Learn more about this month's Featured Property: 3095 Baybrook Drive
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 March....
Some rather good news, in all areas, as far as improvements in our local market....
- March 2016's 83 home sales marked a 15.28% improvement over last March.
- First Quarter (Jan-Mar) home sales are up 15.34% over last year.
- The 2016-Q1 median sales price of $193,090 is 8.78% higher than last year.
- Homes are selling 13.43% faster (71 days) than last year (82 days).
OK -- now with that formality aside, let's talk about the crazy, wild, unbelievable stat of the month....
Yes, you are reading that correctly....
- After only 84 contracts in February, there were 133 contracts in March!
- That beats last March's 118 contracts by 13%.
- This is the most contracts we have seen in a month since June 2014.
So, buyers were actively signing contracts in March 2016, it seems. :)
As shown above, the 83 home sales in March 2016 were the highest of any recent March. The question now remains -- how many home sales will we see in April? Could the 133 contracts from March help boost the market up to more than 104 sales in April?
One last trend that I am watching closely -- the single family home market. As shown above, we have seen a relatively steady number of single family home sales over the past few years -- which is neither thrilling nor depressing. The median sales price, on the other hand, has been steadily climbing -- great news for anyone who owns a home, or likes to see an improving housing market.
In Summary....
BUYERS -- You are starting to have more competition! In the past month, I have had four buyer clients who have been in a multiple-offer situation. Know what you want, know what you can afford, and be ready to act fast if the right house comes on the market at the right price.
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....
