Remember in April when we reported on the current slump in the local real estate market? Well, May has shown a slight bit of hope for Harrisonburg and Rockingham County. Although sales fell year-to-date, we’ve seen an increase in sales for three months in a row. Other positives: increase in average price per square foot, rise in average price on contracts written, and a pretty significant drop in days on market. Read on to see all the pertinent data:
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Year-t0-date sales dropped 12.1%, but not all is lost. Median sales price, average sold/list percentage (the amount sellers end up getting compared to their final asking price), average price per square foot, and days on market all experienced a positive boost!
Contracts have also fallen (-11.2%), but again, the average list price and days on market for the homes that went under contract have seen a positive trend. When homes sit on the market for less time, sellers can be more confident that their home will sell in a timely manner.
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We had hope in April that May (and the rest of the year) would bring us good news for our local real estate market. Fortunately, May did produce pretty healthy results, despite the drop in sales (-12.1%), with increases in average price per square foot (+$4.55), average sold/list percentage (+1.7%), average price on contracts written (+1.3%), and a decline in average days on market (-19 days). Additionally, we’ve seen a rise in sales for the past three months in a row, a significant increase in contracts since last month, and a positive rate of seeing more contracts than sales over the past five months. More contracts than sales means we’ll see a boost in sales in the next few months as most of those contracts head to the closing table. We look forward to what the summer months will bring to the Harrisonburg real estate market… stay tuned to see the results!
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