The beautiful home shown above is located in Kentshire Estates.  Find out more here.

July 2017 has come and gone -- and even if the temperatures don't yet feel like August -- that last month of summer is really upon us. 

I just published my most recent monthly market report, and as usual, you can read on for an overview, download the full report as a PDF, read the entire report online, or tune in to my monthly video overview of our local housing market...



You'll find that the video is in a new format this month, which I think you'll find much more helpful.  Let me know.  (click above to watch it)

And now, a few items on our overall housing market....



As shown above, home sales slowed, ever so slightly, in July 2017 -- to 114 sales, as compared to 115 last July.  Home sales for the entire first seven months of the year, however, remained strong, at 731 home sales -- an increase of 1.39% over the pace of last year's home sales.

Also of note, the median sales price has increased 2.41% over the past year, to a price of $195,600 --- and homes are selling 19% faster this year, in a median of 42 days.



And....where do we go from here?  We saw strong home sales in May and June -- but then a decline in July that put us in the middle of the pack as far as a typical July.  Now, though, will we see a huge bump like last August?  Or will home sales stay relatively steady, or even decline, in August?



Based on the slowing rate of buyers signing contracts (shown above) I'm guessing we'll won't see a big upward spike in home sales in August.  And perhaps, the slightly slower sales we're starting to see this year is a result of continually declining inventory levels....



While we did see a slight upward tick in our inventory levels in July, overall, buyers still have significantly fewer options when buying in Harrisonburg and Rockingham County.  And what does an increasing demand and decreasing supply lead to?



First of all, homes are selling quickly!  Over half of the homes that sold in the past year went under contract within 60 days of being listed for sale.  Actually, almost half of them (44%) went under contract in less than 30 days!?! 



And, not only are homes selling faster, they are selling at higher prices as a result of more buyers and fewer sellers.  The median sales price of single family homes has been increasing in recent years, which is likely at least in part due to more buyers buying and fewer sellers selling.  Will we see another 5% or 7% increase in this median sales price this year?  Only time will tell - but my money is on a 4% - 5% increase.

There are actually quite a few astonishing tidbits in this month's report, but I'll get into those in the coming days on my blog. 

Until then -- feel free to download and read my full market report as a PDF, or read the entire report online.

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

SELLERS -- even though it is 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 closely monitoring new listings!

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