Looking closer at contracts, a leading market indicator


Looking closer at contracts, a leading market indicator
By Scott Rogers • August 8, 2014
As mentioned yesterday, July 2014 home sales hit an 82-month high, likely due in part to the large number of properties that went under contract in June 2014. Despite this high number of July 2014 home sales, the year-to-date figures still have 2013 home sales slightly ahead of this year.... Jan 2013 - Jul 2013 Home Sales = 587 Jan 2014 - Jul 2014 Home Sales = 564 (-4%) Seeing that closed sales were slightly behind (-4%) last year, but having seen a record number of sales in July 2014, and a high number of contracts in June 2014, I thought it would be worthwhile to examine year-to-date figures as to the number of contracts that have been signed by buyers (and sellers).... 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. 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 24, 2024 (unless otherwise noted).
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