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I just published my most recent monthly market report, and as usual, you can read on for an overview, download the full report as a PDF, read the entire report with commentary online, or tune in to my monthly video overview of our local housing market...
OK - now, let's dive into the market data behind this month's report....
As shown above....
- First -- on the number of homes selling -- fewer (4.49%) homes sold in 2017 (1254) than in 2016 (1313). Some would consider this to be bad news -- why aren't buyers as interested in buying homes? I think more buyers would have bought homes if inventory levels were higher -- so I don't think the decline in the pace of sales is necessarily a bad thing.
- The value of the homes that sold has increased! This is better news -- or at least if you already own a home in this area. The median sales price of all homes sold in 2017 was $198,500 -- marking a 2.9% increase from 2016 when the median sales price was $192,900. So, if you own a home, it is likely worth more now than it was a year ago. If you didn't quite buy a home yet -- this is not quite as exciting news for you -- you'll probably pay more for that home in 2018 than you would have if you had purchased in 2017.
- Homes are selling QUICKLY!!! Homes sold much (36.54%) faster in 2017 -- with a median of 33 days on market -- as compared to 52 days on the market in 2016. This means that half of the homes that sold last year went under contract within 33 days of being listed for sale.
Two observations here (above)....
- July was the turning point in 2017 -- we saw just as many (more) home sales in 2017 as we had seen in 2016 -- all the way through July. But then, in August, we fell behind -- and never caught up.
- Despite seeing a decline in the pace of home sales between 2016 and 2017, there was still a large net increase between 2015 and 2017.
Perhaps the truest analysis of the trends in housing values -- single family homes on their own. The waters can be muddied, a bit, on townhouses, duplexes and condos -- with investors buying the properties as rentals. Most single family homes are bought as residences, and thus there are fewer external factors that affect these home sales. As noted above, there were 10% fewer single family home sales in 2017 -- but the median price rose for the third year in a row, to $224,950. This is a good indicator that home values are rising in our area.
And finally, the disturbing statistic I was hesitant to even go look for this month....
Indeed -- after free falling for most of 2017, the number of homes for sale in Harrisonburg and Rockingham County has now plunged below 300 -- to only 280 homes for sale as of this morning!?! Two crazy further notes -- there are only 46 townhouses/duplexes/condos listed for sale in the entire City/County -- and there are only 64 homes for sale in the City of Harrisonburg!?!
OK -- I'll stop there for now. There is plenty more in my full market report, so feel free to download it as a PDF, read the entire report online, or watch/listen to a video overview of this month's report.
And, my reminders for buyers and sellers last month still apply....
SELLERS -- even though it is a seller's market in many price ranges right now, you must still focus on price, condition and marketing.
For further reading on buying or selling in this area, check out....
