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Strong Home Sales in June 2016 Bring Further Balance to Local Market |
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 Learn more about this month's Featured Property: 4140 Brown Roan Lane I just published my monthly report on the Harrisonburg and Rockingham County real estate market. Jump to the full online market report, watch the video overview below, download the PDF, or read on for highlights.... First, a video overview....  Now, let's take a look at the overall market performance in June....  As shown above....
OK -- BIG NEWS HERE -- June 2016 home sales were "off the charts" as they say -- the highest month of monthly home sales we have seen in a LONG TIME! Actually, looking back further that this chart -- the last time we had more than 144 home sales was back in June 2007 -- at the peak of the market boom.
AND -- MORE BIG NEWS -- It happened! It really happened! Most housing market analysts consider six months of inventory (active listings) to be an indicator of a balanced market (between buyers and sellers). The "BUYERS" trend line above is illustrating how many buyers are buying in a six month period. The "SELLERS" trend line above is illustrating how many sellers are in the market (active listings) at any given time. Over the past four years we have seen a steady increase in buyers and a declining number of sellers. And finally, in June, these two trajectories have crossed! There are more buyers buying in a six month period than there are homes for sale!
 Finally, what should we expect as far as sales for the next few months? Based on recent contract activity, I am thinking we'll see another strong month of sales during July. To put this year in perspective, we have seen an average of 140 contracts per month over the past four months -- as compared to an average of only 117 contracts per month during the same timeframe in 2015. There is more, oh so much more, in my full real estate market report. I have even made it very easily accessible for you to read online....
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Home Sales on the Rise in Local Market in May 2016 |
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 Learn more about this month's Featured Property: 1831 Manor Drive I just published my monthly report on the Harrisonburg and Rockingham County real estate market. Jump to the full online market report, watch the video overview below, or download the PDF, or read on for highlights.... First, a video overview....  Now, let's take a look at the overall market performance in May....  The local housing market is, again, showing signs of strength....
As shown above, there have been several months in particular -- January, March, May -- that have catapulted us to our current 15% improvement in home sales this year as compared to last year.
We have seen buyers signing contracts in record numbers over the past three months -- which bodes well for strong sales in June as well as (likely) July.
Buyers are buying faster than sellers are ready to sell. Inventory levels, as shown above, have declined 12% over the past year. Buyers are seeing fewer and fewer choices of homes to purchase.
Finally, the market graph we've all been waiting for -- as shown above, we are finally (!) approaching a perfect balance between buyers and sellers in our local market -- with almost exactly six months of supply available. This is a result of a slowly increasing pace of buying activity over the past few years -- and a slowly declining inventory level during the same timeframe. BUT WAIT -- remember -- all real estate is local, and sometimes that means down to the city, town or even neighborhood. If you are getting ready to sell your home, we should start by looking at these overall trends -- but then we'll need to dive much deeper into the analysis of your price range, neighborhood. property type, etc. There is more, oh so much more, in my full real estate market report. I have even made it very easily accessible for you to read online....
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Local Housing Market Shows Strength, Growth in April 2016 |
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 Learn more about this month's Featured Property: 4290 Brown Roan Lane I just published my monthly report on the Harrisonburg and Rockingham County real estate market. Jump to the full online market report, watch the video overview video, or download the PDF, or read on for highlights.... First, a video overview....  Next, let's take a look at the overall market performance in April....  We are, again, looking at signs of strength and growth for our local market....
Let's dig into a few details....
Wow! This graph shows very clearly (look at the last two bars on the right) how HOT of a Spring real estate market we are experiencing this year. The pace of contracts in March was a new record for March -- and in April, buyers have done it again. As far back as I have on record (2007) there has never been a month of April when this many (158) contracts have been signed in Harrisonburg and Rockingham County.
Single family homes are often the best indicator of overall trends in a local housing market. As shown above, sales of single family homes are quite stable -- and the median price has been on the rise for several years now. It seems likely that we will see another increase in the median sales price of single family homes in 2016.
