Brought to you by Scott P. Rogers, Funkhouser Real Estate Group, 540-578-0102, scott@HarrisonburgHousingToday.com
Brought to you by Scott P. Rogers, Funkhouser Real Estate Group, 540-578-0102, scott@HarrisonburgHousingToday.com
Thursday, July 7, 2011
I just completed my monthly analysis of the Harrisonburg and Rockingham County real estate market. Click here for a PDF of the 25-page report or read on for some highlights.
While the local housing market hasn't fully recovered yet, there is plenty to be excited about from the most recent market data below....
While year to date home sales (364) are a good bit below last year (418), we're on track with a 2009 sales pace. The thing to remember about 2010 is that many home sales were pushed into the first half of the year because of the expiration of the federal home buyer tax credit. Thus, as we continue through 2011, we stand a good chance of catching up with (or surpassing??) the pace of 2010 home sales.
Median sales prices are still declining, but if the sales pace stabilizes and starts to increase, it will lead to a stabilization of sales prices and home values.
June 2011 was a FANTASTIC month of contracts -- the second month this year with over 100 contracts signed. This is a strong indicator that we will see strong home sales in July and August.
The graph above explores the number of cumulative month-by-month home sales --- you ought to note that last July, August, September and October were quite slow after the expiration of the home buyer tax credit. I believe we're poised to see some strong performance in the local real estate market over the next three to six months --- and hopefully well beyond that time!
You'll find even more exciting news in my full market report (click here for the PDF) --- and some not so exciting news to keep you well balanced.
As always, if you have questions about this report, or if I can be of assistance with real estate that you own, or that you'd like to own, please be in touch. You can reach me most easily at 540-578-0102 or scott@HarrisonburgHousingToday.com.
While the local housing market hasn't fully recovered yet, there is plenty to be excited about from the most recent market data below....
While year to date home sales (364) are a good bit below last year (418), we're on track with a 2009 sales pace. The thing to remember about 2010 is that many home sales were pushed into the first half of the year because of the expiration of the federal home buyer tax credit. Thus, as we continue through 2011, we stand a good chance of catching up with (or surpassing??) the pace of 2010 home sales.
Median sales prices are still declining, but if the sales pace stabilizes and starts to increase, it will lead to a stabilization of sales prices and home values.
June 2011 was a FANTASTIC month of contracts -- the second month this year with over 100 contracts signed. This is a strong indicator that we will see strong home sales in July and August.
The graph above explores the number of cumulative month-by-month home sales --- you ought to note that last July, August, September and October were quite slow after the expiration of the home buyer tax credit. I believe we're poised to see some strong performance in the local real estate market over the next three to six months --- and hopefully well beyond that time!
You'll find even more exciting news in my full market report (click here for the PDF) --- and some not so exciting news to keep you well balanced.
As always, if you have questions about this report, or if I can be of assistance with real estate that you own, or that you'd like to own, please be in touch. You can reach me most easily at 540-578-0102 or scott@HarrisonburgHousingToday.com.
