Learn more about this month's Featured Property: 3465 Izaak Walton Drive
I just published my monthly report on the Harrisonburg and Rockingham County real estate market. Jump to the full online market report, download the PDF, or read on for highlights....
First, let's take a look at the overall market performance in August....
A few highlights from the basic data breakdown outlined above....
- Home sales jumped up 22.22% in August as compared to last year -- for a record of 154 home sales in August 2016. Read on for more context as to these August sales.
- Thus far in 2016 there have been 14.45% more home sales than last year during the same timeframe. This year's real estate market is moving considerably more quickly than last year's market.
- Despite an active market, prices are only slowly rising, with a 1.5% year-to-date increase in the median sales price to $190,000.
- Homes are selling more quickly than last year, with the current YTD median days on market of 51 days -- which marks a 12% decline in the median days on market as compared to 2015.
As promised, a bit more context. The 154 home sales in Harrisonburg and Rockingham County during August 2016 marked the HIGHEST number of home sales seen anytime in the previous 10 years. We'd have to stretch back 121 months to August 2006 to find the next highest month of home sales, when we saw 156 home sales.
But wait, there's more. If you thought August home sales was the end of a series of strong months, you might be wrong. Take a look at the contract data (above) and you'll note that there were a whopping 130 contracts signed in August -- a 20% increase over last August. As such, we should expect to see strong September/October sales as well. Also of note, over the past six months we have seen an average of 135 contracts signed per months, as compared to only 116 per month a year prior.
And the inventory levels keep on dropping. Buyers have fewer and fewer choices these days with current inventory levels hovering around 560 homes for sale in Harrisonburg and Rockingham County. This results in the best listings (price, condition, marketing) being sold quickly.
There is much more to know, learn, read....
I'll pause here for now, but I'll let you explore that and read further on your own if you so choose. You can read my entire market report 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.
Here are two handy references to prepare yourself to buy or sell....
