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, September 8, 2011
After five years of a declining pace of home sales in Harrisonburg and Rockingham County it appears that the local housing market may finally be stabilizing. The latest market data shows a mix of both positive and negative indicators, but the positive signs that have emerged over the past several months seem to be sticking around. Cut to the chase and download a PDF of my entire market report (PDF) or keep reading for a summary of what you need to know.
A few notes from the summary chart above:
Strong buyer activity continued through August 2011, with a 43% increase in contracts between August 2010 and August 2011, as well as a 13% increase when comparing January through August of 2010 and 2011. This strong buyer activity will lead to continued strength in the pace of home sales over the next several months.
Three things we're excited to see decline:
Land sales of over an acre are on the rise, both in the pace of sales as well as in the median price per acre. This is a welcome sign for the land market, as sales were quite slow last year.
For an even more in-depth look at the Harrisonburg and Rockingham County real estate market, click the image below to download my full report as a PDF.
If you have questions about the report, or if I can be of assistance to you 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.
A few notes from the summary chart above:
- August 2011 was another strong month of home sales, with 27% more sales than last August.
- The pace of year-to-date home sales is only down 2% compared to 2010. Just a month ago, this year-to-date comparison showed a 6% decline in the pace of sales, so we're catching up.
- Looking only at August sales (2010, 2011), median sales prices increased an astonishing 15%.
- The year-to-date median sales price has only declined 4% since a year ago. Just a month ago, this year-to-date comparison showed a 7% decline in median sales prices, so we're catching up.
- Home sold much more quickly (+14%) in August 2011 as compared to August 2010.
Strong buyer activity continued through August 2011, with a 43% increase in contracts between August 2010 and August 2011, as well as a 13% increase when comparing January through August of 2010 and 2011. This strong buyer activity will lead to continued strength in the pace of home sales over the next several months.
Three things we're excited to see decline:
- The foreclosure rate continues to decline in Harrisonburg and Rockignham County.
- Unemployment declined in July 2011 in Harrisonburg and Rockingham County
- Mortgage interest rates declined again in August 2011 to 4.2%
Land sales of over an acre are on the rise, both in the pace of sales as well as in the median price per acre. This is a welcome sign for the land market, as sales were quite slow last year.
For an even more in-depth look at the Harrisonburg and Rockingham County real estate market, click the image below to download my full report as a PDF.
If you have questions about the report, or if I can be of assistance to you 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.
