That lengthy Valley winter took a toll on the local real estate market. However, we’re now well into April — AKA springtime — AKA busy real estate season — and we’re grateful for the busyness! Take a look at how March fared. Keep in mind that March this year was still experiencing arctic temperatures, school closings, etc…
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Yes, you are seeing that correctly… the Harrisonburg and Rockingham County real estate market experienced a 12.2% drop in sales compared to last year at this time. Before you get completely bummed out, though, notice the increase in average sold/list percentage (the amount sellers are actually getting compared to their latest asking price), the uptick in average price per square foot of $5.45, and the decrease in average days on market of 22 days. Those are all wonderful positives!
Fewer contracts were written, but the median price on contracts written was up 5.9%, even though the homes were smaller in size.
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March rounded out the first quarter of the year with a drop in sales of 12.2%, but we see positive news coming in the near future for our local real estate market. Contracts have risen three months in a row, average price per square foot is higher now than it has been for the past three Marches, sellers continue to get about 96% of their final asking price, and homes are sitting on the market for approximately one month less than last year at this time. Now that spring has finally arrived, we look forward to even more positive stats to share with you next month, and for several months following. Stay tuned!
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