Local Real Estate Market >> In a Nutshell
The end of a calendar year tends to run an exciting pulse through any analytical person’s body. (Mine is no exception!) A full year has now closed and we’re starting fresh in 2016. As the months pass by, we see where we’ve been and the current trends in the local marketplace, and having that final piece of closure on 12 whole months of real estate goodness lets us see how well our local area actually fared. Behold! The full-year 2015 Harrisonburg/Rockingham Real Estate Market Report!
Here are the key takeaways:
- There were 2% more listings, 4% more sales, and 6% more contracts written this year than last.
- Days on market* dropped significantly over the past 12 months, and now homes are sitting on the market for an average of 111 days — or about 3.5 months. Last year, DOM was 168.
- Prices increased this year. Price per square foot rose to $108, whereas last year ended at $106. Bonus for sellers: 10.5% of sales are closing over their final asking price.
- We’re seeing a shift in townhouse and duplex sales. These are rising slowly in our area, now at 27% of total residential sales, and single family (detached) homes made up 73%.
And here are our favorite stats-related moments from 2015:
- November surprised us with a swell in positive market trends.
- August finished with a mighty sales number.
- We rolled out our first INFOGRAPHIC market report in April.
And for good measure, here are our favorite non-stats-related moments from 2015:
- We upped our Instagram game.
- Our Design Corner series launched.
- We started developing helpful, free Worksheets + Printables, with many more slated for 2016.
- Wilson Downtown Gallery has featured some pretty amazing local art.
- We adore Harrisonburg, and provided several guides to show our love.
- Like saving money? Remodeling? Planning? Our how-to’s will not disappoint.
* NOTE: Last spring, the Harrisonburg Rockingham Association of REALTORS transitioned to a new MLS system. Since then, the Days on Market statistic has been calculated a bit differently, causing a “skew” in the percentage change for this category. (Previously, DOM was calculated from list date to close date. Now, it is list date to contract date.)