Click here to download Market Update charts for July 2014.
Wow, July was an amazing month for the local real estate market! Here are a few highlights:
- There were 120 residential sales in Harrisonburg and Rockingham County in the month of July, the highest monthly total since August of 2007.July’s sales continued a recent trend of very high activity after a much slower than normal first quarter. After being over 20% behind last year’s sales at the end of March, the year-over-year deficit has been reduced to 3.9%.
- Buyers and Sellers ratified new contracts on 112 properties in July. While not as strong as the past couple of months, this still represents very good buyer activity in our market.
- Pricing remained fairly flat, with the 12-month average sales price rising slightly to $199,160, and the 12-month median sales price falling slightly to $175,600. This seems odd, but can happen when a few very expensive homes sell, raising that average more quickly than the overall market is really changing.
- Inventory has recovered nicely in both the City and County, with Harrisonburg inventory comparable to this time last year and Rockingham County inventory at its highest level since October of 2011.
- The average Days on Market for homes sold in the past 12 months continues to fall and is now at 166 days.
Although the market is still moving a bit slowly in the upper price ranges (above $350,000), everything seems to indicate we are continuing our slow and steady march towards a balanced market. We are even beginning to see some new construction activity, largely missing from our market since 2009, another very encouraging sign.
Click here to view or download our Market Activity Charts for July 2014.
This original blog post can be found by clicking here.