Our local real estate association — Harrisonburg Rockingham Association of Realtors® — made a massive transition in April to a new Multiple Listing Service (MLS), and though there are major perks, like now being able to search for properties way beyond our local boundaries, the downfall is trudging through a different application. For you, this means awesome search capabilities on our website and even better service from your favorite real estate team. For us, this means — among many other things — yet another update to our market report.
We’re embracing the change, and excited to be able to better serve our clients!
We’re quite fond of helpful, visually interesting stats. So take a look at our refreshed market report, which gives you an easy glance at the local real estate market, and comment to let us know what you think!
Local Real Estate Market >> In a Nutshell
Perhaps we’re seeing a slight shift from a buyer’s market to a seller’s market, with a small drop in new listings year-to-date and a pretty significant increase in sales, causing the inventory levels to drop. This gives home seekers less to choose from, allowing them to be less picky, and causing sellers to price their homes even more competitively. (Shout out to the basic fundamentals of microeconomics: supply and demand.)
The number of contracts written this year shows us that buyers are actively engaged with the local real estate market. We’ve seen a 17% increase in pending sales over the past 12 months! Their urgency has dropped over 7%, but BONUS for sellers: the average days on market has dropped significantly, despite the lack of super quick sales.
Less Time on Market + Higher Sales Prices = Happy Sellers!
Stay tuned for more Market Trends…