1. Bojangles - restaurant
   
   
2. The Reserve at Stone Port - apartment complex
    
   
3. Bellaire at Stone Port - assisted living and memory care community
   
   
4. Walmart Neighborhood Market - grocery store

And yes -- Bellaire at Stone Port is the structure you'll see under construction on the right side of the SouthEast Connector Road if you are driving from Port Republic Road towards the wellness center....

"It [the park] would include a ship-themed children's play area, a "great lawn" that would host events and performances, and a broad tree-lined promenade arching from South Liberty Street south of the Turner Pavilion to Bruce Street at Blacks Run."

"Under the conceptual plan, a wing would be added to the Turner Pavilion, home of the Harrisonburg Farmers Market, nearly doubling its size. Plans also call for resurfacing the parking lot of the city's existing Municipal Building."
   
"A sloped lawn and herbaceous garden would be built at the southwest corner of the park bounded by South Liberty Street south of the pavilion. A children's area with play equipment and a water splash pad would be built next to the existing Municipal Building behind the Smith and Eastham houses."

• Home Sales Up 9%
  
• Median Sales Price Up 11%
  
• Average Sales Price Up 15%
  
• Days On Market Down 1%

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.

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.
 

• Home sales have increased 13% YTD.
• The median sales prece has increased 8% YTD.
• The average sales price has increased 12% YTD.
• Median days on market has decreased 12% YTD.

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.

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.

With the unprecedented growth experienced by JMU and the Shenandoah Valley the time is now for a facility to showcase and build upon the economic vibrancy of the region. The 8,500-seat structure will play host to a myriad of events annually, including basketball games, public speakers, university convocation and graduation, high school graduation ceremonies, concerts, conventions, trade shows and family entertainment options.

We are a community of entrepreneurs, creators, innovators, designers, writers, digital nomads, remote workers, and  freelancers. We welcome anyone who seeks an inspiring downtown location to work that exudes a spirit of collaboration and keeps an eye on the greater good.

• Free Wi-Fi
  
• Free Coffee
  
• Phone Booth
  
• Storage
  
• Kitchen & Shower
  
• Event Space
  
• Conference Rooms
  
• Key Fobs
  

We are strategically located across from the Ice House, home to the Small Business Development Center, JMU's Center for Entrepreneurship, Shenandoah Valley Partnership, and Shenandoah Valley Technology Council. This corner of downtown has ample parking and is booming with new businesses including yoga & pilates, restaurants, coffee shops and Pale Fire Brewery.

   

A contest among local entrepreneurs with ideas for foodrelated businesses comes to a close Monday night.

The public is encouraged to attend the finale of the What's Cooking concept competition, set for 6 to 9 p. m. at Court Square Theater and Capital Ale House.

The contest began in the fall and was open to any entrepreneur operating or looking to operate a food- related business in Harrisonburg or Rockingham County. The two governments are major sponsors of the event.

Joyce Krech, director of the Shenandoah Valley Small Business Development Center, said that 11 conceptual plans related to food businesses have been submitted for judging by a panel of experts, as well as the public.

Attendees of the final pitches Monday are invited to vote for the People's Choice award.

Those turning out for the presentations, she said, will get to hear about concepts that could turn into viable businesses and perhaps even realize ways to be part of the process.

• a 3% improvement in the pace of sales
• the highest number of home sales in the past seven years
  
• a 2% improvement in the median sales price
• the highest median sales price in the past four years
  

"It was a pretty good year," said David Lee of Lee and Associates. "We had nice, stable, slow, steady growth, which is what you like to see."

Tim Reamer, an agent for Cottonwood Commercial, said 2014 "played out as very sustainable growth."

Mike Hendricksen, chief operating officer of Matchbox Realty and Management Services, said the year was good from both a leasing and sales perspective.

"We are finally at a point where investors and tenants are comfortable taking some calculated risk. ... We haven't had a lot of ground-up development in quite some time," Reamer said, "but we seem to be poised for that in 2015 and I think that will be the dominant storyline of this upcoming year."

While best known for its supercenter stores, which sell groceries along with myriad other items ranging from automotive parts to clothing, Wal-Mart has been expanding the market concept launched in 1998. Henneberg wrote that the stores allow the company to offer fresh groceries, a pharmacy and some household items in a smaller footprint.

The company operates more than 450 Neighborhood Markets, she wrote, and each employs about 95 people.

• The average monthly unemployment rate over the past 12 months has been 4.98%.
   
  
• The average monthly unemployment rate over the previous 12 months (13-24 months ago) was 5.34%.

Low unemployment rates keep our local housing market healthy by keeping our foreclosure rate low along with not creating too many desperate sellers who sell at any price and affect pricing trends.

For even more analysis of our local housing market, check out my full December 2014 market report online, or by downloading the PDF.

   Learn more about this month's Featured Property:  3339 Deavers Lane