Most housing market analysts consider six months of inventory (active listings) to be an indicator of a balanced market (between buyers and sellers). The "BUYERS" trend line above is illustrating how many buyers are buying in a six month period. The "SELLERS" trend line above is illustrating how many sellers are in the market (active listings) at any given time. Over the past four years we have been seeing a steady increase in buyers in the market and a decline in sellers in the market. In Summary.... | |
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Home Sales, Median Prices on the Rise in 2016 Q1 |
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 Learn more about this month's Featured Property: 3095 Baybrook Drive I just published my monthly report on the Harrisonburg and Rockingham County real estate market. Jump to the full online market report, watch the overview video below, or download the PDF, or read on for highlights.... First, a video overview....  Next, let's take a look at the overall market performance in March....  Some rather good news, in all areas, as far as improvements in our local market....
OK -- now with that formality aside, let's talk about the crazy, wild, unbelievable stat of the month....
Yes, you are reading that correctly....
So, buyers were actively signing contracts in March 2016, it seems. :)
As shown above, the 83 home sales in March 2016 were the highest of any recent March. The question now remains -- how many home sales will we see in April? Could the 133 contracts from March help boost the market up to more than 104 sales in April?
One last trend that I am watching closely -- the single family home market. As shown above, we have seen a relatively steady number of single family home sales over the past few years -- which is neither thrilling nor depressing. The median sales price, on the other hand, has been steadily climbing -- great news for anyone who owns a home, or likes to see an improving housing market. In Summary.... | |
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Local Housing Market Shows Continued Strength in February 2016 |
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 Learn more about this month's Featured Property: 120 Cantermill Lane I just published my monthly report on the Harrisonburg and Rockingham County real estate market. Jump to the full online market report, watch the overview video below, or download the PDF, or read on for highlights.... First, a video overview....  Next, let's take a look at the overall market performance in February....  As outlined above, there are several indicators of a strong local housing market....
 The pace (and price) of single family homes are often a good way to understand the overall trajectory of a local housing market -- because it takes rental properties (and the impact of investors) out of the mix. As such, it is good to see the price of these home sales increasing (quite a bit) even if the pace of sales has not significantly increased over the past few years.  Inventory levels are still hovering around 530/540 -- but are on the brink of increasing significantly, which will likely happen over the next 30 to 60 days. Hang on tight! In Summary.... BUYERS -- You should have plenty of additional options to consider in the coming months, but houses that are priced well will likely sell quickly. Strike while the iron is hot -- and relish the opportunity to still have super low (sub 4%) fixed mortgage interest rates. SELLERS -- Price, Condition, Marketing. If you are getting ready to put your house on the market, let's make sure we have your house priced well compared to what has recently sold, that your house is in a condition to have a broad appeal to buyers, and of course, let's market it thoroughly and professionally. More and Much, Much More.... There is more, oh so much more, in my full real estate market report. I have even made it very easily accessible for you to read online....  And as is always my encouragement -- if you will be buying or selling a home in the near future, become a student of the housing market! Learn what has been happening recently, what is happening now, and what is likely to happen next. Being informed will allow you to make better real estate decisions. Finally, here are two handy references to prepare yourself to buy or sell.... 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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Local Housing Market Sees Strong Start in January 2016 |
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 Learn more about this month's Featured Property: 3853 Traveler Road I just published my monthly report on the Harrisonburg and Rockingham County real estate market. Jump to the full online market report, watch the overview video below, or download the PDF, or read on for highlights.... A Video Overview....  Let's start by taking a look at the overall market performance in January and over the past twelve months....  Strong Sales Pace.... As shown above, we saw a strong month of sales in January -- with 67 home sales, as compared to only 49 last January. This 37% year-over-year improvement in January 2016 contributed to a 6.42% year-over-year increase in the annualized pace of home sales in Harrisonburg and Rockingham County. Increasing Prices.... While the median price ticked down 0.51% when only looking at January 2016 figures, the median sales price over the past 12 months increased by 2.83% to $185,000 compared to the previous 12 months. Faster Sales... Homes are also selling faster -- at a median pace of 55 days on the market based on sales in the past 12 months.  When looking at a rolling 12-month time frame in the graph above, we note that:
Buyers and sellers signed 74 contracts in January 2016 -- as compared to 76 last January. This is despite a large snowstorm that slowed down the market for at least a week during January. This is an indicator that we are likely to see a similar number of February home sales this year as we did last year.
