Click here to download Market Update charts for November 2014.
As colder weather and holiday planning arrived in November, our area’s typical slowing of the real estate market began. The Harrisonburg-Rockingham Association of Realtors® Multiple Listing Service (HRAR MLS) recorded 65 residential sales in November. This is a significant, but expected, drop from the past six months in which monthly totals consistently exceeded 100 sales. Not to fear, though, this is normal for November, and YTD sales are ahead of last year. Some highlights from the month are:
- The 65 residential sales in November increased the annual total so far in 2014 to 948, which is 22 (2.38%) more sales than the total at the end of November 2013. In addition, the number of sales in the past 12 months increased to 1035, the highest 12 months sales figure since September, 2008.
- New contracts were ratified on 77 residential properties in November. Again, this is an expected seasonal drop from the previous month and is typical of this time of year.
- The average sales price of homes sold in the past 12 months increased again to $202,280, the highest figure since May 2011. The median sales price of homes sold in the past 12 months remained at $179,000, also the highest since the Spring of 2011. While price gains have not been dramatic, they are steadily heading in the right direction.
Finally, also typical of this time of year, inventory has begun to shrink as home sales outpace the rate at which new homes are entering the market. This trend should continue through the winter, limiting the choices for Buyers in the market. This presents an opportunity for the Sellers remaining on the market, as competition is reduced. While it is true that the pool of Buyers is also reduced, those Buyers searching for homes through the winter months are serious buyers, not “tire kickers” just looking at houses. Sellers should capitalize on this by working closely with their Realtor® to ensure their home is priced properly and makes the best possible presentation for those serious buyers!
Click here to view or download our Market Activity Charts for November 2014.
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