Home Sales Strong Despite (or because of) Price Declines


Home Sales Strong Despite (or because of) Price Declines
By Scott Rogers • April 11, 2011
March 2011 home sales show plenty of positive indicators, though the local market is still a ways off from a full recovery. After mediocre performance in January and February, the Harrisonburg and Rockingham County housing market finally witnessed some growth in March 2011. March's 61 home sales exceeded March 2010 (49 sales) and March 2009 (57 sales), and contributed to an overall decline in home sales of only 6% between 2010 (YTD) and 2011 (YTD). Not only did buyers close on properties in March, they also contracted on properties --- though probably not the same buyers. March 2011 showed another strong month of contracts (75), exceeding March 2009 figures (68). Last March's contract figures (95) were significantly affected by the home buyer tax credit. Despite increases in inventory over the past two months, it appears that 2010's peak of over 1,000 properties for sale will not be met this year. We have seen an overall decline of 13.5% over the past year in the number of residential properties for sale, which can help restore balance to the market. Despite the strong indicators noted above, we do see that the median sales price of single family homes has started to decline again more sharply after a relatively steady year last year. We may not be totally out of the woods yet. There's plenty more news in my monthly housing market report -- click on the image above (or here) to download and view the full PDF. As always, if you have questions about this report, or if I can be of assistance with real estate that you own, or that you'd like to own, please be in touch. You can reach me most easily at 540-578-0102 or scott@HarrisonburgHousingToday.com. Receive Updates by Email Recent Articles: Is There A Price You WOULD Pay For This House? 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
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 22, 2024 (unless otherwise noted).
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