This summer’s weather has been sort of typical in that we’ve accumulated a lot of rainfall, but it has also been sort of atypical in that we’ve experienced a plethora of nasty storms. Some might think that this would put a kink in the local real estate market, but we just ran the numbers for July and this just isn’t so. Is everything positive? No. But there are several key highlights to note. Take a look:
[Click any image below to view larger version]
We normally show a table full of data for monthly versus year-to-date stats, but this month we wanted to bring your attention first to the fact that sales have increased steadily ALL YEAR! From January 2012 on, we’ve seen an increase in the number of residential sales each month. Most months, we’ve also seen positive trends in the number of contracts being written. As of now, July is at the top in terms of sales over the past 12 months at 93 sales!
Now for the usual table… over the course of 2012, sales have increased by 8.1% compared to last year at this same time. Though average sales price has decreased by 2%, median sales price has increased by 3%, and sellers are getting more out of their asking price than last year at this time (average sold/list % has risen by 0.6%). Home values decreased slightly (not even 1%) since last year at this time, but over all are holding pretty steady. These are all good stats!
As for contracts, there was a decrease from last month of almost 12%, but the big picture (year-to-date) shows an increase of almost 6%! This bodes well for the months to come as most of these contracts turn into sales. As a side note, buyers are purchasing larger homes than last year, and you’ll recall that this is a continuation of the increase in home sizes since 2007.
Lets hone in on contracts a bit more. Though contracts decreased by almost 12% from last month, compared to last July, we’re still in the positive. July 2012 produced 90 contracts, whereas July 2011 had only 84. This chart also gives us an idea of how the local real estate market fluctuates throughout each year, with busy buyer seasons in the spring and summer and fading through fall, then slowing down significantly each winter.
Lastly, we can see that median list and sales prices are on the rise. Although it may seem like average sold/list percentage is all over the place, the year 2012 as a whole has produced a higher number than last year at this time. The higher this stat is, the more sellers are getting out of their asking price. (Note: This takes into consideration the final list price of the property, not the original list price.)
We’re feeling good about the health of the Harrisonburg Real Estate market right now. Sales and contracts are strong, and prices are holding relatively steady.