Inventory levels (the number of homes for sale) are at their lowest levels seen anytime in the past eight months. This is not surprising given the time of year we are in -- though year-over-year inventory levels have also declined by 2%. More and Much, Much More.... | |
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Harrisonburg Year End Real Estate Market Report |
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 Learn more about this month's Featured Property: 6190 Dotts Lane I just published my monthly report on the Harrisonburg and Rockingham County real estate market. Jump to the full online market report, or download the PDF, or read on for highlights....  A year-end look at the numbers is always fun -- we finally have all of the numbers in and now we know the following about 2015 when looking at the residential real estate market in Harrisonburg and Rockingham County....
But wait! Before we mash all of the data together and call everything wonderful, here is something interesting....  As shown above....
Here is a colorful and fun and uplifting graph....  Just another visual indication (above) of the improvements we have seen in our local real estate market over the past few years. The most notable jump in the pace of sales was between 2012 and 2013 -- but we finally broke into the 1100's this past year. Buyer Activity....  As shown above, contracts picked up a bit in December 2015 -- to 67 contracts as compared to only 63 last December. However -- the annual pace of buyers signing contracts declined slightly, from 1192 to 1172. Of note -- despite fewer contracts in 2015 -- there were more sales -- which is an indication that more contracts are successfully making it through to closing. More and Much, Much More.... There is more, oh so much more, in my full year-end real estate market report. I have even made it very easily accessible for you to read online.... And as is always my encouragement -- if you will be buying or selling a home in the near future, become a student of the housing market! Learn what has been happening recently, what is happening now, and what is likely to happen next. Being informed will allow you to make better real estate decisions. If you are ready to buy or sell a property in Harrisonburg or Rockingham County, contact me at 540-578-0102 or scott@HarrisonburgHousingToday.com to get the process started. | |
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December 2015 Harrisonburg Housing Market Report |
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 Learn more about this month's Featured Property: 6600 Lawyer Road I just published my monthly report on the Harrisonburg and Rockingham County real estate market. Jump to the full online market report, or download the PDF, or read on for highlights....  There is plenty to be excited about in this month's report on our local housing market....
 Home sales are piling up in 2015 -- as shown above, the 1,039 home sales we have seen between January and November this year is well above the number of home sales seen anytime in the previous five years.  The pace at which buyers are signing contracts to buy real estate is often an excellent indicator of the future sales performance of our local market. Curiously, we are seeing fewer people signing contracts in the most recent 12 months (1,168) as compared to the previous 12 months (1,186). Since closed sales are increasing, this likely means that more contracts are making it successfully to closing.  Inventory levels are both up, and down. There are actually 2% more homes on the market now as compared to a year ago -- however, inventory levels have dropped by 6% over the past six months, as is typical for this time of year. OK, that's it for now. You can read further commentary in coming days on my blog, HarrisonburgHousingToday.com, or dive right into the full market report, which you can read online or download as a PDF. And as is always my encouragement -- if you will be buying or selling a home in the near future, become a student of the housing market! Learn what has been happening recently, what is happening now, and what is likely to happen next. Being informed will allow you to make better real estate decisions. If you are ready to buy or sell a property in Harrisonburg or Rockingham County, contact me at 540-578-0102 or scott@HarrisonburgHousingToday.com to get the process started. | |
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November 2015 Harrisonburg Housing Market Report |
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 Learn more about this month's Featured Property: 1730 Buckingham Drive I just published my monthly report on the Harrisonburg and Rockingham County real estate market. Jump to the full online market report, or download the PDF, or read on for highlights....  October 2015 home sales were a bit slower (-7%) than last October -- but year to date home sales (January - October) have increased 5% in 2015 as compared to 2014. This increase in the pace of home sales has been accompanied by a 4% increase in both the median sales price and the average sales price -- and the time it takes to sell a home (median days on market) has declined by14% to 56 days. So -- more homes are selling, more quickly, at higher prices. Good news (for home sellers) on all three counts.  As shown above, October home sales on their own, fit into the middle of the pack as compared to the past few October's. That said, 2015 has been a turbulent year over all -- with several months (June, August) hitting never-seen-before monthly high's -- and with some slower months as well. Looking forward, the past two years have shown dreadfully slow months of November -- will we really see that much of a decline this year? Or will sales stay a bit stronger this November?  