The Harrisonburg real estate market has been truly positive throughout most of the year, and July has contributed to the great results of this year as well! Sales and contracts are both up, sales prices are up, and price per square foot is up, too. Check out the stats:
Year-to-date sales increased by 22.0% compared to 2012, with 583 sales so far this year. Average sales prices have increased by 3.0%, and median sales prices have risen by 2.8%, which also leads to higher average price per square foot, which is now at $102.40 — an increase year-to-date of 1.8%! This is all very good news for our local real estate market.
Above is a chart that shows average price per square foot for the past 5 years. The purple line shows that 2013 is proving to trend in a positive direction consistently. This is great news for home sellers and homeowners alike!
The chart above shows how sales have fared over the past 12 months. July was the best month for sales yet!
Contracts year-to-date have risen by 21.5% with a total of 702 contracts for the year. The list prices for the homes that have gone under contract also increased by over 1%, with a significantly smaller number of days on the market.
Obviously, May 2013 was the best month for contracts over the past few years, but July didn’t fare so bad either with 107 contracts. This was the best July over the past 4 years, continuing the strong positive trend in contracts for the year.
Overall, July was a strong month for our local real estate market, with a 22.0% increase in sales, a 21.5% rise in contracts, nearly 2% increase in average price per square foot, and a decrease of 9.0% in days on market. Buyers are still out purchasing homes, sellers are able to sell for more money, and their homes are sitting on the market for less time.
Stay tuned for more Market Trends, right here on Harrisonblog…