As my
November 2008 monthly market report shows, November 2008 was a rather slow month for real estate sales ---
only 40 properties sold (closed) in Harrisonburg and Rockingham County, which is the lowest sales level we've seen in (at least) six years. With so few houses selling, let's see if we can come to any conclusions about what did actually sell, but first, two side notes:
- All of my monthly reports, and this statistic of "only 40 homes selling" is based on data from the Harrisonburg-Rockingham MLS, and include the sales of all real estate companies in this area, not just Coldwell Banker Funkhouser Realtors.
- All of my monthly reports only focus on residential sales (single family, townhome, condo), and do not reflect what could be extraordinary months in sales of lots, acreage, farms, multi-family and commercial properties.
- No, I'm not planning on reviewing each house that sells each month on into the future -- given November's low sales totals, I thought it might be insightful to see what is selling in this market.
How long did it take these 40 houses to sell?- 21 properties sold faster than the average of 179 "days on market"
- 5 of the 40 properties had been on the market for over a year before they finally closed this November.
Single family versus townhome- Only 6 townhomes sold in November.
Where were these homes?- 13 in Harrisonburg
- 9 in Rockingham County (outside towns)
- 9 in Broadway / Timberville / New Market
- 3 in Massanutten Resort
- 3 in Elkton
- 2 in Bridgewater/Dayton
- 1 in Grottoes
How were thes homes priced?- 20 were priced at or under $200k
- 13 were priced between $200k and $300k
- 5 were priced between $300k and $400k
- 2 were priced above $400k
What can we learn from November 2008 sales?- Even with slower home sales, buyers are still buying in most areas of our market.
- Event with slower home sales, buyers in each different price segment are still buying.
What other conclusions come to mind for you? Recent Articles:
