What Monday's (rather positive) local real estate market report does and does not mean for you


What Monday's (rather positive) local real estate market report does and does not mean for you
By Scott Rogers • August 10, 2011
There are lots of positive trends in the local housing market right now! Home sales are on the rise (July over July) Contracts are on the rise (July over July and year over year) Median sales prices have stayed steady (July '10 to July '11) Average sales prices have increased (July '10 to July '11) Does this mean that the local real estate market fully recovered? Is the future now rosy and bright? Will home value start going up, up, up again? While there are some wonderful, positive indicators in Monday's housing market report (PDF) here are some other not-as-exciting current market realities: Home sales have declined 6% in the past year (YTD) Median sales prices have declined 8% in the past year (YTD) Average sales prices have declined 5% in the past year (YTD) Days on market have increased 12% in the past year (YTD) So how do we sort out all of these short-term positive trends, and these longer-term negative trends? Should we be shouting for joy? Should we be worried and fearful? I would suggest cautious optimism. While we're not out of the woods yet, there are lots of indicators that would suggest that we're nearing a turning point in the market. 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