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Looking closer at contracts, a leading market indicator |
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![]() 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....
So, what can we conclude here?
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. | |
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Local Home Sales Surge to 82 Month High in July 2014 |
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![]() Featured Property: 4105 Kaleb Drive, Penn Laird, VA 22846 I just published my monthly report on the Harrisonburg and Rockingham County real estate market and July 2014 showed incredibly high sales that ALMOST caught the 2014 YTD pace of home sales up with last year. Jump to the full online market report, download the PDF, or read on for highlights.... ![]() First, of course, the leading story of the day --- July 2014 home sales (120) marked the highest number of homes sales in a single month seen anytime in the past 82 months. The most recent month when there have been more than 120 home sales was....August 2007! ![]() Looking a bit further (above) at our usual monthly indicators, it is important to note that despite strong sales in July, the year-to-date pace of home sales in 2014 (564 sales) is still 4% behind where we were at this time last year (587 sales). This is likely a result of a slow start to 2014 with a particularly cold and blustery winter, though strong May, June and July home sales are helping the YTD numbers improve. Also shown above, median sales prices are staying steady (-0.36%) and homes are selling more quickly than last year with an 11% decline in median days on market. ![]() Inventory levels continue to trend upwards, with a 4.3% year-over-year increase -- though we are likely to start seeing the number of homes for sale start to decline in the next 30 to 60 days. ![]() Median sales prices have remained relatively stable over the past few years, but as shown above, home values might secretly be increasing, as the median price per square foot has been quietly sneaking up towards $110/SF. Further treats you'll find in my full market report (online or PDF) include....
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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Taste of Downtown, August 11 through 17 |
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![]() Don't miss this year's Taste of Downtown where you can enjoy wonderful specials from your favorite restaurants in downtown Harrisonburg. From the Harrisonburg Downtown Renaissance website.... Taste of Downtown is a biannual restaurant week held every year in March and August. During this week-long event, more than 25 restaurants and eateries in downtown Harrisonburg's culinary district showcase their creative dishes and offer specials that will please your palate and your wallet. It's the perfect opportunity to experience local flavors, support local businesses, and see why downtown is a culinary destination!Click here to view all of the specials offered during this year's Taste of Downtown. | |
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Two out of five homes that sell do so within three months |
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![]() Two out of five homes (39%) sell within the first 90 days that they are on the market. But wait -- that's not to say that they "go under contract" within 90 days -- they are listed, go under contract, and close (!!) within 90 days. That means that there continue to be a significant number of sellers who are willing to price their homes reasonably, prepare their homes well, and choose to work with Realtors who will market their homes thoroughly and professionally. As you are getting ready to sell your home, we need to delve into all three of those areas -- how will we price the home, what will you do (condition) to prepare your house for the market, and how will we market your home. Price, Condition, Marketing. | |
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Local Unemployment Rate in Context |
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![]() The unemployment rate went up in June 2014 for the Harrrisonburg - Rockingham Metro Area. Read today's Daily News Record article for more details. Keep in mind, however, that....
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Pace of 2014 Home Sales Continues To Creep Up On 2013 |
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![]() At the start of this month, home sales for the year were down 7% from last year. July, thus far, has shown further gains --- as this year's pace of home sales is now only 5% down from last year. Stay tuned....the remainder of the summer market may yet help us catch back up to last year's pace of home sales! | |
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First TryAthlon in Harrisonburg set for August 9 |
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![]() Sign (your child) up for the first ever Youth Try-athlon in Harrisonburg to take place on August 9th. My son, Luke, will be competing, and I hope to see many of you and your kids out there as well. Per the City website.... This new program is geared toward being a fun non-competitive introduction to triathlons. The emphasis is completion over competition. All finishers will receive an event medal. There will be two age groups for this event, ages 5-9 and ages 10-14.Sign up today at http://www.harrisonburgva.gov/athletics. | |
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New Model Home at Heritage Estates, an active adult community with a pool |
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![]() A new model home was just completed at Heritage Estates, an active adult community in Harrisonburg with a swimming pool and located adjacent to Heritage Oaks Golf Course. Enjoy the photos below, check out the entire set on Flickr, and if you, or your parent(s) are considering a move and would be looking for a low maintenance home in a community with a swimming pool and friendly neighbors, let's meet over at the new model home at Heritage Estates so I can tell you a bit more about the community. ![]() ![]() ![]() ![]() ![]() ![]() Learn more about Heritage Estates at HeritageEstates.us. | |
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Foreclosures slowing down in Harrisonburg, Rockingham County? |
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![]() There are only five foreclosure sales scheduled in the future at this point. This is a much lower level than I've observed in many years. This could be an abnormal lull -- perhaps we'll start to see more sales scheduled in the near future, but at this point, nearly everybody in Harrisonburg and Rockingham County seems to be keeping up with their mortgage payments. View upcoming foreclosure sales at HarrisonburgForeclosures.com. | |
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How to begin thinking about building a custom home |
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![]() I have several clients who are thinking about building a custom home. This is a helpful piece from Charles Hendricks [ Custom Home - how to get started ] that can get you started thinking about whether you are going to start by meeting with an architect, drafter or builder. Read more here: Custom Home - how to get started | |
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More buyers are viewing properties this Spring and Summer than were doing so last year |
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![]() After a slow February, March and April --- as it pertains to showings --- you can see that there have been many more buyers in the market this year during May, June and July as compared to the same months last year. * July 2014 data is extrapolated from 7/1/2014-7/22/2014 data. | |
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Home values going up despite sales prices going down? |
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![]() Tracking median sales prices can sometimes be deceiving....
