Click here to download Market Update charts for January 2013..
The positive trends in the Harrisonburg and Rockingham County real estate market continued in January with strong sales, new contracts and buyer activity. The Harrisonburg-Rockingham Association of REALTORS reported 47 residential sales in Harrisonburg and Rockingham County in January, the highest January total since January, 2008. In addition, buyers placed contracts on 76 residential properties – the highest January total since January, 2007.
This strong buyer activity in our market is a clear indicator of returning consumer confidence in real estate and the unleashing of the demand for homes which has been pent up for the past several years due to economic conditions. Leading indicators tell us there is a wave of buyers becoming very active in their search for homes. Our company website, www.KlineMay.com , has tallied more pageviews over the past four weeks than during any four weeks in our history, averaging over 50,000 per week. This kind of activity bodes very well for the 2013 market!
It is our belief the increased demand from buyers, combined with the low inventory of homes for sale will begin to cause home prices to rise in 2013, although they have not turned upwards yet. The three and one year trends in sold prices as of the end of January are:
Three year change: Average Price down -10.10%, Median Price down -6.99%
One year change: Average Price down -1.31%, Median Price down -1.09%
Local market conditions look better now than they have in the past several years, and low interest rates are keeping homes very affordable. Will 2013 be the year normalcy returns to our market? We think the answer will be a resounding "yes'!
Click here to view or download our Market Activity Charts for January 2013.