I greatly enjoy the graph above -- it most readily shows the overall improvement of the (YTD) home sales market over the past five years in Harrisonburg and Rockingham County. Clearly, there was a significant recovery in the pace of sales between 2012 and 2013 -- but we have seen continued recovery in 2014 (barely) and 2015 (more significantly).  Inventory levels climbed ever so slightly (+1%) year-over-year in October -- and actually increased slightly from where we were a month ago. We will likely see these inventory levels drop off over the next few months as we head into the winter market. OK, that's it for now. You can read further commentary in coming days on my blog, HarrisonburgHousingToday.com, or dive right into the full market report, which you can read online or download as a PDF. And as is always my encouragement -- if you will be buying or selling a home in the near future, become a student of the housing market! Learn what has been happening recently, what is happening now, and what is likely to happen next. Being informed will allow you to make better real estate decisions. If you are ready to buy or sell a property in Harrisonburg or Rockingham County, contact me at 540-578-0102 or scott@HarrisonburgHousingToday.com to get the process started. | |
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October 2015 Harrisonburg Housing Market Report |
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 Learn more about this month's Featured Property: 775 Confederacy Drive I just published my monthly report on the Harrisonburg and Rockingham County real estate market. Jump to the full online market report, or download the PDF, or read on for highlights....  After a wild and crazy month of August home sales (all 126 of them) the market cooled off a bit in September, showing a 13% decline in home sales. That said, the year-to-date pace of home sales is still 6% higher than it was last year -- and the median sales price has increased by 6% over the past year. Finally, homes are selling faster -- the median days on market is down 17% as compared to this time last year.  As shown above, the Summer 2015 real estate market has been a bit of a roller coaster ride -- with high peaks in June and August, and slower sales in July and September. I am sure that the ride will finish safely at the station in December -- but I haven't ridden this one before to know if there are more peaks, twists or turns to be experienced in October and November.  We are getting closer! And closer! And closer! We're seeing fewer sellers in the market, and more buyers -- this means that our market is (finally!?!) approaching a balance. We're already seeing it in some price ranges (particularly under $200K) but it will be good to see it in our overall market as well.  Just as we saw last year, inventory levels stayed relatively steady between the end of August and the end of September. We are likely to start to see inventory levels decline much more quickly in the next 30 to 60 days. OK, that's it for now. I'll hit some high points here on HarrisonburgHousingToday.com in coming days. In the meantime, you can read the full October 2015 Harrisonburg Housing Market Report online or by downloading the PDF. And as is always my encouragement -- if you will be buying or selling a home in the near future, become a student of the housing market! Learn what has been happening recently, what is happening now, and what is likely to happen next. Being informed will allow you to make better real estate decisions. If you are ready to buy or sell a property in Harrisonburg or Rockingham County, contact me at 540-578-0102 or scott@HarrisonburgHousingToday.com to get the process started. | |
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August Home Sales Hit 8 Year High per September 2015 Harrisonburg Housing Market Report |
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 Learn more about this month's Featured Property: 787 Confederacy Drive I just published my monthly report on the Harrisonburg and Rockingham County real estate market. Jump to the full online market report, or download the PDF, or read on for highlights....  Good news -- after a a slightly slow July 2015 (16% fewer home sales as compared to July 2014) we saw the market pick back up again in August 2015 -- showing a 13% improvement over August 2014. This has contributed to the 8% year-to-date improvement in the pace of sales in Harrisonburg and Rockingham County. As noted above, the median sales price has also increased by 7% thus far in 2015 -- and the average sales price is up 5% as compared to this time last year.  As noted in the headline, August home sales (all 120 of them) marked an eight year high for August home sales in Harrisonburg and Rockingham County. This was after a slightly slower July. Looking at the entire summer, here's what we find....
Most housing market analysts consider six months of inventory (active listings) to be an indicator of a balanced market (between buyers and sellers). The "BUYERS" trend line above is illustrating how many buyers are buying in a six month period. The "SELLERS" trend line above is illustrating how many sellers are in the market (active listings) at any given time. As you can see, our market has been seeing a steady increase in buyers in the market and a decline in sellers in the market -- and we are almost to a balanced market.
