Harrisonburg and Rockingham County home sales were at a four year high during March 2012, and for the entire first quarter of 2012.  Click here to jump to the PDF of the full market report, or keep reading.



March continued the trend of positive indicators in our local housing market:

1. March home sales (66) were 8.2% higher than last March (61).
2. YTD home sales (151) were 8.6% higher than the first quarter of 2011 (139).
3. The YTD median sales price ($165,000) is up 0.6% from one year ago.
4. The YTD average sales price ($186,450) is up 1.7% from one year ago.
   

There is still plenty of room for improvement in our local housing market, but these positive trends are a welcome sign of further stabilization of the market.  Though admittedly, an improving housing market is not good news for everyone.



March 2012 was a fantastic month for home sales in Harrisonburg and Rockingham County, with 66 home sales closing -- the highest we have seen in the past four years. This sets the year up with a strong base as we move into the remainder of the spring and then summer market.



The pace of home sales certainly varies based on price range. The graph above shows the average number of home sales per month (given a 12-month average) as we have passed through the past two years. You'll note that the sale of homes for less than $200,000 increased through June 2010 and then declined for the next 12 months. This phenomenon is almost positively a result of the federal home buyer tax credit that encouraged these sales during 2009 and 2010. Of note, however, this segment of the market (under $200,000) has shown steady increases since June 2011, as has the $200,000 to $300,000 market.



Home buyers continue to find amazingly low interest rates on 30-year fixed rate mortgages, with the current average rate of 3.99% continuing the five-month streak of staying below 4.0%.



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.
  

Receive Updates by Email

Subscribe

Recent Articles:

• How Much Have Home Prices Increased, Locally, When Adjusted For Inflation?
• Our Local Real Estate Market Keeps Testing Basic Economic Theories
• Recent Rises In Inventory Levels In Context
• How Many Homes Are Selling For Less Than The List Price?
• Interstate 81 Through Harrisonburg Will Be Expanded Soon, But Will It Have Sound Barriers?
• Sample Mortgage Payments In September 2023
• Fewer Homes Are Selling, Though Prices Keep Rising, And Now Inventory Levels Are Rising Too!?
• Major Travel Center Proposed To Include 75,000 SF Building, 673 Parking Spots, 120 Gas Pumps, 24 Tesla Chargers Just Outside Mount Crawford
• If Your Home Has Not Sold We Should Look At What Buyers Are Actually Buying
• Home Buyers Might Not Request Showings Of Your Home With Minutes. Gasp!

Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com