Check out this immaculate rowhouse at Preston Lake with a rooftop terrace!

Wow!  Both the temperatures and our local real estate market are certainly heating up!  I just published my most recent monthly market report, so apply your sunscreen, read on for an overview of the blistering sales pace of 2017, download the full report as a PDF, or read it online.

But first -- for those that would rather listen/watch than read -- tune in to my monthly video overview of our local housing market...



OK -- now, back to a high level overview of where things are with the local real estate market....



MORE HOMES ARE SELLING -- As shown above, we have seen a 5.51% improvement in the number of home sales in this area in the first five months of 2017 as compared to the same timeframe last year.  Furthermore, looking at the past 12 months (1,338 sales) as compared to the prior 12 months (1,187 sales) we see a 12.72% improvement in the pace of sales.

PRICES ARE SORTA-KINDA INCREASING -- Technically, the 2017 median sales price (January - May) of $189,000 is identical to where it was last year during the same time, however, over the past year the "rolling 12 month" median sales price has increased 4.16% from $185,000 to $192,700.  So, we'll say that prices are sort-kinda-mostly increasing.

HOMES ARE SELLING FASTER -- The median sales price of homes selling thus far in 2017 has been 49 days.  This is 23% lower than last year when it took a median of 64 days for homes to sell.  This calculation is based on how many days it takes for a property to be under contract after it has been listed for sale.



Inventory levels are LOW right now (more on that later) so when April concluded, I had some serious doubts about whether we would be able to match the 133 home sales in May 2016.  But -- buyers (and sellers, I suppose) didn't disappoint -- there were an astonishing 148 home sales in May 2017!  I'll delve into this history a bit more in coming days on my real estate blog, but take my word for it for now -- there have NEVER been 148 home sales in the month of May in Harrisonburg and Rockingham County!



What is to come, you might ask?  I'd say more sales -- maybe not quite 148 of them -- but hopefully 135 to 145 of them next month.  After all, as shown above, there were 133 more contracts signed in May 2017 -- just a slight decline from the 140 and 137 seen in March and April.



As mentioned previously, inventory levels are DROPPING!  There are now only 394 homes for sale in Harrisonburg and Rockingham County -- which is 32% fewer than one year ago!  Of note -- we only seem to have had sub-400 inventory levels once anytime in the past MANY years -- in January 2017.  That wasn't too surprising -- inventory levels have been declining, and who wants their house on the market in January, anyhow?  But now, in the month of May (June, actually)?  Inventory levels below 400 are quite surprising at this time of year.



Oh -- but it gets worse -- for buyers, that is.  Looking at homes under $200K, in ALL of Harrisonburg and Rockingham County, there are only 107 homes for sale!?  This includes single family homes, townhouses, duplexes and condominiums.  This marks a shocking 57% decline in this price range of homes in our area.

OK -- there is a pile of additional information bout our local housing market in my monthly market report.  If you are interested in more, feel free to  download the entire thing as a PDF, or read it online. 

And, my reminders for buyers and sellers last month still apply....

SELLERS -- even though it is somewhat of a seller's market in many price ranges right now, you must still focus on price, condition and marketing.

BUYERS -- it can be difficult and frustrating to buy right now -- make it a bit easier for yourself by knowing the market, knowing the process, knowing your buying power, and monitoring new listings closely!

For further reading on buying or selling in this area, check out....

• BuyingAHomeInHarrisonburg.com


• SellingAHomeInHarrisonburg.com

And if you are ready to get the process started, simply contact me at 540-578-0102 or scott@HarrisonburgHousingToday.com.

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Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com