Can you believe we’re half way through the year already? We’re excited to report that our team has been absolutely slammed this year. 2012 has been shaping up nicely in the Harrisonburg real estate market. Sales continue to rise, contracts are at the highest point in the past 12 months, and home values are steadily increasing! Check out the June 2012 Harrisonburg Real Estate Market Report below:
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Compared to last year at this time, sales have increased by almost 6%, sellers are getting 1.2% more from their asking price (which also means buyers are getting 1.2% less of a discount), and home values — or price per square foot — is up by 1%! These are all exciting trends in our local real estate market.
As you can see in the chart above, sales are at their highest point (84 sales in June) for the past 12 months!
Not only are sales increasing, but so are contracts, which means the next few months will continue to be healthy with sales. Contracts rose by 5.6% over last year, and larger homes are selling in 2012 compared to 2011, but they are sitting on the market for an average of 3 days longer. Really, that isn’t too bad of a downer, though.
June’s contracts (102, to be exact) are also at the highest point in the past 12 months!
If you already own a home, it is good to keep an eye on price per square foot in the area, so you can have an idea of how home values are trending. Average price per square foot in Harrisonburg and Rockingham County has increased each month since March. It now sits at $105.67/square foot.
The above chart simply shows the number of contracts written by buyers each month over the past few years. The June numbers are highlighted in aqua. As you can see, June 2012 is just two contracts off the pace of June 2011, but contracts overall throughout 2012 are trending much more positively than the year prior.
Finally, the above chart shows the number of sales versus contracts over the past 12 months. Again, we’re seeing upward trends in both sales and contracts, which is a sign of a healthy real estate market. We look forward to seeing how the rest of the year shapes up for the Harrisonburg real estate market.
Stay tuned for more Market Trends, right here on Harrisonblog…