Local Real Estate Market >> In a Nutshell
As the spring season ebbs into summer, we’re seeing a bit of a slow down in the Harrisonburg and Rockingham real estate market, but we’re incredibly upbeat about how our local market is faring so far this year. Both buyers and sellers are experiencing positive results in their real estate endeavors, and we’ve had a lot of fun helping our clients navigate through their transactions!
Highlights of the April 2017 Real Estate Market
- New listings and contracts written are both slowing down a bit, which is to be expected as we slide into the summer months.
- In fact, new listings are down in both short term and long term measures. That, coupled with an uptick in sales, produces low inventory. Lack of inventory and high demand from buyers leads to shorter days on market.
- Sales are up compared to last year at this time, and we look forward to seeing this number continue to increase over the next month or so as contracts end up at the closing table.
- As average Days on Market continues to drop, sellers are getting a confidence boost. In fact, 539 homes have gone under contract within 30 days of list date over the past year. That represents nearly 23% more transactions than last year!
- Sales prices are also higher, with over 10% of sales closing at a higher price than final list price (up over 15% from last year at this time). Median sales price is also up 2% from last year, now at $190,000.
- Similarly, average price per square foot is up slightly from last year — now at $111, which is up 4%.
If you’re thinking of buying or selling a home this year, let us know. We’d be happy to answer any questions you have.
Stay tuned for more Market Trends… right here on Harrisonblog.