The following are indicators of the Greater Rocky Mount Area Real Estate Market.These statistics were gathered from data contained in the local MLS system.

Active residential listings totaled 966 properties. This is an increase of 44 properties, or 5%, from 922 in December. This housing increase is typical for this time of year as sellers prepare for the Spring market.

Newly listed properties totaled 274. This is an increase of 122 new listings, or 45%, from 152 last month.

Sold properties totaled 102. This is a decrease of 10, or 9%, from last months total of 112 residential properties sold.

Pending sales totaled 150. This is an increase of 48, or 42%, from last months total of 102 properties pending settlement.

The Greater Rocky Mount Area currently has a 9.4 month housing supply. This is up from a 8.2 month supply in December 2006.

What does all this mean? The local housing market is still saturated with available housing. The increases we see in inventory this month are substantial but 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 allow buyers to obtain concessions from sellers that they would not receive in a balanced market.

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.

Feel free to contact me with any questions or comments you may have. Also, please visit my website www.NCRealEstateWeb.com and my Blog NCRealEstateWebBlog.

Rocky Mount Five-Year Industry Employment Change

The Rocky Mount Metro Area: Five-Year Percentage Growth in Employment

The Other schools and instruction industry has experienced the largest percentage growth, expanding by 106.9 percent from the 2nd quarter of 2001 to the 2nd quarter of 2006. This industry sector in Rocky Mount has grow faster than the industry job growth experienced in North Carolina, where the industry felt a gain of 42.2 percent. The Other schools and instruction industry in Rocky Mount outpaced the nation in terms of industry employment growth . During this period, the nation gained 32.5 percent of the employment in this industry.

Top 5 Industries
1. Other schools and instruction (106.9 percent gain)
2. Electronics and appliance stores (106.9 percent gain)
3. Offices of other health practitioners (43.7 percent gain)
4. Electronic markets and agents and brokers (38.0 percent gain)
5. Home health care services (33.4 percent gain)

The Rocky Mount Metro Area: Five-Year Percentage Decline in Employment

The Depository credit intermediation industry has lost the biggest percent of jobs, losing 63.5 percent of the jobs from 2001 to 2006. These have declined faster than the industry sector has gone through in the North Carolina, where the industry felt a gain of 35.4 percent. The losses in the Depository credit intermediation industry in Rocky Mount outpaced the United States in terms of percentage decline of industry employment. In this period, the United States gained 6 percent in terms of employees in the Depository credit intermediation industry.

Top 5 Industries
1. Depository credit intermediation (63.5 percent decline)
2. Nonresidential building construction (47.2 percent decline)
3. Jewelry, luggage, and leather goods stores (39.9 percent decline)
4. Drycleaning and laundry services (35.9 percent decline)
5. Offices of real estate agents and brokers (33 percent decline)

The total number of jobs has decreased by 6.7 percent since the 2nd Quarter of 2001. This is greater than percent in the State of North Carolina, which saw a gain of 1.9 percent from the 2nd Quarter of 2001. The losses in the area were greater than than the gain reported at the US level of 2.6 percent.

Total Five-Year Employment Growth in the Rocky Mount Metro Area

From the industries (4-digit NAICS) in the area, the Limited-service eating places industry has brought the most jobs with a total of 289 new jobs created in the period. The job growth in the Limited-service eating places industry makes up 19.0 percent of the total growth in Rocky Mount.

Top 5 Industries
1. Limited-service eating places (289 new jobs)
2. Home health care services (231 new jobs)
3. Electronics and appliance stores (170 new jobs)
4. Employment services (165 new jobs)
5. General freight trucking (121 new jobs)

From the 51 4-digit NAICS industries, 31 accounted an for increase in employment during the period and 20 industry sectors reported declines during the time period.

Total Five-Year Employment Decline in the Rocky Mount Metro Area

From of the area's 4-digit NAICS industries, the Depository credit intermediation industry witnessed the largest drop in employment, losing a total of 906 jobs. The declines in the Depository credit intermediation industry make up 31.4 percent of the jobs lost during the period in Rocky Mount, NC.

Top 5 Industries
1. Depository credit intermediation (906 jobs lost)
2. Nonresidential building construction (416 jobs lost)
3. Full-service restaurants (238 jobs lost)
4. Services to buildings and dwellings (165 jobs lost)
5. Drycleaning and laundry services (122 jobs lost)

In the Rocky Mount, NC metro area, the entire sum of jobs in all of the industries has decreased by 3,743 jobs from mid-2001 to mid-2006.