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Local Housing Market Shows Strength, Growth in April 2016 |
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Learn more about this month's Featured Property: 4290 Brown Roan 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 video overview video, 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 April.... We are, again, looking at signs of strength and growth for our local market....
Let's dig into a few details.... Wow! This graph shows very clearly (look at the last two bars on the right) how HOT of a Spring real estate market we are experiencing this year. The pace of contracts in March was a new record for March -- and in April, buyers have done it again. As far back as I have on record (2007) there has never been a month of April when this many (158) contracts have been signed in Harrisonburg and Rockingham County. Single family homes are often the best indicator of overall trends in a local housing market. As shown above, sales of single family homes are quite stable -- and the median price has been on the rise for several years now. It seems likely that we will see another increase in the median sales price of single family homes in 2016. Most housing market analysts consider six months of inventory (active listings) to be an indicator of a balanced market (between buyers and sellers). The "BUYERS" trend line above is illustrating how many buyers are buying in a six month period. The "SELLERS" trend line above is illustrating how many sellers are in the market (active listings) at any given time. Over the past four years we have been seeing a steady increase in buyers in the market and a decline in sellers in the market. In Summary.... Recent Articles:
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Scott Rogers
Funkhouser Real
Estate Group
540-578-0102
scott@funkhousergroup.com
Licensed in the
Commonwealth of Virginia
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