Click here to download Market Update charts for August 2014.
August was another strong month for our local real estate market, with sales and new contracts remaining at healthy levels. Here are a few highlights:
- There were 101 residential sales in Harrisonburg and Rockingham County in the month of August, a strong number for our area, equaling May as the third best month of the year so far.
- August's sales continued the strong trend we have been experiencing since May, although overall sales are still a bit (4.72%) below last year's sales at the end of August.
- Buyers and Sellers ratified new contracts on 122 properties in August, representing the third best month of the year and an encouraging 8.9% increase from July.
- Pricing remained steady, with the 12-month average sales price dipping less than $100 from last month to $199,062; and the 12-month median sales price climbing slightly from last month to $176,750.
- Inventory has remained strong in both the City and County, with Harrisonburg inventory climbing slightly to 217 homes for sale (identical to inventory at this time last year) and Rockingham County inventory dropped slightly to 448 homes for sale, 5.9% more than last August.
- The average Days on Market for homes sold in the past 12 months now stands at 168 days, although many homes sell much more quickly. This overall number takes into account homes which sell and have been on the market for a very long time, keeping the average up. So far this year 48% of the homes that have sold were on the market for more than 120 days, while 38% of the homes sold were sold in less than 90 days. This reinforces the notion that we have an active market and homes that are priced and presented properly are selling relatively quickly, while homes that have been on the market for a long time due to pricing or condition issues are now likely "chasing the market down" by lowering their asking price until the home finally sells.