Data Source: Harrisonburg-Rockingham Association of REALTORS (R) MLS
When doing November's market report I noticed something curious: In 2015 we've had less contracts than the past two years but more sales.
It's tough to pin point correlations to the higher success rate of contracts. One factor that would be interesting to keep observing is the impact of TILA-RESPA Integrated Disclosure (TRID). Could the change in settlement documents have helped more contracts go to closing? This would be ironic because a lot of professionals were predicting the inverse. For more information on TILA-RESPA read my previous blog.
These settlement documents probably do not have a large impact on the statistics above because the documents only took affect on October 3rd, 2015. However, we'll see if the trend continues.