And, as shown above, inventory levels keep marching downward. It's typical for this time of year, but not the most exciting news for home buyers who are selecting from a smaller and smaller pool of prospective properties. OK, that's it for now. I'll hit some high points here on HarrisonburgHousingToday.com in coming days. In the meantime, you can read the full September 2015 Harrisonburg Housing Market Report online or by downloading the PDF. And as is always my encouragement -- if you will be buying or selling a home in the near future, become a student of the housing market! Learn what has been happening recently, what is happening now, and what is likely to happen next. Being informed will allow you to make better real estate decisions.If you are ready to buy or sell a property in Harrisonburg or Rockingham County, contact me at 540-578-0102 or scott@HarrisonburgHousingToday.com to get the process started. | |
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August 2015 Harrisonburg Housing Market Report: Home Sales Up 6%, Prices Up 7% |
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 Learn more about this month's Featured Property: 1368 Bluewater Road I just published my monthly report on the Harrisonburg and Rockingham County real estate market. Jump to the full online market report, or download the PDF, or read on for highlights....  First, the fun news. As noted above, when looking at 2015 YTD home sales, you'll find that the market has shown a 6% improvement over last year in the pace of sales -- and that the median sales price has risen by 7%. Both of these are signs of a strong, growing local real estate market. A third indicator to note is that the median time it takes for a house to go under contract (days on market) has fallen 11% over the past year.  You may have noted that July 2015 home sales (105) were a good bit below July 2014 home sales (125). It turns out the seven year high of 132 home sales seen in June 2015 may simply been a timing phenomenon. When combining June and July home sales, there were 237 home sales in June/July 2015 as compared to 236 home sales during June/July 2014 --as such, the two month track record for June and July is on pace with last year despite the decline in monthly sales in July 2015.  Looking, graphically, at the first seven months of home sales during 2015 (above) you can see that we're a good bit ahead of 2014 (YTD) and that this is the strongest January - July sales pace we have seen in at least the previous five years. Looking back further into the historical data, it seems that the last time we saw 628 (or more) January - July home sales was waaaay back in 2007.  While every market segment (price range, property type, neighborhood, specific house) has performed differently over the past four years -- it is certainly a welcome sign to see a nearly $20,000 increase in the median sales price over the past four years -- after having seen a $25,000 decline from the peak in 2007/2008.  After several months of year-over-year declines in the monthly pace of contracts being signed, we did see (above) a year-over-year increase during July 2015 with 118 contracts being signed by buyers (and sellers). We are likely to see 100+ contracts during August, and quite possibly into September and October as well. OK, that's it for now. I'll hit some high points here on HarrisonburgHousingToday.com in coming days. In the meantime, you can read the full August 2015 Harrisonburg Housing Market Report online or by downloading the PDF. And as is always my encouragement -- if you will be buying or selling a home in the near future, become a student of the housing market! Learn what has been happening recently, what is happening now, and what is likely to happen next. Being informed will allow you to make better real estate decisions.If you are ready to buy or sell a property in Harrisonburg or Rockingham County, contact me at 540-578-0102 or scott@HarrisonburgHousingToday.com to get the process started. | |
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July 2015 Harrisonburg Housing Market Report: Home Sales Hit Seven Year High |
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 Learn more about this month's Featured Property: 2826 Brookshire Drive I just published my monthly report on the Harrisonburg and Rockingham County real estate market. Jump to the full online market report, or download the PDF, or read on for highlights....  First, the fun news. As noted above, June 2015 home sales (all 126 of them) broke a long-standing record for the number of homes selling in a single month in Harrisonburg and Rockingham County. The last time we saw this many closings in a single month was waaaay back in August 2007!  Moving beyond a single month of lots of home sales, it is clear (as shown above) that the first half of the year is off to a smashing start as well. There were 515 home sales in the first half of 2015 -- more than in the first six months of any of the preceding five years.  Perhaps these increasing home sales are what is also helping median prices to start to rise. As shown above, after several years of slow increases (+1%, +2%, +2%) in the median sales price, we are now poised to see a 5% - 6% increase in median sales prices in 2015. Stay tuned to see how the rest of the year shakes out -- but hopefully we'll at least clear 3% or 4%.  If you're thinking about putting your house on the market, this might be a swell time to do it -- as shown above, inventory levels are down 6% year-over-year AND inventory levels dropped over the past month. Buyers have fewer options right now, and there are still plenty of buyers looking to buy....  As shown above, there were more buyers (126) in June 2015 than we saw in May 2015 (114) and we should still see quite a few more months of 100+ buyers making decisions to buy homes in Harrisonburg and Rockingham County. OK, that's it for now. I'll hit some high points here on HarrisonburgHousingToday.com in coming days. In the meantime, you can read the full July 2015 Harrisonburg Housing Market Report online or by downloading the PDF. And as is always my encouragement -- if you will be buying or selling a home in the near future, become a student of the housing market! Learn what has been happening recently, what is happening now, and what is likely to happen next. Being informed will allow you to make better real estate decisions.If you are ready to buy or sell a property in Harrisonburg or Rockingham County, contact me at 540-578-0102 or scott@HarrisonburgHousingToday.com to get the process started. | |
