Local Real Estate Market >> In a Nutshell
We’re officially smack dab in the middle of the spring real estate market, which is both thrilling and exhausting, but always gives us a good idea of how our local market is shaping the months ahead. For instance, we’ve already seen a big boost in contracts, which will eventually turn into a big boost in sales. Plus, prices continue to inch upward. All good news for sellers!
Highlights for the March 2017 Real Estate Market in Harrisonburg/Rockingham:
- Residential sales are up 15% year-over-year and 4% year-to-date.
- This is caused by an increase in contracts written, which is up 19% year-over-year and 5% year-to-date.
- Homes are sitting on the market for less time this year, at 113 days year-to-date, and 102 days year-over-year.
- Average price per square foot is up 4% year-over-year and 1% year-to-date.
- 8% more listings are coming on the market now than year-to-date last year, giving buyers more options, but because the days on market is dropping, inventory levels are relatively steady.
- 526 homes have gone under contract within 30 days of list date in the past year, which is up 22.6% from last year at this time. And, 139 homes (10.5% of all residential sales) have sold over their final asking price, which is up 19.8% from last year at this time.
Our current market is very fluid, with homes hitting the market and then going under contract pretty quickly. We know it’s cliche, but truly, if you are thinking of buying or selling this year, now would be a fantastic time to take action. Spring and summer have proven year after year to be very active in our local real estate market, and 2017 will be no different.
Questions? Give us a shout! We’d love to chat.
Stay tuned for more Market Trends… right here on Harrisonblog.