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Sustainability Conference to be held in Harrisonburg in September |
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![]() Registration is now open for the Mid-Atlantic Sustainability Conference. A special offer to the first 30 people to register will get a free copy of the National Green Building Standard ICC 700-2012. This conference features industry experts in the subjects of sustainable sites, alternative energy, legal green, building science, energy code, design solutions, energy modeling, HVAC design, indoor air quality, and zero energy homes. Speakers include Allison Bailes, Sam Rashkin, Ross Spiegel, and Peter Yost just to name a few. Sign up today for the Mid-Atlantic Sustainability Conference, to take place on September 4 - 6 at James Madison University. | |
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Site of new Grocery Store on Mt Clinton Pike |
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![]() click here for a larger image The rezoning was approved for a new grocery store at the corner of North Main Street and Mt. Clinton Pike. The image below shows the intended layout of the site. ![]() From the July 9, 2014 Daily News Record article.... City Council unanimously approved a rezoning request Tuesday night that paves the way for a grocery store to be built at Mount Clinton Pike and North Main Street, perhaps by next spring. | |
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Progress at Ramblewood Park |
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![]() click here for a larger image Progress is being made on Ramblewood Park, nestled between Ramblewood Road and Interstate 81. The first baseball fields are starting to come together. Click here to learn more about the vision for the whole of Ramblewood Park which is to include softball fields, soccer fields, dog park, disc golf, skateboard park and biking trails!. | |
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Buyers are finding more single family homes for sale, but significantly fewer townhouses, duplexes and condos |
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![]() Buyers are finding significantly more (+13%) single family homes to choose from these days (as compared to a year ago) but significantly fewer (-18%) townhouses, duplexes and condos. | |
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Lyric thermostat from Honeywell adjusts the temperature when you are on your way home |
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![]() Not only can the Lyric thermostat from Honeywell adjust the temperature for you when you're on your way home, you can also control it from your smart phone. Learn more via Honeywell, or read up at Fast Company... 3 Ways The Lyric Thermostat Makes The Smart Home Brilliant "...the Lyric is giving us a taste of just how deeply the next wave of 'smart home' appliances will integrate with our lives--and how little they will ask of us, the users..." [read more] | |
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Mortgage Rates Remain Below 4.25% |
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![]() Rates continue to stay quite low this summer -- hovering between 4% and 4.25%. Whether you are buying a re-sale or new construction home, this is a great time to lock in your housing costs with these tremendously, historically low rates. | |
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Act NOW to bring bowling to Court Square |
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![]() The Bowling Company at Court Square wants to build a six lane bowling alley in downtown Harrisonburg where you can bowl five types of bowling with pin boys to set up your pins. Watch a video and learn all about their hopes and dreams here. Join me in making a financial contribution towards their campaign on indiegogo. | |
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Homes removed (and moved) for Reservoir Street expansion |
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![]() Be sure to check out the levitating house on Reservoir Street. As of a few days ago, this house (shown above) was hovering a few feet above the ground -- presumably being moved away from Reservoir Street to make room for the road expansion. Many homes along Reservoir Street had been removed entirely to make room for the wider road -- but this one is apparently being (slightly) relocated. Details about the Resevoir Street expansion can be found here. | |
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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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