If you’ve been reading our Market Reports ritually throughout 2014, you’ve probably noticed a trend in sales. Although sales are down this year overall compared to last year, the rate at which they are gaining ground to the “zero” market (breaking even with last year) is quite remarkable. Each month, the percentage of decline on sales has decreased fairly significantly, and July is no exception. For instance, in May sales were down nearly 17% compared to 2013, and now its down just over 3%. Read on for more local market stats…
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Sales are down 3.1% compared to last year at this time, but last month they were down twice that much (6.1%), so we’re seeing a positive trend in sales this year. Sales prices have dipped slightly at less than 1%, but average price/square foot is up 3.7%. Last year at this time it was $102.40 and now we’re at $106.15, which is a difference of $2.75. Not too shabby!
We’ve almost neared the break even point in contracts this year! Contracts written are down by just 0.1% compared to last year. And speaking of good news about contracts, you can see below that contracts have risen each July for four years in a row.
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July provided the Harrisonburg and Rockingham County real estate market with a good boost in sales and contracts written. 2014 started out well, dipped a bit during the early spring months, and has since picked up speed and looks to be nearing the pace of 2013 now. Only time will tell if we surpass last year’s numbers, but for now, we’re happy with where the market currently stands. Sellers continue to sell in a reasonable amount of time (about 5.5 months) and for a reasonable amount of money (getting on average about 97% of final asking price), while buyers continue to have a nice selection of homes to choose from. We’re excited to see what the next few months bring to our local market! Stay tuned for more market trends…
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