As a Realtor, I like to keep a positive outlook on the local real estate market.  There are plenty of signs that the market is recovering and will be returning to a normal market.

The local media however may not always paint a pretty picture so therefore when I am talking to clients and customers they are typically unsure what to think about the market.

I had an interesting meeting last night with some customers.  They contacted me to view a listing of mine in New Market.  As we were touring the property, I was asking them why they were interested in the property.  Their answer surprised me as I have not heard this response in years.  They said they thought it was a great time to buy real estate because prices have dropped significantly and are very affordable and interest rates are as low as they have ever been. 

I obviously agree with this couple.  It was nice to hear this from someone not directly involved with the real estate industry.  My hope is that more people realize the excellent opportunity they currently have to purchase property.

Living in the Shenandoah Valley of Virginia, I think we sometimes take for granted the amenities and beauty of Massanutten Resort.  For the past few years home sales have been slow in Massanutten and inventory has continued to rise despite the slow sales results.  A quick look at data from the last year and those facts are changing quickly.  Lets look at the analysis....

Massanutten Home Sales In Past Year = 42  (Compared To 32 Massanutten Home Sales in the Previous Year)

Massanutten Homes Currently Under Contract = 3

Massanutten Current Active Listings = 34 (Inventory Was Well Over 50 For Years)

Massanutten Homes Months Of Supply = 9.7 months (Very Low Compared To Other Subdivisions)

Massanutten Home Prices = Range from $118,900 - $399,950 (Great Options For All Buyers In All Price Ranges)

In closing, it looks as though Massanutten Home Sales are on the rise and buyers are looking here as a possibility in their home search.  I will continue to track the progress of this area to see if this activity continues.  As of now, all signs point to a very active and healthy market on the mountain.  Stay tuned...

Midway through the month of February so I thought i would take a look at how home sales in Harrisonburg and Rockingham County are trending.  I was pleasantly surprised with the data.  Lets take a look....

Jan 2011 Home Sales - 39 (compared to 43 in Jan 2010)

Feb 2011 Home Sales - 12 (month to date) - (compared to 53 in Feb 2010)

OK, I know this data does not look promising but there is more to the story.  Contracts have been coming in fast and furious.  Lets take a look at contracts ratified in January and February.

Jan 2011 Contracts - 62 (compared to 59 in Jan 2010)

Feb 2011 Contracts - 34 (month to date) - (compared to 48 in Feb 2010)

We have seen great activity from buyers in the past two months as is evident by the amount of contracts written in January and midway through February.  February contracts are going to be substantially higher than the total of 48 in 2010. This increase in activity should lead to increased home sales (year over year) in February and March.  Will this pace of contracts continue to come in through the spring market?  That remains to be seen, but activity certainly is on the rise.  Stay tuned!