Many aspects of the local housing market have improved over the past year, and there are signs that this gradual recovery will continue.



As shown above, most market indicators are positive when looking back at recent real estate activity in Harrisonburg and Rockingham County:

1. April home sales were lower than last April (-8.97%) but that was likely a result of many 2012 buyers committing to properties earlier due to our unseasonably warm winter.
    
   
2. Year-to-date home sales have improved 2% over the same time period during 2011.  We must continue to see increases in the pace of home sales for further strengthening of the local housing market.
     
   
3. Median sales prices have increased 4% when comparing the first four months of 2012 to the first four months of 2011.  The true test will be whether this increase in prices can continue throughout this calendar year.
     
   
4. Average sales prices have also increased (1.3%) when comparing 2012-YTD to 2011-YTD.
    
   
5. The average time it takes to sell a house (229 days) has increased slightly (from 218 days) when comparing 2012-YTD to 2011-YTD.

As another sign of an improving real estate market, inventory levels have dropped 15% over the past year, despite recent seasonal increases.

Long term trends shown above (rolling 12 month calculations for sales pace and price) also indicate that the local housing market is stabilizing (price) and starting to grow (pace).

Also, despite prior warnings of potential increases, mortgage interest rates remain extraordinarily low.

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.