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
Tuesday, March 13, 2012
Good news! With two months of 2012 under our belts, our local housing market is showing signs of continued stability and growth. Click here to jump to the PDF of the full market report, or keep reading.
As shown above, the pace of YTD home sales has increased 8% from 78 home sales (Jan-Feb 2011) to 84 home sales (Jan-Feb 2012). Furthermore, the YTD median sales price has increased 3%, and the average sales price has increased by 4%. After quite a few years of seeing declines in median and average sales prices, this is a welcome change!. The time it takes to sell a home, however, is still on the rise --- showing a 27% YTD increase.
February 2012 was another strong month of buyer activity, with 80 buyers signing contracts to buy homes. This marks a significant 16% increase over last February -- and even comes close to the summer months of 2011.
Remarkably, even now through the beginning of March, there are fewer and fewer homes for buyers to select from in our local market. Inventory levels have dropped 18% over the past year --- from 807 homes down to 665 homes. Typically we start to see an increase at this time of year, but I welcome these lower inventory levels, as it can help our market to continue to stabilize.
After many years of a declining pace of home sales, we have now seen a reversal in this trend over the past eight months as the annualized pace of sales has increased from 706 sales/year to 800 sales/year. This is welcome news, and likely contributes to the relative stability in annualized median sales prices that we have seen over the past four months.
There is plenty more to read, analyze and understand. Click here (or on the market report cover above) to download my full monthly market report.
And -- if you have questions about the local housing market, 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.
As shown above, the pace of YTD home sales has increased 8% from 78 home sales (Jan-Feb 2011) to 84 home sales (Jan-Feb 2012). Furthermore, the YTD median sales price has increased 3%, and the average sales price has increased by 4%. After quite a few years of seeing declines in median and average sales prices, this is a welcome change!. The time it takes to sell a home, however, is still on the rise --- showing a 27% YTD increase.
February 2012 was another strong month of buyer activity, with 80 buyers signing contracts to buy homes. This marks a significant 16% increase over last February -- and even comes close to the summer months of 2011.
Remarkably, even now through the beginning of March, there are fewer and fewer homes for buyers to select from in our local market. Inventory levels have dropped 18% over the past year --- from 807 homes down to 665 homes. Typically we start to see an increase at this time of year, but I welcome these lower inventory levels, as it can help our market to continue to stabilize.
After many years of a declining pace of home sales, we have now seen a reversal in this trend over the past eight months as the annualized pace of sales has increased from 706 sales/year to 800 sales/year. This is welcome news, and likely contributes to the relative stability in annualized median sales prices that we have seen over the past four months.
There is plenty more to read, analyze and understand. Click here (or on the market report cover above) to download my full monthly market report.
And -- if you have questions about the local housing market, 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.
