Local Home Sales Off To Slightly Slow Start In 2018


Local Home Sales Off To Slightly Slow Start In 2018
By Scott Rogers • February 13, 2018
Find out more about this newly built home in Lakewood Estates at 1644CumberlandDrive.com. 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 with commentary online, or tune in to my monthly video overview of our local housing market... OK -- now, let's take a look a few of the main indicators for our local housing market.... As shown above.... Home sales slowed slightly in January 2018 to 61 home sales -- down 11.59% as compared to January 2017. The annual pace of sales has dropped 4.79% over the past year -- from 1,315 sales to 1,252 sales. Prices continue to trend upward -- having risen 4.11% over the past year, from $192,000 to $199,882. Homes are selling much more quickly -- with median days on market having dropped 32.65% from 49 days to 33 days! As shown above, January 2018 home sales were right in the middle of the pack as contextualized by the previous three years. And in some ways, we should expect to see around 70 home sales next month -- however.... Contract activity in January 2018 was much stronger than could have been expected. Buyers (and sellers) signed 85 contracts in January -- as compared to only 67 last January. Thus, it is reasonable expect we'll probably see somewhat of a bump in home sales in February. But what are these buyers buying, you might ask? A great question -- as there are 24% fewer homes on the market now as compared to a year ago. As such, there is tough competition among buyers in many price ranges. It is not unusual to see multiple offers on properties under $200K. And perhaps that is why so many homes are selling so quickly. Almost half of the homes that have sold in the past year have gone under contract within 30 days of coming on the market! OK -- I'll stop there for now. Again, you can download the full report as a PDF, read the entire report with commentary online, or keep reading my blog in the coming days for further commentary. If you're thinking of buying or selling soon --- 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. 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 21, 2024 (unless otherwise noted).
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