Harrisonburg Area Home Sales Up 2%, Prices Up 1%

   Learn more about this month's Featured Property:  3339 Deavers Lane

I just published my monthly report on the Harrisonburg and Rockingham County real estate market.  Jump to the full online market report, or download the PDF, or read on for highlights....



First, the big picture trends of what has been happening this year in our local housing market are quite positive, even if not yet to the magnitude that some homeowners would prefer....

1. November 2014 showed an 8.33% increase in the pace of home sales as compared to November 2013.
    
2. The year-to-date pace of home sales in 2014 (Jan-Nov) is up 2.38% as compared to the same timeframe last year.
    
3. The year-to-date median sales price ($179,000) is an increase of 1.04% over last year's median sales price of $177,150.
    
   
4. The year-to-date average sales price ($203,629) is also on the rise, having increased 1.68% over last year's average of $200,270.
    
5. It is taking a bit (2.46%) less time to sell homes in 2014 as compared to 2013, as per the median of 119 days on the market.

As you can see, there was a recovery in the pace of sales price during 2012 -- a bigger recovery in 2013 -- and thus far, not quite as much of a jump in 2014.  Absent a huge increase in sales in December 2014, we'll probably be looking at a 3% - 5% overall year-over-year increase in the amount of homes that are selling in Harrisonburg and Rockingham County.



We will certainly be seeing fewer buyers per month over the next few months, however, as shown above, there will be fewer sellers in the market hoping for those buyers to commit to their properties.  Inventory levels are up 3.4% year over year, but are amidst what is a typical seasonal decline during the late Fall to early Winter months.



Why are we a seeing steadily increasing sales pace, and (slowly) increasing sales prices?  One main reason is that we are seeing fewer and fewer distressed sales -- foreclosures, short sales, etc.  As shown above, home sales have been steadily increasing for several years, and the rate of foreclosures has been steadily decreasing.

If you are buying or selling now, or will be soon, I encourage you to 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.  You can continue your studies by reading the entire December 2014 market report online, or by downloading the PDF.

Also, as always, if you're interested in talking to me about buying a home in Harrisonburg or Rockingham County.....or if you are interested in selling your current home.....just drop me a line by email (scott@HarrisonburgHousingToday.com) or call me at 540-578-0102.