November 2008 Home Sales Report for Harrisonburg & Rockingham County


November 2008 Home Sales Report for Harrisonburg & Rockingham County
By Scott Rogers • December 7, 2008
The November 2008 Harrisonburg & Rockingham County Real Estate Market Report is now available. Click here for a printable PDF of this report. November 2008 sales (40) show a drastic drop (-63%) compared to a (higher than normal) month of sales in November 2007 (108). However, even with a slower sales pace, year to date average sales prices and median sales prices are holding relatively steady. The pace of home sales has steadily declined since August 2008. November 2008 sales (40) were especially low compared to a surprisingly strong November 2007 (108 sales). A decline at this time of year is not atypical, but a 40-sale month is the lowest sales figure we have seen in six years. December has showed an increase over November in four of the past five years, so we may yet see an influx in buyers this year. This graph shows a normalized trend of home sales by charting the ongoing sum of the preceding 12 months' sales. Despite an increase in sales pace for October 2008, this month we again see a continued decrease in this long-term sales trend. Inventory levels have dropped to February 2008 levels, which will likely help the health of our local market. We have seen an oversupply of properties for sale for many months, and a decrease in supply (even amidst a decrease in sales pace) is a good sign. Supply levels across most price ranges have stayed steady this month, except in the $400k+ price range. Six months of supply is often seen as a healthy balance between a seller's and buyer's market, so we still have some adjustments before we reach such a balance. Receive Updates by Email Recent Articles: Is There A Price You WOULD Pay For This House? There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 24, 2024 (unless otherwise noted).
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