Local Real Estate Market >> In a Nutshell
We’re not usually surprised by the numbers that result from the activity on our local Harrisonburg/Rockingham real estate market. Most years tend to rise and fall at the same general times throughout each year. Spring and summer are busy, fall and winter slow down. Simple as that. However, this month has given us a bit of a welcome surprise… a “raised eyebrow” reaction. Here’s why:
- November is typically somewhat slow due to the impending holiday season. It’s busy. We all know it. But November 2015 showed a pretty significant increase in sales (from October, year-to-date, and year-over-year)!
- We’ve seen an increase across the board in new listings. Most sellers choose to wait until the spring to put their home on the market, but it seems their confidence in the active local buyers is strong.
- Average days on market continues to drop. Normally during this time of year, it holds steady, and sometimes even increases. This month, the average is dropping to approximately 100 DOM.
- Average sales prices in Bridgewater increased, while those in Penn Laird decreased, causing less of a chasm between the two. Similarly, Grottoes, Elkton, Broadway/Timberville, and Harrisonburg are all sort of lumped together in the same price range as well.
- We’re seeing an increase in buyer urgency. Perhaps they are itching to get into a new home by year’s end?
Our team in particular has experienced a busy fall season, and we’re looking forward to closing out the year strongly. If you ever have any questions about our local real estate market, home buying or selling, or relocation, please contact us. We’d love to connect with you!