Learn more about this month's Featured Property:  120 Cantermill Lane

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

First, a video overview....



Next, let's take a look at the overall market performance in February....



As outlined above, there are several indicators of a strong local housing market....

• Home sales remained level in February 2016 (as compared to Feb 2015) but increased 15.38% when considering January and February of this year as compared to 2015.
   
• The median sales price has risen 9.76% over the past year when comparing January and February data -- though a 3.39% increase when considering a 12 month time frame is likely a more realistic view of changes in market values.
   
  
• Homes are selling more quickly -- with the median days on market declining 13.25% to 72 days when looking at January and February of this year versus last year.

February was right on target at 68 home sales -- and we are likely to see a similar number of home sales in March.  Wait until April, however, and homes should really start flying off the shelf.



The pace (and price) of single family homes are often a good way to understand the overall trajectory of a local housing market -- because it takes rental properties (and the impact of investors) out of the mix.  As such, it is good to see the price of these home sales increasing (quite a bit) even if the pace of sales has not significantly increased over the past few years.



Inventory levels are still hovering around 530/540 -- but are on the brink of increasing significantly, which will likely happen over the next 30 to 60 days.  Hang on tight!

In Summary....

BUYERS -- You should have plenty of additional options to consider in the coming months, but houses that are priced well will likely sell quickly.  Strike while the iron is hot -- and relish the opportunity to still have super low (sub 4%) fixed mortgage interest rates.

SELLERS -- Price, Condition, Marketing.  If you are getting ready to put your house on the market, let's make sure we have your house priced well compared to what has recently sold, that your house is in a condition to have a broad appeal to buyers, and of course, let's market it thoroughly and professionally.

More and Much, Much More....

There is more, oh so much more, in my full 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.

Finally, here are two handy references to prepare yourself to buy or sell....

• BuyingAHomeInHarrisonburg.com


• SellingAHomeInHarrisonburg.com

And if you are ready to get the process started, simply contact me at 540-578-0102 or scott@HarrisonburgHousingToday.com.