February 2008 - Sales are Down, Prices Are Up!?! | HarrisonburgHousingToday.com :: Market Updates, Analysis and Commentary on Harrisonburg and Rockingham County Real Estate


February 2008 - Sales are Down, Prices Are Up!?!
By Scott Rogers • March 5, 2008
February 2008 home sales are the lowest on record within the past 5 years (beginning January 2003), according to data from the Harrisonburg-Rockingham Multiple Listing Service. Only 44 properties were transferred in February, down from 50 in January 2008, and down from 63 last February (2007). The Good News If we compare this February (2008) to last February (2007) we see two conflicting market conditions: Sales are down --- this year's 44 closings compared to last year's 63 closings shows a 43% drop in number of sales. Prices are up --- this year's average sale price (in February) of $234,908 compared to last year's average sale price (in February) of $227,788 shows a 3% increase in prices. Advice to buyers --- be excited, as you have lots of choices, lots of negotiating power, and historically low interest rates. Advice to sellers --- be patient, as it may take longer than you expect, or would like, for your home to sell. Receive Updates by Email Recent Articles: There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell Consider The Cost Of Your Planned Renovations When Planning Your Offer
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 21, 2024 (unless otherwise noted).
Comments (0) or Subscribe