The first three quarters of 2013 proved to be positive for the Harrisonburg and Rockingham County real estate market. As we enter the fourth quarter of each year, it is always interesting to see how it will end up. Will this quarter still show strong numbers as we head into the new year? Of course, only time will tell, but we predict that the transition to 2014 will be a smooth one with positive results! Check out the stats for October:
Not only did we see a jump in sales from September to October, we also saw a jump of 21% from last year at this time! Additionally, sales prices are up, sellers are getting more “bang for their buck,” values are holding steady, and homes are sitting on the market for about a month less compared to last year. This is all fabulous news for our local real estate market!
Average sold/list percentage is a statistic that tells us how much sellers are getting at the closing table compared to the final list price of their home. For example, a 100% sold/list percentage would mean that the sellers sold their home for full asking price. See November 2012 in the chart above? Sellers were getting 91% of their list price then, and now that stat is up to over 94%, which is great news for sellers. This also helps drive up — or at least stabilize — average price per square foot, which we equate, to some degree, to home values.
As for contracts, we’re still seeing positive trends this year, with an increase in contracts written year-over-year by nearly 21%, the prices of homes going under contract being slightly higher than last year, and days on market considerably less. Again, this is great news for sellers. Buyers are still active in our local market, and homes are selling faster for more money.
Although contracts for October were lower than the previous couple of years, 2013 overall has been quite strong. We’re confident that contracts will continue to trend positively as the year comes to a close.
With an upbeat October in Harrisonburg and Rockingham County, we’re looking forward to the next couple months. The holiday season typically puts a damper on our local real estate sales, but because this year has proven its stability, we predict 2013 will finish strong.
Stay tuned for more Market Trends… right here on Harrisonblog.