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June 2015 Harrisonburg Housing Market Report |
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 Learn more about this month's Featured Property: 2550 Ramblewood Road I just published my monthly report on the Harrisonburg and Rockingham County real estate market. Jump to the full online market report, or download the PDF, or read on for highlights....  Overall (year-to-date) market indicators look FANTASTIC in this latest report....
Technically, we saw a slight decline (106 to 105) in home sales when comparing May 2015 to May 2014 -- but I'll live with that given the overall positive trends outlined above.
How do we know that home values are increasing in our local real estate market? When we see sustained upward movement in long-term trends -- and it seems safe to say that we're seeing that now. After over three years of a sub-$180K median price (when looking at a rolling 12 month period) we saw that ceiling shattered in April 2015 after over six months of steady increases -- and now, this 12-month rolling median sales price has jumped up to $185K! Stay tuned, folks, but it looks like we may be starting to see some increases in sales prices, and thus home values.
Now, to provide a balanced look at things, I should point out that despite my exuberance about the above-referenced market trends, the pace of buyer activity (as measured by properties going under contract) was a bit disappointing in May 2015 as compared to May 2014. It was certainly a solid month of contracts being signed (114) but a far cry from the 135 we saw last May. It will be interesting to see what happens in June 2015 as last June there were a whopping 145 contracts signed!
As one last indicator of where we are these days -- it is worth noting that inventory levels have remained relatively stable over the past year. There were 679 homes on the market a year ago -- there are 659 on the market today. In theory, we'll see a slight increase in inventory over the next few months as we continued into and through the Summer market. OK, that's it for now. I'll hit some high points here on HarrisonburgHousingToday.com in coming days. In the meantime, you can read the full June 2015 Harrisonburg Housing Market Report online or by downloading the PDF. And as is always my encouragement -- if you will be buying or selling a home in the near future, become a student of the housing market! Learn what has been happening recently, what is happening now, and what is likely to happen next. Being informed will allow you to make better real estate decisions. | |
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May 2015 Harrisonburg Housing Market Report |
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 Learn more about this month's Featured Property: 205 Weavers Road I just published my monthly report on the Harrisonburg and Rockingham County real estate market. Jump to the full online market report, or download the PDF, or read on for highlights....  Above you will note that we are seeing many market improvements in 2015....
As shown above, February, March and April 2015 home sales have all surpassed the same month in 2014. We are likely to see 100+ home sales per month over the next 5 or 6 months as we continue through the Spring and into the Summer selling season. OK -- one last tidbit for you before I make you go read the full online market report, or download the PDF....
As shown above, more buyers (109) signed contracts in April 2015 than in April 2014 (107). This continues the trend of increased market activity in 2015 and is likely to lead to strong months of sales during May and June. OK, that's it for now. I'll hit some high points here on HarrisonburgHousingToday.com in coming days. This month has been a bit of a whirlwind, in part because of the new local MLS. If you study my reports intently from month to month, you'll see some new data making its way into the mix -- more on that soon. Read the full May 2015 Harrisonburg Housing Market Report online or by downloading the PDF. And as is always my encouragement -- if you will be buying or selling a home in the near future, become a student of the housing market! Learn what has been happening recently, what is happening now, and what is likely to happen next. Being informed will allow you to make better real estate decisions.If you are ready to buy or sell a property in Harrisonburg or Rockingham County, contact me at 540-578-0102 or scott@HarrisonburgHousingToday.com to get the process started. | |
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April 2015 Monthly Housing Market Report |
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 Learn more about this month's Featured Property: 1344 Meadowlark Drive I just published my monthly report on the Harrisonburg and Rockingham County real estate market. Jump to the full online market report, or download the PDF, or read on for highlights....  There were quite a few very positive overall market indicators this month, especially considering we are now working with all 1st Quarter home sales data....
