February 2008 - Sales are Down, Prices Are Up!?! | HarrisonburgHousingToday.com :: Market Updates, Analysis and Commentary on Harrisonburg and Rockingham County Real Estate

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February 2008 - Sales are Down, Prices Are Up!?!
By Scott Rogers • March 5, 2008 Filed In: buying, market, selling
February 2008 home sales are the lowest on record within the past 5 years (beginning January 2003), according to data from the Harrisonburg-Rockingham Multiple Listing Service. Only 44 properties were transferred in February, down from 50 in January 2008, and down from 63 last February (2007). The Good News If we compare this February (2008) to last February (2007) we see two conflicting market conditions: Sales are down --- this year's 44 closings compared to last year's 63 closings shows a 43% drop in number of sales. Prices are up --- this year's average sale price (in February) of $234,908 compared to last year's average sale price (in February) of $227,788 shows a 3% increase in prices. Advice to buyers --- be excited, as you have lots of choices, lots of negotiating power, and historically low interest rates. Advice to sellers --- be patient, as it may take longer than you expect, or would like, for your home to sell. Receive updates from HarrisonburgHousingToday.com via e-mail: Enter your e-mail address: Recent Articles: The Drop Off In Real Estate Activity Has Not Been Drastic All 2400 Square Foot Homes Are Not Equal, Per Buyers and Appraisers Homes Have Never Sold Faster Than They Are Selling Right Now! Monthly Housing Costs Decline A Bit In 2020 Thanks To Record Low Mortgage Interest Rates How Do Home Inspection Negotiations Usually Proceed? Home Buyers Keep On Buying Mortgage Interest Rates Are Absurdly Low Inventory Changes Can Reveal Reasons For Fewer Home Sales Home Sales and Prices Still Rising Despite Declining Contract Activity Home Buying Activity Continues To Slowly Slow, But Low Inventory Likely A Contributing Factor
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 May 31, 2020 (unless otherwise noted).
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