• 62% of our home sales market is under $200K
• 86% of our home sales market is under $300K
• 96% of our home sales market is under $400K
• Nothing has sold in the past year over $700K
  

"The Reserve at Stone Port is a wonderful escape from the ordinary. Relax in an atmosphere appointed with luxury and comfort, where exceptional finishes and remarkable features outline each unique and spacious 1, 2, and 3 bedroom apartment homes. Experience extraordinary style, convenience, resort-style amenities, and an award-winning customer service team."

"The community combines a modern feel with Southern casualness.  These thoughtfully crafted 1,2 and 3-bedroom apartment homes feature contemporary kitchens with granite countertops, upgraded cabinets with brushed stainless pulls, and stainless steel appliances. hardwood flooring  Residents will be immersed in the Reserve lifestyle, becoming part of a community of individuals who prefer the notion of more time to enjoy life.  Features include a Grand Clubhouse, Resort style salt-water pool, Hot tub, State-of-the-Art Fitness Center, Wide Screen Movie Theater, Sport Court, Car Wash Area and much more! Pet Friendly."

"The first tenants moving in to the $10 million mixed-use development's 34 apartments marked the beginning of a new phase in the life of the building along South Liberty and West Bruce streets. JMU already has offices in the building, and developers are hoping to finish most of the remaining commercial and office space by the year's end."

The new truck, a pilot mobile service coming to three college campuses this fall, offers a menu of drinks and food nearly identical to what customers would find in their neighborhood Starbucks stores.

The Starbucks mobile truck can move to various locations on campus throughout the day, making it convenient for students and faculty to grab a snack or beverage. While hours will vary on each campus, trucks are able to adjust business hours to suit the needs of their customers, in some cases staying open later than a dining hall.

The miniature libraries, begun in Wisconsin in 2009, have become pop¬ular side¬walk staples around the county. When a visi¬tor takes a book, they are expected to leave one in its place.

Rosalind O'Brien, creator of Sus¬tain Hburg, finds the Little Free Li¬braries concept to be inspirational. "I think it's a great example of people sharing and connecting with each other in an unstructured way," she said in an email.

"So much about our lives is bound by rules, and involves expectations of getting something back for what we give." In contrast, O'Brien said, the libraries allow people to use them as they see fit.

• During the past 12 months there have been 46 home sales over $400K.
• That is an average of 3.8 such sales per month.
• There are currently 95 such listings on the market for sale.
• As such, it would take 25 months (95 / 3.8) to sell all of these active listings.

As you can see from the chart above, this 25-month supply is roughly equivalent to where we were a year ago (24-month supply) and a much better place than where we were two years ago (45-month supply).

This final tidbit might be the most interesting, however....

Homes sold in the past 12 months for more than $400K sold with a median of 117 days on the market.

How could this be, you might ask?  Where is the disconnect? 

Many of the 95 homes actively listed for sale over $400K will not necessarily sell in the next 12 months.  As such, we have a high supply of these homes (25 months worth) but the homes that actually sell do so relatively quickly (median of 4 months).

• There were 3.4 times as many home sales as trustee sales in 2012.
• There were 4.5 times as many home sales as trustee sales in 2013.
• There were 5.2 times as many home sales as trustee sales in 2014.

• Jan 2013 - Jul 2013 Home Sales = 587
   
  
• Jan 2014 - Jul 2014 Home Sales = 564  (-4%)
  

• Jan 2013 - Jul 2013 Contracts = 745
   
  
• Jan 2014 - Jul 2014 Contracts = 733  (-2%)

So, what can we conclude here?

• Closing the 4% deficit in closed sales is not guaranteed, given that we're seeing a 2% deficit in signed contracts.
   
• In order to close the gap on closed sales, we'll need to see several more months of strong contract figures. 
  

Stay tuned for my monthly market report next month where we'll (hopefully, probably, possibly) see that we have closed the gap in sales pace.  

1. Buyer activity increased 5% year-over-year in July 2014.
    
2. Townhouse / Duplex / Condo sales prices continue to rise.
    
3. We're seeing fewer and fewer foreclosures compared to home sales.
    
4. Buyers are finding less negotiability in list prices.
    
5. Over one-third (40%) of homes that sell do so within 90 days.
   

Taste of Downtown is a biannual restaurant week held every year in March and August. During this week-long event, more than 25 restaurants and eateries in downtown Harrisonburg's culinary district showcase their creative dishes and offer specials that will please your palate and your wallet. It's the perfect opportunity to experience local flavors, support local businesses, and see why downtown is a culinary destination!