Signs of Resilience in the Local Real Estate Market - December 2008 Real Estate Market Report | HarrisonburgHousingToday.com :: Market Updates, Analysis and Commentary on Harrisonburg and Rockingham County Real Estate


Signs of Resilience in the Local Real Estate Market - December 2008 Real Estate Market Report
By Scott Rogers • January 6, 2009
The December 2008 Real Estate Market Report for Harrisonburg and Rockingham County is now available. Click here for a printable PDF of this report. The local market showed a 26% decline (year over year) in sales pace, and yet a December to December comparison only shows a 3% drop in sales pace. This could be a good indicator of the pace of market activity increasing. While December to December comparisons of Median Sales Price and Average Days on Market show some abnormalities, full-year data (2008 vs. 2007) does not show a significant shift in Median Sales Price, Average Sales Price or Average Days on Market. Given the current national economic stresses, this is a sign of a resilient local real estate market. Harrisonburg and Rockingham County home sales finished the year out strong in 2008, with 64 residential sales. This brings the December 2008 sales pace up almost to last December's pace of 66 sales, and is also a 56% increase in sales as compared to the 41 home sales in November 2008. Do note, however, that both November 2008 sales and December 2007 sales were abnormally low in comparison to their surrounding months. This graph shows a normalized trend of home sales by charting the ongoing sum of the preceding 12 months' sales. As can be expected, the long term sales trend continues to show a decline in home sales activity as we finish out 2008. One sign that our market is returning to a somewhat healthier state is that inventory continues to decline -- as a result of home sales as well as homes being taken off the market. We are now well below inventory levels from 11 months ago, with no end to this decline in sight. As inventory levels fell over the past month, so has the months of supply of all price ranges. This trend will also help our real estate market return to a healthier balance. Six months of supply is considered by many to be a healthy supply that favors neither buyers nor sellers. Again, here is a printable PDF of the December 2008 Real Estate Market Report for Harrisonburg and Rockingham County. 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 22, 2024 (unless otherwise noted).
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