February 2012 provided us with one extra day to sell homes because of the leap year. This report is chock full of positive numbers, but we doubt its because of that extra 24 hours. The local real estate market is brightening up! Spring is just around the corner, and usually the market takes a turn in, say, March or April, but this year — compared to the last couple years — the market seems to be turning a bit sooner. Take a look at February’s positive shift below!
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Over last February, sales increased by 10.3%, and year-to-date increased by 5.1%! There were a total of 43 residential sales in the Harrisonburg area this month, with an average sales price of just under $200k. Compared to last year at this time, sales prices are up (3.9% average, and 1.5% median). These are all positive stats, but what we are really excited about is the average price per square foot increase. We equate this to home values, and it has increased by almost 3% over last year!
Last February, there were 38 sales, and it took a quick jump to 61 sales in March. The increase in sales this month gives us hope that we’ll see another increase this March, especially with the recent positive swing in contracts.
February produced 80 contracts, which is an increase of 35.6% over January. Looking at the bigger picture, the year-to-date contract number rose by 29.0% over 2011! Most of these contracts will soon turn into sales, so we’re sure to see even more positive changes in the months to come. Prices on the homes that went under contract didn’t change much at all, and they sat on the market for less time than last year at this time, which is another good sign for the Harrisonburg real estate market.
We love that little blue “+29.0%” right there, don’t you?
The chart above shows the average sales price by month for the past few years, and the corresponding number of properties sold. Although sales are not up to the level they were just two years ago, prices are recovering nicely with the highest average sales price for February in the last three years.
Sales took a dip in January, but did increase in February. The increase in contracts over the past few months lets us look to more positive sales months ahead.
Overall, February was a very positive month for the Harrisonburg and Rockingham County real estate market, and one that gives us a positive outlook for the next few months as well. Remember to keep an eye out for more Market Trends to stay tuned in to the local real estate market!