Learn more about this month's featured property: 130 Bedford Place

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 November....

As shown above, it was a very strong month of sales performance in November.  Here are a few highlights....

• Home sales increased 40.51% in November to 111 sales (compared to 79 last year)
   
  
• The year-to-date pace of home sales is up 16.41%, to 1,213 home sales, as compared to only 1,042 at this time last year.
   
  
• Median sales prices continue to rise, showing a 3.23% increase thus far in 2016 to $192,000 -- as compared to $186,000 last year.
   
• Homes are selling 7.27% more quickly this year with a median of 51 days on the market as compared to 55 days last year.
  

Now, let's contextualize November visually....

As shown above, nothing about November was normal.  After a slow and disappointing month of October home sales (97) home sales shot up to 111 in November, which far exceeds the number of sales seen in each of the past three months of November. When we combine October and November sales, there were 208 sales in 2016, which still exceeds the October-November sales in each of the past three years, when we saw 184 sales in 2015, 180 sales in 2014, and 157 sales in 2013.

So, how is the overall year doing compared to previous years....



We have already seen more home sales in the first eleven months of 2016 than we saw in the full year of 2013, 2014 and 2015.  At this point, we seem likely to finish out 2016 with more than 1,300 home sales!
 


The graph above looks at a rolling 12-month window of sales data, showing the slow and steady progress we have made climbing to almost 1300 sales per year, and increasing (very recently) to a median sales price of $190,000.  As demand increases (more buyers) prices start to increase if there is not more supply (more sellers) to meet that demand.

Speaking of the supply of homes for sale....



As mentioned above, increased demand (buyers) without increased supply (sellers) leads to increases in prices.  Well, as shown directly above, we have certainly not been seeing an increasing supply of homes for sale -- in fact, we have seen a 27% decline in home sellers over the past year!  To meet the increasing supply, we need more current homeowners to be selling, as well as more new construction to take place.

And -- guess what -- home sales are not likely to slow down much in December 2016, based on the 93 contracts signed during November 2016 -- which marks a 33% increase over the 70 contracts signed in November 2015. 

OK, there is plenty more to explore, such as....

• November 2016 home sales as compared to the past 10 months of November.
   
• When was the last time we saw 1300+ home sales in a year?
   
• After three years of stagnation, why have single family home sales started increasing again.
   
• Why have sales of attached properties slowed down?
   
• New home sales are increasing, but is it happening quickly enough?
   
• How are home sales distributed between price ranges now as compared to in recent years?
   
• Have all price ranges seen equivalent changes in inventory levels?
   
• How will increasing mortgage interest rates affect the market?
  

But -- I'll let you read all about those tidbits via my full online market report, or by downloading the PDF, or by clicking here to sign up to receive my real estate blog by email.

And -- as is always my encouragement -- if you will be buying or selling a home in the near future, start learning about our local housing market sooner rather than later!  Being informed will allow you to make better real estate decisions.

Here are two handy references to prepare yourself to buy or sell a home....

• 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.