Quick, buy a house before they are all gone!


Quick, buy a house before they are all gone!
By Scott Rogers • February 14, 2011
Perhaps we're not really going to run out of houses, but inventory levels are certainly dropping in Harrisonburg and Rockingham County. Two years ago (in early February 2009) there were 838 homes for sale. One year ago (in early February 2010) there were 863 homes for sale (yes, an increase). But when I published my monthly market report a week ago there were only 778 homes for sale. Furthermore, that level of 778 homes for sale is a full 23% drop in listing inventory from six months earlier (July 2010). Now wait a minute, you might object, certainly there is always a big drop between July's supply of homes and February's supply, right? Well, perhaps so, but not this significantly of a drop! If we move the clock back one year earlier, February 2010's supply of 863 homes was only 5% lower than July 2009's supply of 904 homes for sale. So what could be going on here? One prevailing theory as I talk to my clients and to other local Realtors is that have been quite a few listings over the past several years that were homeowners that wanted to sell, but didn't have to sell. Perhaps these sellers have finally given up (at least for now) as they have realized that the market isn't going to experience a dramatic turn around in the near future. Do you have other theories? Why are there fewer and fewer homes for sale? Does it seem to you that inventory levels are dropping? Are they in your neighborhood? Receive Updates by Email Recent Articles: 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 Consider The Cost Of Your Planned Renovations When Planning Your Offer
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 21, 2024 (unless otherwise noted).
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