The big picture indicators in our local market are all positive when we look at January through July home sales in Harrisonburg and Rockingham County....
As shown above:
- Home Sales are up 21% compared to last year.
- (Median) Home Prices are up 3% compared to last year.
- (Median) Days on Market is down 12% compared to last year.
Assuming you are hoping for a strengthening local housing market, these are all great news for our local area.
Below you can see the reason why the year-to-date home sales figures are so strong....
As you can see, above, the past four months of home sales (Apr, May, Jun, Jul) have been much stronger than any of the previous three years --- with the one exception of June 2010 when the federal home buyer tax credit expired.
What, you might ask, should we expect for the next few months?
Based on the trend in signed contracts, shown above, I believe we will continue to see strong home sales over the next several months.
It is also important to note that it's not just the short term indicators that are positive in our local housing market....
Each of the data points on the graph shown above takes 12 months of data into account --- thus these trends take a long time to show any substantial change, but they are excellent indicators of the overall shifts in a housing market. As can be seen, above, we are seeing steady growth in the pace of home sales, and stability in home values.
There is a LOT more in my full report, including....
- Inventory levels decline 7% year over year.
- Median prices on the up-swing
- Foreclosures slow in 2013.
- The List Price to Sales Price Ratio is edging up.
