I had a client ask about how the Weyers Cave real estate market had performed over the past year in comparison to Harrisonburg and Rockingham County (HBG/RCK).
Weyers Cave is located in Augusta County, just outside Rockingham County --- but many Rockingham County buyers also consider buying in Weyers Cave. Let's take a look....
- Weyers Cave and HBG/RCK saw similar (large) declines in overall residential market activity when comparing 2007 and 2008. The decline in Weyers Cave was 29%, and in HBG/RCK was 25%.
- While HBG/RCK saw home values holding steady (both average and median sale prices), Weyers Cave saw a decline in both of these metrics (6% in average sale price, 9% in median sale price).
- HBG/RCK saw little change in the average time to sell a home, but Weyers Cave experienced a 45% increase in average days on market. Of note, the 2008 Average DOM for Weyers Cave is still (after the 45% increase) below the Average DOM for HBG/RCK.
A few significant disclosures:
- We shouldn't draw too many grand sweeping conclusions about the Weyers Cave market based on this data, because the small sample size (32 sales in 2008, 45 sales in 2007) allows for irregularities that we would not find in the larger data set in HBG/RCK.
- The Weyers Cave sales data was extracted from the Harrisonburg/Rockingham MLS. I had hypothesized that the Staunton/Augusta MLS would have more home sales data for Weyers Cave (you know, since Weyers Cave is in Augusta County), but in 2008 only 18 sales were recorded in the Staunton/Augusta MLS and 32 sales were recorded in the Harrisonburg/Rockingham MLS.
Recent Articles:
