Despite mixed signals in September, local housing market continues to show signs of strength and stability


Despite mixed signals in September, local housing market continues to show signs of strength and stability
By Scott Rogers • October 9, 2012
I just published my monthly Harrisonburg & Rockingham County Real Estate Market Report. Download the full PDF here, or read on for some highlights. Despite some confusing and conflicting indicators in September, our local housing market is still stabilizing, and is poised for further growth. This month particularly, we need to keep the one-month indicators (September) firmly rooted within the context of longer-term trends (YTD).... The pace of home sales dropped 15% in September though the YTD pace of home sales is still up 6%. Despite fewer September home sales the September median sales price jumped up 10% and the average sales price increased 19%. In more believable, sustainable numbers, the YTD median sales price is up 1.3% and the YTD average sales price is up 0.8%. While September data indicates a drop (-8%) in average days on market, the YTD data shows that average days on market is actually up 5%. Contracts are up 46% in September 2012 (compared to Sept 2011) but bear in mind that 22 of those contracts were a single buyer purchasing 22 investment properties. Inventory levels continue to drop in our market, slowly creating a more even balance between buyers and sellers. Buyers aren't able to negotiate quite as much these days, as shown above. This is another sign of market stabilization. Looking for more analysis of our local housing market? Download the full PDF of my market report here. 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. Oh, one last thing....here are a few articles I have written over the past month that might be of interest: Sellers, don't despair yet, take a look at buyer activity last October and November! How to find a great deal on an investment property Should I buy a home if I am only going to be there for two years? Don't rely on Zillow Zestimates for an estimate of your home's value in Harrisonburg, Rockingham County 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 22, 2024 (unless otherwise noted).
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