 Buyers signed 25% more contracts in the first quarter of 2015 than in the first quarter of 2014. This likely bodes well for the pace of closed sales in April and May of this year.  Overall, inventory levels are down 5% as compared to where we were a year ago -- but that statistic masks an interesting contrast:
For regular readers of my market report, you'll find everything a bit mixed up this month -- but hopefully the new organization will be more helpful for you as you study the market. My monthly report is now organized into the following categories.....
OK, that's it for the summary -- read the rest of my market report online or by downloading the full PDF. And above all, if you will be buying or selling a home in the near future, become a student of the housing market! Learn what has been happening recently, what is happening now, and what is likely to happen next. Being informed will allow you to make better real estate decisions. | |
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March 2015 Monthly Housing Market Report |
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 Learn more about this month's Featured Property: 12108 Rabbits Foot Road I just published my monthly report on the Harrisonburg and Rockingham County real estate market. Jump to the full online market report, or download the PDF, or read on for highlights....  First, the big picture trends thus far this year show signs of a healthy, growing market....
 Both January and February of this year appear as "middle of the pack" months when put in the context of 2012, 2013 and 2014. The sales trajectory we see in March and April will be a good indicator of how the rest of this year will turn out. Last year, we experienced somewhat slower than expected home sales all the way until May when the monthly sales pace started popping up above previous years. I am hopeful we will see an earlier start to the 2015 market.  Hooray for lots of buyers in February 2015 -- signing contracts, that is. A whopping 98 contracts were signed in February 2015, compared to only 75 last February. This is an excellent indicator that we should see strong (closed) sales activity in March and April of this year.  As shown above, inventory levels continued to decline (slightly) over the past month -- and are now down 1.6% as compared to a year ago at this time. We are likely to see these inventory levels start to rise over the next few months. OK, now for some action items.... SELLERS: All of the snow in your yard should be melted within 24 to 48 hours. If you are going to be listing your home for sales this Spring, consider trying to get the advantage of getting your house on the market early, when you'll have less competition from other sellers. Let's meet (soon!) to discuss timing, pricing, marketing and what else you should consider doing to prepare your home for the market. BUYERS: We will see lots of exciting listings coming on the market in the next 30 - 60 days. Are you ready? Have you talked to a lender to become prequalified? Have we met to discuss your hopes, goals and dreams and your next home? Let's start looking at some houses now so that when your dream house comes on the market you have a good context for whether it is a good deal or a great deal. Above all, if you will be buying or selling soon, I encourage you to become a student of the housing market. Learn what has been happening recently, what is happening now, and what is likely to happen next. Being informed will allow you to make better real estate decisions. You can continue your studies by reading the entire March 2015 market report online, or by downloading the PDF. Also, if you're interested in working with me to buy or sell a home in Harrisonburg or Rockingham County, you can always reach me at scott@HarrisonburgHousingToday.com or 540-578-0102. | |
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February 2015 Monthly Housing Market Report |
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 Before we get to my monthly report the Harrisonburg and Rockingham County real estate market, I encourage you to check out WalkThroughThisHome.com - which highlights the fantastic new technology I am now using to market properties in this area. OK, now, back to the housing market report. As usual, you can jump to the full online market report, or download the PDF, or read on for highlights....  As shown above, home sales declined 10% in January 2015 as compared to last January, though the 47 home sales seen in Harrisonburg and Rockingham County during January 2015 was the same number we saw in January 2013 -- and more than in January 2012. The slightly slower start in January was accompanied by HUGE increases in the median and average sales price in January 2015 - which is exciting....until we look back at January 2013 and it becomes clear that the January 2014 median and average sales price figures were abnormally low.  As shown above, the 47 home sales we saw in January 2015 fit in well with previous January sales trends. We are likely to see 50 to 60 sales in February and March before things really start to take off in April.  