Harrisonburg Area Real Estate Market Report: February 2013

Last month, we gave a couple of predictions for 2013 — prices will increase and home values will rise. So far, our predictions have been proven mostly correct, which is a wonderful thing for our local economy and real estate market. Stay tuned to this report to see how the year unfolds. For now, though, take a look at February’s stats:

Year-to-date, we’ve experienced a 37.8% increase in sales, a 2.5% increase in median sales price, and a 15.7% shorter time on the market for listings compared to last year. Home values last year were at $102.51 per square foot, and this year so far they are at $96.45 per square foot. In February alone, though, values were at $99.13 per square foot, which means if this positive trend continues, we can make up for January’s not-so-great number.

Above, you can see how sales and contracts have fared over the past 12 months. As we always say, we like to see the contracts line rise above the sales bar because it is the promise of sales to come. The higher the contracts line, the more sales we should see in the months to come.

Last year we saw a positive trend in contracts written throughout most of the year, and this year, this number keeps on rising! So far, we’ve seen a 21.0% increase in contracts in 2013.

Not only have we seen an increase in contracts from last year, but this February was the highest for contracts over the past four February’s in Harrisonburg and Rockingham County. This is great news… buyers are active and sellers are selling, and at an even faster pace on average!

We are thrilled with the trends occurring in our local real estate market this year, and predict things will only get more positive. Stay tuned to find out how 2013 pans out… right here on Harrisonblog.

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