It seems like just yesterday that we celebrated the new year, but here we are looking at the January 2012 real estate market stats for Harrisonburg and Rockingham County. A month ago, we declared that sales were up, contracts were strong, and the future was bright. Well, the good news is that we have some more good news. Take a look at the numbers for our local market:

[Click any image to view larger version]

Let’s be honest. January market reports aren’t the most thrilling to look at. We’re looking at one month’s worth of data here. Even comparing this January to last isn’t very exciting. That said, 2012 is starting off relatively well with only one less sale than last year at this time, a higher median sales price, higher home values, and higher sold/list percentage.

Sales took a major dip from December to January, but January has almost always shown a pretty low sales number. On the bright side, contracts have increased by over 20% (for the second month in a row), so we can look forward to even more sales for the next few months.

59 buyers put contracts on homes in Harrisonburg and Rockingham County in January, which is 10 more than last year at this time. This should give us a nice jump start on sales for the first quarter! You’ll also notice that those homes under contract had higher list prices, so depending on the discounts these buyers might receive, it is likely that we’ll see an increase in sales prices over the next few months as well.

Contracts increased by 3 from last month, and we’re already at the February level from last year. Dare we say that 2012 will show much needed signs of relief for our local real estate market?

We like to track average price per square foot because we think this is the best indicator of home values. The graph above shows how home values have fared over the past few years. The current home values are at its best level in quite some time. Right now, home values are at $106.49/square foot.

Overall, we’re feeling pretty positive about the year 2012 in terms of real estate. The fact that contracts continue to increase tells us that buyers continue to commit to purchasing properties, and we should see sales increase as a result of this. Home values are returning to a healthy level, too.

Stay tuned for next month’s market report, right here on Harrisonblog! Until then, check out some other market trends in Harrisonburg and Rockingham County.