The Harrisonburg real estate market usually picks up major speed during the spring and summer months. We typically see a rise in contracts and sales because this is the time of year when buyers are out in full swing, searching for their next (or first!) home. March proved successful with a rise in contracts, sales, and average sales prices, but how did April fare? Check out our latest Market Report:
Year-to-date, sales have increased in Harrisonburg and Rockingham County by 25% compared to 2012! And for the month of April compared to March, sales rose by nearly 50%. An increase of this magnitude really sets up 2013 for a great year, and we’re excited to see what the rest of the year brings for our local market. You’ll also notice that average sales price dropped a smidgen… its now down 0.2%, but we’re confident this will increase yet again as the months pass.
Above, you’ll see the number of sales per month for the past year. During the summer months, sales are relatively strong because it builds from the springtime, so we see that this year, April’s strong sales will contribute to the year’s total in a very positive way.
We’re getting used to contracts increasing month over month, and now year-to-date, contracts are up by 37% from 2012! List prices of those contracts this year have decreased slightly, but, a positive note for sellers, the days on market is 20 days shorter. (That equates to just about one mortgage payment of savings!)
Over the past 12 months, we see that April 2013 was the strongest month for both contracts and sales. The fact that contracts are up at the same level as sales means we should see a strong sales number a couple of months from now, too.
Above, we see the trends in average sales prices versus the number of homes that have sold. On average, sales prices are staying somewhat steady, and we hope to see that number rise a bit this year. The good news is that buyers are active right now, and the market is moving along!
Overall, April 2013 was a strong month for the local real estate market, and we look forward to seeing what the rest of spring brings for Harrisonburg and Rockingham County. Buyers are out searching, homes are selling in a shorter amount of time, and contracts are being written daily. This is all great news!
Stay tuned for more Market Trends, right here on Harrisonblog…