"Price Reduced" - Are Most Asking Prices Headed Down? | HarrisonburgHousingToday.com :: Market Updates, Analysis and Commentary on Harrisonburg and Rockingham County Real Estate


"Price Reduced" - Are Most Asking Prices Headed Down?
By Scott Rogers • July 1, 2008
Driving around town, you might see quite a few "Price Reduced" riders on real estate signs. Have you ever wondered whether most sellers are holding fast, or reducing their asking price? Let's take a look.... In Harrisonburg and Rockingham County, there are currently 953 residential properties on the market (single family, townhome, condos) without a contract on them. In the past 30 days (June 2008), 134 of those properties had a price change (that's 14% of the active inventory). I'm going to assume most of those were price reductions, although some could have (??) been price increases. (It isn't possible via our MLS to see en masse whether the prices went up or down). In the past three months (April, May, June 2008), 293 of these properties had a price change --- that's 31% of the active inventory. And if we look at all of the listings to see how many have, versus have not EVER had a price change, here's what we find: 384 listings have had a price change (40%) 569 listings have NEVER had a price change (60%) This is rather interesting (in my view), as I suspected that most owners may have reduced their price at some point while it has been on the market. But in fact, most home sellers (60%) have NEVER reduced their asking price. Here are some other interesting stats looking at how long properties have been on the market. 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 22, 2024 (unless otherwise noted).
Comments (0) or Subscribe