Local housing market shows continued signs of gradual recovery


Local housing market shows continued signs of gradual recovery
By Scott Rogers • December 8, 2011
Click here to download my full market report (27 pages, 7 MB, PDF) or read on for highlights.... November was a relatively positive month for the local housing market: Home sales (barely) decreased in November (by one home sale) as compared to last November. Year-to-date home sales have increased 2% over 2010 sales levels. Year-to-date median sales prices have declined 4% as compared to one year ago. Average days on market increased by 7%. Despite several negative trends (#1, #3, #4 above) the positive trends (#2 above) is a long-term leading indicator that we are likely in the early stages of recovery for our local housing market. After sustained increases in the long-term pace of home sales we should then start to see an eventual leveling off and increase in sales prices. A strong surge of buyers in 2011 is leading the charge towards more stability in the local housing market. As shown above, November 2011 was yet another strong month of contracts (76) showing a 27% increase over last November and a startling 77% increase over three Novembers ago. Inventory levels continue to significantly decline, down 12% from a year ago. Lower inventory levels (fewer sellers) combined with an increase in contracts (more buyers) will eventually lead to greater balance in the local housing market. Despite the fact that our local housing market's median price has not yet stabilized, it is interesting to note that we have seen a steady improvement in median price per square foot for single family homes over the past year. This is in sharp contrast to the steady decline seen in the four prior years. The icing on the cake is that mortgage interest rates remain at historically low levels creating amazing opportunities for buyers. At the end of November, the average 30-Year fixed mortgage interest rate was 3.98%. For an even more in-depth look at the Harrisonburg and Rockingham County real estate market, click the image above to download my full market report (27 pages, 7MB, PDF). If you have questions about the report, or if I can be of assistance to you 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 23, 2024 (unless otherwise noted).
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