Seven months into 2012, the Harrisonburg and Rockingham County housing market is showing signs of steady improvement in the pace and price of home sales.  Click here to download the PDF of my full market report, or read on for highlights.
 


Most indicators above show signs of a stabilizing local housing market:

1. Home sales increased 21% (wow!) in July 2012 as compared to last July.
2. YTD home sales show a solid 8% improvement over 2011.
3. YTD median sales prices show a modest 3% improvement over 2011.
4. Despite other market improvements, YTD average days on market has increased 3%.
   

July 2012 was quite a month for home sales --- and this year has shown a strong upward May-June-July sales trajectory, not unlike the 2009 sales trajectory.

While the graph above only shows price trends for single family homes (not the overall market) it is encouraging (for sellers, at least) to see a halt to the multi-year decline in home prices in the area.

Among other market trends to improve, the list price to sales price ratio has also started to improve in Harrisonburg and Rockingham County.  This means that sellers are (on average) negotiating less off of their asking prices when selling their homes.  This is more welcome news for sellers --- and buyers should take note that their window of maximum negotiating ability might be starting to close.

Record low mortgage interest rates have certainly helped to spur on the local housing market as buyers continue to take advantage of their opportunity to lock in their housing costs for now and the future.

For much more insight and analysis, click on the image above to download my full market report specifically focused on Harrisonburg and Rockingham County. 

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.