Learn more about this month's Featured Property:  6190 Dotts Lane

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....



A year-end look at the numbers is always fun -- we finally have all of the numbers in and now we know the following about 2015 when looking at the residential real estate market in Harrisonburg and Rockingham County....

• More Homes Are Selling: with all data tabulated, 4.08% more homes sold in 2015 as compared to 2014.
   
• Homes Are Selling At Higher Prices: the median price increased 3.35% n 2015 to $185,000 as compared to $179,000 in 2014.  The average sales price has also increased - up 3.11% to $208,350.
   
• Homes Are Selling Faster: the median days on market has declined 18.18% in 2015 to 54 days.  This is a measurement of the time between the list date and contract date.

But wait!  Before we mash all of the data together and call everything wonderful, here is something interesting....


As shown above....

• We did NOT see an increase in the sale of single family homes BUT we did see an 5% increase in their sales prices.
   
• We DID see an increase (+14%) in the sale of townhomes, duplexes and condos BUT we did NOT see a change in their sales prices.
  

Most folks consider single family (detached) homes to be the best indicator of the residential real estate market because sales trends for townhomes, duplexes and condos can be muddied based on how many investors are buying that type of property.  As such, perhaps home values increased by 5% (as measured via single family homes) in the past year, and not just 3% (as measured by all residential sales).

Here is a colorful and fun and uplifting graph....



Just another visual indication (above) of the improvements we have seen in our local real estate market over the past few years.  The most notable jump in the pace of sales was between 2012 and 2013 -- but we finally broke into the 1100's this past year.

Buyer Activity....



As shown above, contracts picked up a bit in December 2015 -- to 67 contracts as compared to only 63 last December.  However -- the annual pace of buyers signing contracts declined slightly, from 1192 to 1172.  Of note -- despite fewer contracts in 2015 -- there were more sales -- which is an indication that more contracts are successfully making it through to closing.

More and Much, Much More....

There is more, oh so much more, in my full year-end real estate market report.  I have even made it very easily accessible for you to read online....



And as is always my encouragement -- if you will be buying or selling a home in the near future, 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.

If you are ready to buy or sell a property in Harrisonburg or Rockingham County, contact me at 540-578-0102 or scott@HarrisonburgHousingToday.com to get the process started.