How's the market? It depends on the price range!

By Scott Rogers • November 9, 2007

Each month I examine three specific price ranges to gain insight into the balance of supply and demand in that segment of our market. Here are the most recent numbers....

$199,999 or lower
Sold in August: 64
Sold in September: 28
Sold in October: 50
Average Sold / Month: 47
Currently Available: 261
Months of Supply = 6

$200,000 - $349,999
Sold in August: 60
Sold in September: 31
Sold in October: 39
Average Sold / Month: 43
Currently Available: 357
Months of Supply = 8

$350,000 or higher
Sold in August: 14
Sold in September: 4
Sold in October: 10
Average Sold / Month: 9
Currently Available: 199
Months of Supply = 22

In the middle example, sales data from August, September and October show an average of 43 sales closing each month. Since there are currently 357 properties for sale, that means there are approximately 8 months of homes for sale right now (357 / 43). The most disturbing figure is certainly the $350k+ range, where it would take nearly two years to sell the homes currently on the market, aside from any other properties that would come on the market during that time.

This comparison of supply and demand is important to undertake when getting ready to buy or sell --- and it can be even more helpful when looking with your particular geographic or price range preferences in mind.

This analysis is based on sales for Harrisonburg and Rockingham County, as reflected by the Harrisonburg/Rockingham Association of Realtors.

Recent Articles:

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).

Comments (0) or Subscribe