The Harrisonburg and Rockingham County real estate market finished up 2014 with a strong December! With another full calendar year behind us, we’re thrilled to report that the market is healthy. Sales, sales prices, home values, and contracts all increased while days on market decreased. Read on for more detail >>
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Sales in December were very strong compared to November, bringing the total for the year to 1,043, which is an increase of 3.0% from full year 2013. We’re also excited about the increase in sales prices because this bumps up the average price per square foot, which is now $105.69 (+3.4%). Another telling sign of a healthy real estate market is the days on market number, which has decreased by 7.7% to 168 days… that is two weeks shorter than last year.
Contracts are up nearly 4% compared to 2013. Remember… most contracts turn into sales, which bodes well for the 2015 real estate market!
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With sales and prices both increasing, and homes sold getting slightly smaller, average price per square foot has risen by $3.50 since last year. That is fantastic news for sellers (and homeowners in general, really)! Additionally, homes are sitting on the market for about 5 1/2 months, and sellers are able to get nearly 97% of their final asking price for their homes. Supply and demand (active listings versus homes sold) is also holding fairly steady with a ratio very similar to 2013. Finally, looking ahead, we know that because an increasing amount of buyers continue to write contracts, a steady growth of sales are promised. We look forward to seeing what 2015 holds for the Harrisonburg real estate market. We’ll keep you posted with updates on interesting statistics throughout the year! Stay tuned for more market trends…
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