Six months into 2012, local housing market shows signs of steady improvement


Six months into 2012, local housing market shows signs of steady improvement
By Scott Rogers • July 9, 2012
BREAKING NEWS -- six months into 2012, home sales are up, prices are up, inventory is down, and mortgage interest rates are down! All of this spells good news for the Harrisonburg and Rockingham County housing market! Click here to download a PDF of the July 2012 report on the Harrisonburg and Rockingham County housing market, or read on for some highlights. There were many signs of improvement in the local housing market this month, shown above: June 2012 home sales were up 3.7% as compared to last June. YTD home sales were up 5.2% as compared to 2011-YTD. The YTD median sales price is up 4% compared to 2011-YTD. In not quite as rosy news: The average Days on Market is up 3.8% compared to last year. One reason for the improvement in the local housing market is that we continue to see declines in the number of homes on the market --- fewer sellers results in a more balanced market. Not only have inventory levels dropped 17% over the past year, but they have also declined 4% in the past month --- which is not a typical trend for this time of year. Not only are there fewer sellers in the market, there are also many more buyers in the market. The annualized pace of home sales (shown above) measures the number of sales in twelve month periods to reduce the impact of month-to-month fluctuations. As shown above, buyers are currently buying homes at an annualized pace of 813 sales/year -- up 15% from one year ago. With fewer sellers, and more buyers, prices are starting to stabilize. While the YTD median sales price ($172,000) is down (1.6%) compared the the overall 2011 median sales price ($174,900) this decline is much smaller than any decline in median sales price in recent years. For much more insight and analysis, click on the image above to download the full 27-page market report specifically focused on Harrisonburg and Rockingham County. And -- if you have questions about the local housing market, 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 22, 2024 (unless otherwise noted).
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