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Harrisonburg / Rockingham Home Sales Report: 4/8/2008
April 8, 2008     Filed In:  market
Harrisonburg / Rockingham Home Sales Report: 4/8/2008

A few observations about the current state of our market:
  • Home sales (closings) continue to be lower than in last year's market, by 22-24%, however, buyer activity is very close to last year, with 124 contracts ratified in March 2008, as compared to 125 contracts ratified in March 2007.
     
  • Per 'median sales price" standards, home prices continue to rise, somewhere between 5% and 8% per year.
     
  • Supply continues to increase at an unsustainable pace.  In March 2008, 183 properties came on the market, while only 91 sold, and only 124 sellers ratified contracts.
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Sep 10, 2010 (unless otherwise noted).
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1 Comment so far . . .
Scott:
A few other realizations that I came to when discussing this information with a client earlier today:

1. Though not stronger than 2007, almost as many buyers committed to homes (wrote contracts) in March 2008 as in March 2007.

2. Only 91 properties closed in March, but 124 properties went under contract --- that may mean a good increase in closings for April.
April 8, 2008 5:10 pm

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