Learn more about this month's Featured Property:  12108 Rabbits Foot Road

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, the big picture trends thus far this year show signs of a healthy, growing market....

1. Home sales jumped up 25% in February 2015 compared to February 2014.
    
2. The year-to-date pace of home sales in 2015 is up 7.77% as compared to the same time frame last year.
    
3. The year-to-date median sales price ($171,900) marks an increase of 4.18% over last year's YTD median sales price of $165,000.
    
   
4. The year-to-date average sales price ($199,364) is also on the rise, having increased 15% over last year's YTD average of $173,356.
    
5. It is taking less time (-12.88%) to sell homes in 2015 as compared to 2014, as per the median of 142 days on the market.

Both January and February of this year appear as “middle of the pack” months when put in the context of 2012, 2013 and 2014.  The sales trajectory we see in March and April will be a good indicator of how the rest of this year will turn out.  Last year, we experienced somewhat slower than expected home sales all the way until May when the monthly sales pace started popping up above previous years.  I am hopeful we will see an earlier start to the 2015 market.



Hooray for lots of buyers in February 2015 -- signing contracts, that is.  A whopping 98 contracts were signed in February 2015, compared to only 75 last February.  This is an excellent indicator that we should see strong (closed) sales activity in March and April of this year.



As shown above, inventory levels continued to decline (slightly) over the past month -- and are now down 1.6% as compared to a year ago at this time.  We are likely to see these inventory levels start to rise over the next few months.

OK, now for some action items....

SELLERS:  All of the snow in your yard should be melted within 24 to 48 hours.  If you are going to be listing your home for sales this Spring, consider trying to get the advantage of getting your house on the market early, when you'll have less competition from other sellers.  Let's meet (soon!) to discuss timing, pricing, marketing and what else you should consider doing to prepare your home for the market.

BUYERS:  We will see lots of exciting listings coming on the market in the next 30 - 60 days.  Are you ready?  Have you talked to a lender to become prequalified?  Have we met to discuss your hopes, goals and dreams and your next home?  Let's start looking at some houses now so that when your dream house comes on the market you have a good context for whether it is a good deal or a great deal.

Above all, if you will be buying or selling 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 March 2015 market report online, or by downloading the PDF.

Also, if you're interested in working with me to buy or sell a home in Harrisonburg or Rockingham County, you can always reach me at  scott@HarrisonburgHousingToday.com or 540-578-0102.