Featured Property: 4570 Magnolia Ridge Drive, Harrisonburg, VA

I just published my monthly report on the Harrisonburg and Rockingham County real estate market.  Jump to the full online market report, or download the PDF, or read on for highlights....



First and foremost -- wow -- September and October home sales have been STRONG in 2014!  Those two months alone have pulled the YTD pace of home sales even with (and beyond) the 2013 pace of home sales.  We certainly had a slow start to the year (particularly in Feb, Mar, Apr) but the last two months (Sep, Oct) have really made the difference in the pace of home sales this year in Harrisonburg and Rockingham County.  Take a look at how the past two months of home sales (107, 107) have far exceeded any recent September and October sales pace.



Yes, folks, you heard me correctly -- 2014 YTD home sales (882) have now surpassed 2013 YTD home sales (866).  This increase is still relatively small (+1.85%) but it certainly beats the deficit we've been working with for the past nine months. 

Of note, the YTD median sales price has also increased (+1.45%) in 2014 -- and the time it takes to sell a home (median days on market) has declined by 3.3% over the past year to 117 days.



Despite colder weather on the horizon, we likely don't have to worry about the pace of home sales cooling off too quickly.  As shown above, 94 buyers made buying decisions (signed contracts) in October 2014 -- as compared to only 70 such buyers one year ago in October 2013. As such, we are likely to see another strong month of home sales in November 2014.



There are many factors that have created this upswing in home sales activity in 2014 (and particularly September and October) and one of them is the remarkably low mortgage interest rates.  The national average for a 30 year fixed rate mortgage dipped back below 4% in October 2014 -- for the first time in over a year.



Finally, some price trends we've been waiting so long to see -- a modest improvement in median sales price.  Perhaps we'll even hit a median sales price of $180K this year?  That would finally bring us back to where we were in 2010.

If you are buying or selling now, or will be soon, I encourage you to become a student of the housing market.  Learn what has been happening recently, what is happening now, and what is likely to happen next.  Being informed will allow you to make better real estate decisions.  You can continue your studies by reading the entire November 2014 market report online, or by downloading the PDF.

Also, as always, if you're interested in talking to me about buying a home in Harrisonburg or Rockingham County.....or if you are interested in selling your current home.....just drop me a line by email (scott@HarrisonburgHousingToday.com) or call me at 540-578-0102.