As shown above, inventory levels have fallen over the past year -- so early sellers (listing now or soon) may still have the benefit of exposing their property to the current pool of buyers when those buyers do not have many other options of homes to purchase. Inventory levels will likely stay relative low for the next 30 to 60 days.  As usual, quite a few (37%) homes that sell are doing so in 90 days or less. This, again, emphasizes the importance of pricing your home appropriately for the market, preparing it well to sell, and marketing it thoroughly and professionally. If you are buying or selling now, or will be soon, I encourage you to become a student of the housing market. Learn what has been happening recently, what is happening now, and what is likely to happen next. Being informed will allow you to make better real estate decisions. You can continue your studies by reading the entire February 2015 market report online, or by downloading the PDF. Also, as always, if you're interested in talking to me about buying a home in Harrisonburg or Rockingham County.....or if you are interested in selling your current home.....just drop me a line by email (scott@HarrisonburgHousingToday.com) or call me at 540-578-0102. | |
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Final 2014 Report Shows 3% More Homes Sold at 2% Higher Prices |
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 I just published my monthly report on the Harrisonburg and Rockingham County real estate market. Jump to the full online market report, or download the PDF, or read on for highlights....  Here's the big news -- all of the data is in for 2014 and over the past year our market has seen....
 As is to be expected, there are significantly fewer homes on the market now as compared to this past summer -- buyers are choosing from 24% fewer homes today as compared to in July. Year-over-year, however, inventory levels are trending up slightly (+1.7%).  It is certainly easier to find a townhouse/duplex/condo these days than a single family home. Over the past year, inventory levels of single family homes have dropped 5%, while inventory levels of attached dwellings have increased 23%.  Foreclosures are significantly less of a problem in our local market (163 in 2014) as compared to some recent years (a peak of 270 in 2010).  Long-term mortgage interest rates continue to stay quite favorable -- currently below 4%, which has certainly contributed to plenty of buyer enthusiasm. If you are buying or selling now, or will be soon, I encourage you to become a student of the housing market. Learn what has been happening recently, what is happening now, and what is likely to happen next. Being informed will allow you to make better real estate decisions. You can continue your studies by reading the entire January 2015 market report online, or by downloading the PDF. Also, as always, if you're interested in talking to me about buying a home in Harrisonburg or Rockingham County.....or if you are interested in selling your current home.....just drop me a line by email (scott@HarrisonburgHousingToday.com) or call me at 540-578-0102. | |
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Harrisonburg Area Home Sales Up 2%, Prices Up 1% |
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 Learn more about this month's Featured Property: 3339 Deavers Lane I just published my monthly report on the Harrisonburg and Rockingham County real estate market. Jump to the full online market report, or download the PDF, or read on for highlights....  First, the big picture trends of what has been happening this year in our local housing market are quite positive, even if not yet to the magnitude that some homeowners would prefer....
 We will certainly be seeing fewer buyers per month over the next few months, however, as shown above, there will be fewer sellers in the market hoping for those buyers to commit to their properties. Inventory levels are up 3.4% year over year, but are amidst what is a typical seasonal decline during the late Fall to early Winter months.  Why are we a seeing steadily increasing sales pace, and (slowly) increasing sales prices? One main reason is that we are seeing fewer and fewer distressed sales -- foreclosures, short sales, etc. As shown above, home sales have been steadily increasing for several years, and the rate of foreclosures has been steadily decreasing. If you are buying or selling now, or will be soon, I encourage you to become a student of the housing market. Learn what has been happening recently, what is happening now, and what is likely to happen next. Being informed will allow you to make better real estate decisions. You can continue your studies by reading the entire December 2014 market report online, or by downloading the PDF. Also, as always, if you're interested in talking to me about buying a home in Harrisonburg or Rockingham County.....or if you are interested in selling your current home.....just drop me a line by email (scott@HarrisonburgHousingToday.com) or call me at 540-578-0102. | |
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Scott Rogers
Funkhouser Real
Estate Group
540-578-0102
scott@funkhousergroup.com
Licensed in the
Commonwealth of Virginia
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