2013 has come to a close, and we are now able to view the year as a whole and how the Harrisonburg and Rockingham County real estate market fared over the past 12 months! To celebrate all of the positive trends that occurred throughout 2013, we’ve put together a visually appealing infographic. (Yes, geeks like us do celebrate good stats!)
Infographics not your thing? We’ve got the data here, too!
Compared to 2012, this year saw improvements in number of sales, sales prices, average sold/list percentage (how much of their final asking price sellers end up receiving), price per square foot, and days on market. You could call it a “sweep!” Every category in the above chart saw positive trends. Now that is something to smile about!
As for contracts, we saw an increase in contracts written of 12.7%, plus a rise in list prices and a fall in days on market. Homes this year have been sitting on the market for about a month less than last year. When it comes to saving money, that calculates to one whole mortgage payment!
Now for a look at some year-over-year stats:
Both number of sales and median sales prices are on the rise again after falling pretty drastically a few years ago. It is great to see sales prices rising, and not just the number of sales. This means that home values are stable, if not on the rise.
Comparing median sales price to the average sold/list percentage shows us that these two stats generally follow the same trend line. As sales prices rise and fall, so does the amount that sellers receive in their home sales. Back in 2006, sellers were getting nearly 100% of their asking price! After a major drop, that number is back up to almost 96%, which isn’t so bad, either.
Average price per square foot fell for five years in a row, but 2013 showed a slight gain, giving sellers in 2014 something to look forward to. We predict this trend will continue positively this year, because we also believe sales prices will continue to grow.
Finally, above you can see that the length of time a home would sit on the market grew from 2008 to 2012, but again, we saw a change in 2013. Average days on market dropped by 36 days from last year. Much of this has to do with a lower inventory level and the ability to get financing in a reasonable timeframe. (The drop in foreclosure sales this year is also a contributing factor.)
Overall, we are thrilled with the health of our local real estate market, and truly look forward to what 2014 holds for Harrisonburg and Rockingham County!
Stay tuned for more Market Trends… right here on Harrisonblog.