We are making some important changes to our market report this month. First, we are adding a new infographic entitled “Months Supply of Inventory”. This graphic will show, by area of the County, how many months supply of homes for sale exist at the current pace of sales. Sales over the past 12 months will be used to calculate the current pace of sales. This graphic will give an easy to read snapshot of the supply vs. demand balance throughout our area. As a rule of thumb, a 4 – 6 month supply is considered a healthy, balanced market. You will see on the graphic that all parts of the County are above that figure, but are also all below 12 months (many areas were above 12 months supply last year), which is a good trend and indicates our market is finally coming into balance.
In addition to adding this new infographic, the data set for one of our two existing infographics has changed. Previously the Average Price graphic was prepared based on year to date information. Beginning with this month’s report we will be using the past 12 month’s data for each graphic. We feel this gives a much more accurate indication of pricing throughout Rockingham County.
Here are the latest changes to average and median sales price throughout the Harrisonburg-Rockingham Association of Realtors Multiple Listing Service:
Three year change: Average Price down -14.30%, Median Price down -14.68%
One year change: Average Price down -7.07%, Median Price down -8.13%
Overall February was a very encouraging month for our market, not so much in terms of closed sales but new purchase contracts and buyer activity in general. Based on the contracts currently in process we feel March will be similar to February in closed sales but beginning in April we will see much stronger sales as the recent buyer activity comes to fruition!
Click here to view or download our Market Activity Charts for February 2012.
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